(1) The PBS Newshour had a column by Jonathan Morduch and Rachel Schneider of the financial instability in the United States of America.
Morduch and Scheider published a book “The Financial Diaries: How American Families Cope in a World of Uncertainty,” and have a website.
(2) In a blurb by the Reuters, “U.S. job openings rise to seven-month high in February,” There is a questionable quote by Chris Rupkey, an economist with MUFG Union Bank in New York:
Hiring, however, slipped to 5.3 million from 5.4 million in January. The hiring rate dipped to 3.6 percent from 3.7 percent the prior month. “It shows you that there is one of the most gigantic skills mismatches out there across the country that we have ever seen in history.
Perhaps, too, there were a lot of fake job ads, that is job postings that employers did not plan to fill. These type of economists never fail to discourage those out of work. If they were so smart, why did they not predict the economic meltdown in 2008?
(3) Washington Post Op-Ed: “Black college graduates are losing wealth. Here’s what can help,” by Ray Boshara (Ray Boshara is the director of the St. Louis Fed’s Center for Household Financial Stability and a senior fellow in the Aspen Institute’s Financial Security Program. The views in the op-ed are his own.)
“Finally, the shared experience of historical and ongoing discrimination remains a significant factor. Here my colleagues William Emmons and Lowell Ricketts challenge the standard but debatable “post-racial” economic model, under which the racial wealth gap exists because millions of white families made good financial choices while millions of similarly situated black families did not. But the black-white wealth gap is too large and persistent for equal opportunity and freedom of choice to be plausible.”
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 April 8, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||People’s United Financial, Inc., Bridgeport, Connecticut — commenter’s request for reconsideration of the Board’s approval of the application by People’s United Financial to acquire Suffolk Bancorp, Riverhead, New York, and thereby indirectly acquire The Suffolk County National Bank of Riverhead.
-Denied, April 6, 2017
United Bankshares, Inc., Charleston, West Virginia, and UBV Holding Company, LLC, Fairfax, Virginia — to acquire Cardinal Financial Corporation, McLean, and thereby indirectly acquire Cardinal Bank; and for United Bank, Fairfax, to merge with Cardinal Bank, McLean, and thereby establish branches.
-Approved, April 6, 2017
|Forms||Forms — initial Board review to extend without revision the Annual Daylight Overdraft Capital Report for U.S. Branches and Agencies of Foreign Banks (FR 2225).
-Proposed, April 3, 2017
Forms — final Board review to extend without revision the Registration of Mortgage Loan Originators (CFPB Reg G).
-Approved, April 5, 2017
Forms — initial Board review to extend with revision the reports for the Survey of Terms of Lending (to be renamed the Survey of Small Business and Farm Lending) (FR 2028B, FR 2028D, and FR 2028S).
-Proposed, April 6, 2017
|Personnel||Division of Information Technology — appointment of Raymond Romero, Lisa Bell, and Kofi Sapong as deputy directors.
-Announced, April 4, 2017
|Regulations and Policies||Office of Minority and Women Inclusion — 2016 annual report to Congress, in accordance with the Dodd-Frank Act.
-Announced, April 6, 2017
[Note: See blog post on this report.]
|Enforcement||Devon Bancorp, Inc., Chicago, Illinois — written agreement dated March 13, 2013, terminated April 4, 2017.
-Announced, April 6, 2017
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 April 13, 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 April 5, 2017): $4,530,700 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)