Federal Reserve Board: H.2 Release for Week Ending April 23, 2016; H.4.1 Release (Balance Sheet) for Week Ending April 28, 2016

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 23, 2016, is below.

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

Category Action Taken
Banks, State Member Frost Bank, San Antonio, Texas — commenter’s request for reconsideration of the Board’s approval of the proposal by Frost Bank to establish two branches.

-Denied, April 19, 2016

 

Forms Forms — final board review to extend without revision the Senior Credit Officer Opinion Survey on Dealer Financing Terms (FR 2034).

-Approved, April 19, 2016

 

Personnel Division of Reserve Bank Operations and Payment Systems — appointment of Matthew J. Eichner as director.

-Announced, April 21, 2016

 

Enforcement CommerceWest Bank, Irvine, California — issuance of a consent cease and desist order.

-Announced, April 19, 2016

 

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 28, 2016, 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 27, 2016): $4,519,745 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: Andrew Levin and FED UP Propose Recommendations to Ensure that the Board Consider the Views of All People in the United States

Andrew Levin and the group, the National Campaign for a Strong Economy (or FED UP) published separate proposals for reforming for reforming the governance and accountability of the Federal Reserve System.

These proposals would have to go to Congress, as the Board may not be institutionally able to adopt any changes that affect the Federal Reserve Act (FRA). (See, for example, the Board’s response to Congress that it is exempt from civil rights laws because of FRA, 12 U.S.C. sec. 244. (Note: This blog takes a dim view of such a broad exemption for an unelected federal agency, for example, the Chair of the Board of Governors for the Federal Reserve System (Board).))

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Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

In addition, reform proposals were presented by Professor Robert D. Auerbach in his 2008 book “Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan’s Bank,” chapter 12 (and also chapter 8, pp. 124-28). Despite the Board’s resistance, these proposals should be fairly considered and implemented in order to ensure that the Board’s policymaking process includes the views of regular citizens who are also affected by the Board’s actions.

President Barack Obama: Social Change for the Excluded Comes Only under Pressure; Issues Develop because of the Exclusionary Practices of the “Establishment”

An Open Letter to the President of the United States of America, Barack Obama.

Mr. President your statement in London that people must stop yelling and work with political leaders for redress of problems neglects understanding of an extremely important ingredient: There must be trust. Simply telling people to enter a process, which was not created for nonwhite people, and wait an eternity for minuscule, if any, adjustments (or believe that it will accept such suggestions) is patently unfair and ultimately untenable.

If #BlackLivesMatter (BLM) were to accept your challenge, I already know what you will then say–such proposals will never pass Congress, as you are only the President (and the Congress is gridlocked). You do not pass laws. The result–nothing is done; pain continues. Wash. Rinse. Repeat. You can see why rejection of the entire system is the best solution.

BLM, however, is giving the Establishment a chance to redeem itself. (See, for example, Rev. Thomas Merton (1964). “Seeds of Destruction (Letters to a White Liberal),” pages 66-70.) The Establishment should accept it and begin repairs immediately and with grace and humanity. (Author’s note: Pope Francis delivered a gift to this country with his mention of Rev. Merton.)

The Establishment was created to support and sustain white supremacy; there is no interest in providing nonwhite people with any justice.  With this entrenched white-race-favoring system, any change will have to come with the application of pressure. It will not happen otherwise. Also, you would not have even talked to BLM absent their calls for justice–for the system to work for all people.

The time for correction and inclusion is now. Marked improvement will encourage trust, mercy, and forgiveness. I hope that such a request is accepted.

The ball is in the Establishment’s court.

Federal Reserve Board: H.2 Release for Week Ending April 16, 2016; H.4.1 Release (Balance Sheet) for Week Ending April 21, 2016

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 16, 2016, is below.

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

Category Action Taken
Testimony and Statements Trends in Fixed-Income Markets — statement by Governor Powell before two subcommittees of the Senate Committee on Banking, Housing, and Urban Affairs.

-Published, April 14, 2016

 

 

Banking Supervision and Regulation Resolution Plans — determinations by the Board and Federal Deposit Insurance Corporation on the 2015 resolution plans submitted under the Dodd-Frank Act by eight systemically important, domestic banking institutions.

-Announced, April 13, 2016

 

 

 

Banks, State Member Goldman Sachs Bank USA, New York, New York — commenter’s request for reconsideration of the Board’s approval of the application by Goldman Sachs Bank USA to assume certain deposits of, and acquire certain assets from, GE Capital Bank, Holladay, Utah.

-Denied, April 15, 2016

 

 

 

Forms Forms — initial Board review to implement the Consolidated Financial Statements for Insurance Nonbank Financial Companies (FR 2085).

-Proposed, April 13, 2016

 

Forms — initial Board review to extend with revision the Structure Reporting Requirements for Domestic and Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E).

