R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

The E-mail Banking News
for the week of October 21, 2018

Published by Yennik, Inc. the acknowledged leader in independent IT security audits for financial institutions.

FFIEC information technology audits - As a former bank examiner with over 40 years IT audit experience, I will bring an examiner's perspective to the FFIEC information technology audit for bankers in Texas, New Mexico, Colorado, and Oklahoma. 

October 19, 2018 - OCC Enforcement Actions and Terminations for October 2018 - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-111.html

October 18, 2018 - Federal Reserve Bank of Kansas City to host third annual Code-A-Thon this weekend - The Code-A-Thon is an annual event to encourage and inspire computer science and engineering, collegiate students. www.kansascityfed.org/~/media/files/publicat/newsroom/2018/pressreleasecodeathon1018.pdf

October 18, 2018 - St. Louis Fed's Bullard Suggests Modernizing Monetary Policy Rules - Federal Reserve Bank of St. Louis President James Bullard gave remarks titled “Modernizing Monetary Policy Rules” to the Economic Club of Memphis on Thursday. www.stlouisfed.org/news-releases/2018/10/18/bullard-suggests-modernizing-monetary-policy-rules

October 18, 2018 - Speech by Vice Chairman for Supervision Quarles on an optimistic assessment of the economic outlook and monetary policy At the Economic Club of New York Luncheon, New York, New York.  www.federalreserve.gov/newsevents/speech/quarles20181018a.htm

October 18, 2018 - ncua - Risk-Based Capital Rule to Become Effective in 2020; Asset Threshold Raised.  www.ncua.gov/newsroom/Pages/news-2018-oct-risk-based-capital-rule-effective-2020-asset-threshold-raised.aspx

October 17, 2018 - Chicago Fed Makes Working Mother Top 100 List - The Federal Reserve Bank of Chicago earned a spot on Working Mother magazine’s 2018 100 Best Companies list for its benefits and policies that support working families. www.chicagofed.org/careers/benefits/working-mother-2018

October 17, 2018 - Preventing the Next State Budget Crisis: A Conference Summary By Rick Mattoon - On September 17, 2018, over 100 researchers, academics, policymakers, and business people gathered at the Federal Reserve Bank of Chicago to explore strategies and methods for improving state fiscal stability and performance while promoting budgetary transparency. www.chicagofed.org/publications/chicago-fed-letter/2018/402

October 17, 2018 - U.S. Economy in High Gear, but Ag Stuck in Neutral By Nathan Kauffman Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2018/2018_kauffman_ne_outlook_10-17.pdf

October 17, 2018 - The KC Fed LMCI suggest the level of activity declined and momentum remained high in September - The level of activity indicator decreased in September from 1.05 to 0.89, while the momentum indicator was little changed at 1.43. https://www.kansascityfed.org/~/media/files/publicat/newsroom/2018/pressrelease_lmci_sept2018.pdf 

October 17, 2018 - Revised Interagency Examination Procedures for Regulation CC - These revised examination procedures supersede the examination procedures transmitted with CA Letter 04-9. www.federalreserve.gov/supervisionreg/caletters/caltr1808.htm

October 17, 2018 - Speech by Governor Brainard on fintech and the search for full stack financial inclusion At the FinTech, Financial Inclusion -- and the Potential to Transform Financial Services Hosted by the Federal Reserve Bank of Boston and the Aspen Institute Financial Security Program, Boston, Massachusetts www.federalreserve.gov/newsevents/speech/brainard20181017a.htm

October 17, 2018 - Minutes of the Federal Open Market Committee, September 25-26, 2018 - A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/pressreleases/monetary20181017a.htm

October 17, 2018 - Federal Reserve Board announces approval of application by Old National Bancorp.  www.federalreserve.gov/newsevents/pressreleases/bcreg20181017a.htm

October 16, 2018 - Teachers Tour St. Louis Fed’s Economy Museum - Teachers from the greater St. Louis area stopped by the Federal Reserve Bank of St. Louis recently for the first-ever Museum Econ Ed Teacher Open House. www.stlouisfed.org/news-releases/2018/10/16/teachers-tour-st-louis-fed-economy-museum

October 16, 2018 - The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are issuing the attached Frequently Asked Questions on the Appraisal Regulations and the Interagency Appraisal and Evaluation Guidelines to clarify certain aspects of the agencies' appraisal regulations and to consolidate some of the interagency frequently asked questions from a previous release issued in 2005.
Press Release: www.federalreserve.gov/supervisionreg/srletters/SR1809.htm
Press Release: www.fdic.gov/news/news/financial/2018/fil18062.html
Press Release: www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-39.html

