Federal Reserve Board: H.2 Release for Week Ending November 21, 2015; A Brief Comment on Diversity Practices of the Board

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending November 21, 2015, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Community Bank System, Inc., DeWitt, New York — to acquire Oneida Financial Corp., Oneida, and thereby indirectly acquire Oneida Savings Bank and State Bank of Chittenango, Chittenango.

-Approved, November 17, 2015

 

 

 

 

 

 

 

 

 

 

Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $5¬†billion on December 3, 2015.

-Announced, November 19, 2015

 

 

Regulations and Policies Liquidity Coverage Ratio (LCR) — publication for comment of a proposed rule to implement public disclosure requirements for depository institution holding companies and nonbank financial companies subject to the LCR requirements, and extension of compliance period for companies newly subject to the modified LCR rule.

-Approved, November 13, 2015

(A/C)

 

 

Enforcement BNP Paribas S.A. (BNP), Paris, France — request to select K2 Intelligence as an independent consultant to perform certain requirements under the June 30, 2014, enforcement action against BNP.

-Approved, November 20, 2015

 

Independent Foreclosure Review Payment Agreement — redistribution plan for unclaimed funds under the agreement to eligible borrowers who have cashed or deposited checks.

-Approved, November 18, 2015

 

Jones Bancshares, L.P., Waycross, Georgia, and PrimeSouth Bancshares, Inc. — written agreement issued July 12, 2011, terminated November 13, 2015.

-Announced, November 19, 2015

 

Regent Bancorp, Inc., Davie, Florida — written agreement issued April 25, 2011, terminated November 10, 2015.

-Announced, November 19, 2015

 

 

 

 

Separately, the Board publishes a confounding table for its EEO-1 report and purports to be an inclusive and diverse workforce. However, the results of the report by Representative Maxine Waters (D-Calif.) (Waters report) and of the Board’s own Inspector General, shows that the current Board practices have exclusive and non-diverse outcomes.

[Regarding the Board’s EEO-1 report–such a confusing list of numbers and percentages. If monetary policy was conducted in such a cavalier and obscure fashion (as it does for diversity and inclusion programs), the Board would be asked to resign.]

The present director of the Board’s Office of Minority and Women Inclusion, Sheila Clark, has evidenced that the Board itself has a self-perception that it is separate from the country in civil rights matters, for example, in the hiring black employees, and the retention of those few black persons that are hired. [The Waters report (page 12) showed that across all of the federal financial regulatory agencies, including the Board, blacks received lower ratings.] The Board’s Chief Operating Officer, Don Hammond, is yet another huge obstacle to progress.

 

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Sheila Clark’s letter to the Equal Employment Opportunity Commission (printed in the Auerbach book, page 123).

 

The Board’s separate but equal worldview is totally unacceptable in 2015; change is absolutely necessary–not simply diversity scorecards (???), an extremely facile and passive response (considering the Board’s 18+ year legal fight in Artis v. Greenspan, an employment discrimination case). The Board should also update its equal employment opportunity regulations to ensure that current-day employment discrimination rules are reflected in those regulations.

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