-Proposed, April 14, 2016

 

 

 

 

 

 

Reserve Bank Operations Reserve Bank Directors — designation of a chair and deputy chair of the Federal Reserve Bank of St. Louis and appointment of a director of the Detroit Branch of the Federal Reserve Bank of Chicago.

-Approved, April 7, 2016

(A/C)

 

 

 

Enforcement CBS Financial Corporation, Smyrna, Georgia — written agreement issued August 10, 2009, terminated April 8, 2016.

-Announced, April 12, 2016

 

Security Bank, Tulsa, Oklahoma — issuance of a consent cease and desist order against Gentry Parker, a former institution-affiliated party.

-Announced, April 14, 2016

 

 

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

Beginning this week, the blog entry for the H.2 Release will also include the H.4.1 Release on the Board’s balance sheet. The blog author had the opportunity to view the movie “The Big Short” explaining the creation of the financial crisis and the collapse of the economy in 2008. The Board to protect the nation’s credit, provided about $5 trillion of support. Most of this amount remains on the Board’s balance sheet.

How this balance will be repaid is unknown. The economy is not fully healed until the balance goes down to precrisis levels.

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 the week ending April 21, 2016, 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 20, 2016): $4,535,631 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

 

 

Federal Reserve Board: H.2 Release for Week Ending April 9, 2016

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 9, 2016, is below.

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

No Board activity was reported.

Federal Reserve Board: H.2 Release for Week Ending April 2, 2016

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 2, 2016, is below.

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

Category Action Taken
Forms Forms — initial Board review to extend without revision the Consumer Satisfaction Questionnaire (FR 1379a), Federal Reserve Consumer Help–Consumer Survey (FR 1379b), Consumer Online Complaint Form (FR 1379c), Appraisal Complaint Form (FR 1379d), Notice of Branch Closure (FR 4031), and Survey to Obtain Information on the Relevant Market in Individual Merger Cases (FR 2060).

-Proposed, March 28, 2016

 

Forms — initial Board review to extend without revision the Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N) and Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7NS), and to extend with revision the Capital and Asset Report for Foreign Banking Organizations (FR Y-7Q).

-Proposed, March 28, 2016

 

Forms — initial Board review to extend without revision the Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted (FR 4006), Stock Redemption Notification (FR 4008), Notice Claiming Status as an Exempt Transfer Agent (FR 4013), Investment in Bank Premises Notification (FR 4014), and Reports Related to Securities Issued by State Member Banks as Required by Regulation H (Reg H-1).

-Proposed, March 30, 2016

 

 

 

 

 

Regulations and Policies Capital Requirements for U.S.-Based Global Systemically Important Bank Holding Companies (GSIBs) — publication for comment of proposed clarifying and technical revisions to the Board’s rule regarding risk-based capital surcharges for GSIBs.

-Approved, April 2, 2016

 

Regulation WW (Liquidity Risk Measurement Standards) — final rule amending the liquidity coverage ratio requirement (LCR rule) to include certain U.S. general obligation municipal securities as high-quality liquid assets.

-Approved, March 28, 2016

 

 

Federal Reserve Board: Board Issues 2016 Office of Minority and Women Inclusion Report; Slightly More Clarifying Information Included; Obscurity Present and Commitment to Truly Improve Nebulous

In March 2016, the Federal Reserve Board (Board) posted the 2016 version of its Office of Minority and Women Inclusion (OMWI). There has been some attention in inclusion issues by the Congress and the Board’s Office of Inspector General (IG). The blog has covered these developments, and also a long-running case (not mentioned by the OMWI report), Artis v. Greenspan Bernanke Yellen.

Federal Reserve Board, Office of Minority and Women Inclusion, Reports to Congress 

(Preface language for report submitted in 2015.) “Pursuant to section 342(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Office of Diversity and Inclusion (ODI) of the Board of Governors of the Federal Reserve System must submit an annual report to the Congress outlining the activities, successes, and challenges of the office. This is the office’s report for calendar year 2014. Sheila Clark serves as the director of ODI.”

In reading the 2016 OMWI report, the report has essentially the same content and structure as in 2015, excepting differing numbers, a new table providing some detail of the hires in major job categories (page 7), and brief overview of the Board’s new performance appraisal process. (Details of what the process entails was not described, also the OMWI’s involvement is still mostly passive. Given the issues presented by the IG, this state of affairs remains an issue of moderate to grave concern).

While the new table 4 is welcome, the delineation of non-minority and minority still is obscure, specifically the minority category. Such obscurity can hide issues with specific subgroups under the umbrella of minority.

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Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

 

The Board’s OMWI response of outreach and encouragement in the challenges and next steps subsection seems on its face reasonable, but the IG’s report identified that in 2011-2013, there were many black applicants to the position of research assistant, yet of the thousands of applications, zero of these applicants were hired in 2011 and 2013, and one in 2012. As a result, there is residual skepticism of the Board’s activities and actual result on hiring.