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 March 18, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||Cathay General Bancorp, Los Angeles, California — to acquire SinoPac Bancorp, Los Angeles, and thereby indirectly acquire Far East National Bank.
-Approved, March 17, 2017
People’s United Financial, Inc., Bridgeport, Connecticut — to merge with Suffolk Bancorp, Riverhead, New York, and thereby indirectly acquire Suffolk County National Bank of Riverhead.
-Approved, March 13, 2017
|Regulations and Policies||Regulatory Burden Reduction — interagency report to Congress on the review of regulatory burden, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act.
-Approved, March 9, 2017
|Enforcement||J.P. Morgan Securities (Asia Pacific) Limited, Hong Kong, China — issuance of notices of intent to prohibit and notices of assessment of civil money penalties against Fang Fang and Timothy Fletcher, former institution-affiliated parties.
-Approved, March 9, 2017
Platte Valley Bank, Scottsbluff, Nebraska — issuance of a consent order of assessment of a civil money penalty.
-Announced, March 7, 2017
Of Note: The International Monetary Fund Warned the United States about Its High Rate of Poverty
On June 22, 2016, the International Monetary Fund (IMF) warned the United States about a high rate of poverty despite an overall strong economy. Forty percent of those in poverty work.
There is an urgent need to tackle poverty. In the latest data, 1 in 7 Americans is living in poverty, including 1 in 5 children and 1 in 3 female-headed households. Around 40 percent of those in poverty are working. A more generous earned income tax credit (including eligibility for workers without dependents, those under 25, and older workers that are not yet eligible for social security) combined with a higher federal minimum wage would help alleviate poverty.”
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for March 23, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of March 22, 2017): $4,524,545 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)