October 16, 2018 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production increased 0.3 percent in September, about the same rate of change as in the previous two months. Output growth in September was held down slightly by Hurricane Florence, with an estimated effect of less than 0.1 percentage point. www.federalreserve.gov/releases/g17/Current/default.htm

October 16, 2018 - Federal Reserve Payments Study finds U.S. payments fraud a small but growing fraction of overall payments - The value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. www.federalreserve.gov/newsevents/pressreleases/other20181016a.htm

October 16, 2018 - Federal Reserve Board announces termination of enforcement action with The Royal Bank of Scotland Group, PLC, Edinburgh, Scotland and The Royal Bank of cotland PLC.   www.federalreserve.gov/newsevents/pressreleases/enforcement20181016a.htm

October 15, 2018 - Comptroller’s Handbook: Updated Booklets and Rescissions - The Office of the Comptroller of the Currency today issued updates to the “Agricultural Lending,” “Oil and Gas Exploration and Production Lending,” and “Trade Finance and Services” booklets of the Comptroller’s Handbook, which are used by examiners in their examination and supervision of these areas. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-38.html

October 15, 2018 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the September 30, 2018, report date must be submitted to the agencies' Central Data Repository by Tuesday, October 30, 2018. Certain institutions with foreign offices have an additional five calendar days to file their reports. www.fdic.gov/news/news/financial/2018/fil18061.html

October 15, 2018 - FDIC Enhances Tool to Prevent Elder Financial Exploitation - The Federal Deposit Insurance Corporation today announced the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. www.fdic.gov/news/news/press/2018/pr18075.html

October 15, 2018 - Chairman Powell to host town hall meeting with educators - Federal Reserve Board Chairman Jerome H. Powell will host a town hall meeting with educators from across the country on February 6, 2019. www.federalreserve.gov/newsevents/pressreleases/other20181015a.htm

October 12, 2018 - NCUA - Radio, Television and Communication Federal Credit Union Closes - Palisades Federal Credit Union of Pearl River, New York, immediately assumed most of Radio, Television and Communication Federal Credit Union’s assets and all members, shares, and loans. www.ncua.gov/newsroom/Pages/news-2018-oct-radio-television-communication-federal-credit-union-closes.aspx

October 12, 2018 - NCUA Chairman McWatters’ Statement Congratulating Sarah Vega - National Credit Union Administration Chairman J. Mark McWatters today congratulated Chief of Staff Sarah Vega on her selection as President and Chief Executive Officer of the Cooperative Credit Union Association and thanked her for her long and valuable service to the NCUA: www.ncua.gov/newsroom/Pages/news-2018-oct-ncua-chairman-mcwatters-statement-congratulating-sarah-vega.aspx

October 12, 2018 - Consolidated Reports of Condition and Income for Third Quarter 2018 - The attached materials pertain to the Consolidated Reports of Condition and Income for the September 30, 2018, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository. www.fdic.gov/news/news/financial/2018/fil18060.html

October 12, 2018 - The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Quantitative Exploration - Elena Afanasyeva, Seung Jung Lee, Michele Modugno, Francisco Palomino - With the national unemployment rate running below 4 percent, the possibility that an overheated economy could lead to financial imbalances, which in turn could generate or amplify economic distress, has become more salient. www.federalreserve.gov/econres/notes/feds-notes/relationship-between-macroeconomic-overheating-and-financial-vulnerability-quantitative-20181012.htm

October 12, 2018 - The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation - Elena Afanasyeva, Seung Lee, Michele Modugno, Francisco Palomino - An overheated economy has the potential to lead to financial imbalances, which in turn could generate or amplify economic distress. www.federalreserve.gov/econres/notes/feds-notes/relationship-between-macroeconomic-overheating-and-financial-vulnerability-narrative-20181012.htm

October 12, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

October 12, 2018 - Accounting for Reinsurance Transactions in the Financial Accounts of the United States - Michael Batty - Reinsurance is often described as insurance for insurance companies. Beginning with the 2018:Q2 release, we now document reinsurance transactions in the Financial Accounts of the United States. www.federalreserve.gov/econres/notes/feds-notes/accounting-for-reinsurance-transactions-in-the-financial-accounts-of-the-united-states-20181012.htm 

October 12, 2018 - Federal Reserve Board announces approval of applications by Security Trust & Savings Bank.  www.federalreserve.gov/newsevents/pressreleases/bcreg20181012a.htm

Please don't hesitate to email me (examiner@yennik.com) if you have any questions.  Have a great week,

R. Kinney Williams, President
Certified Financial Examiner
Yennik, Inc.

Independent Pen-test Audits
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