Federal Reserve Board: H.2 Release for Week Ending January 7, 2016; H.4.1 Release (Balance Sheet) for Week Ending January 12, 2017

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 January 7, 2017, 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 First Citizens BancShares, Inc., Raleigh, North Carolina — to acquire additional shares of Carter Bank & Trust, Martinsville, Virginia.

-Approved, January 4, 2017

 

Forms Forms — initial Board review to extend without revision the Registration of Mortgage Loan Originators (CFPB Reg G).

-Proposed, January 3, 2017

 

Forms — final Board review to extend without revision the Intermittent Survey of Businesses (FR 1374) and Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248).

-Approved, January 5, 2017

 

 

Enforcement BNP Paribas Securities Corp., New York, New York; and Barclays Bank PLC, New York Branch — issuance of a consent order of prohibition against Jason Katz, a former institution-affiliated party of BNP Paribas and Barclays Bank.

-Approved, January 3, 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 January 12, 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 December 21, 2016):  $4,498,513 (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 December 31, 2016; H.4.1 Release (Balance Sheet) for Week Ending January 5, 2017

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 December 24, 2016, is below.

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

Category Action Taken
Board Operations Fed History Vision Project — to extend through the end of 2017 a temporary hold in order to preserve certain materials in connection with the project.

-Approved, December 28, 2016

 

Regulations and Policies Regulation BB (Community Reinvestment) — interagency annual inflation adjustment to the asset-size thresholds used to define a small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act regulations.

-Approved, December 28, 2016

 

Reserve Bank Operations Accounting Policy Change — change in the accounting policy related to accounting for securities held in the System Open Market Account.

-Approved, December 26, 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 January 5, 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 December 21, 2016):  $4,498,816 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

U.S. Judiciary: Chief Justice John Roberts Issues 2016 Year-End Report

John Roberts, Chief Justice of the United States, issued a 2016 year-end report on the judiciary. The Chief Justice in his annual report focused on the work of federal district court judges (federal trial court judges).

The Chief Justice noted that district judges work hard, in obscurity and subject to certain criticism for the sake of public service. (On this note, there are many other civil servants that toil anonymously, also (for far less than $205,100 (see chart below)).)


Author’s note: I have discussed federal lower court judges in discussing the profound injustice, which occurred in the employment discrimination case facing the Federal Reserve Board–Artis v. Greenspan Bernanke Yellen. The length, circuitous route, and incredible cost of time (18 years), effort and money that the plaintiffs have had to endure in this case to resolve this claim is offensive to the conscience. Such conditions show that the court system is also broken.

The district court judge, Emmet Sullivan (and others, perhaps) did their work, case management, and so on, discussed by the Chief Justice in his report. However, it is that same work that produced an expensive injustice for the plaintiffs involved in this case–the legal system was used as a weapon against financially poor litigants (case concluded, cert denied October 3, 2016). I cannot laud any district court judge for such treatment.

Moreover, The adversarial system must go in civil cases; it is unfair to mete out “justice” on the basis of a party’s financial status.


Notably, the Chief Justice did not mention of the late Associate Justice Antonin Scalia in the report.

[Note 1: Judicial pay has increased for 2017. See Executive Order __, schedule 7) (https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/pay-executive-order-2017-adjustments-of-certain-rates-of-pay.pdf).

 

Position Pay in 2014 (in dollars) Pay in 2015 (in dollars) Pay in 2016 (in dollars) Pay in 2017 (in dollars)
Chief Justice of the United States 255,500 255,500 260,700 263,300
Associate Justices of the Supreme Court 244,400 244,400 249,300 251,800
Circuit Judges 211,200 211,200 215,400 217,600
District Judges 199,100 199,100 203,100 205,100
Judges of the Court of International Trade 199,100 199,100 203,100 205,100

]

In the appendix to the report, the Chief Justice provides and explanation of the workload of the judiciary. I will focus on the Supreme Court’s workload. Twelve per curiam decisions were issued during this term in cases that were not argued.

  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Filings 8521 8857 8241 7738 8159 7857 7713 7509 7376 7033 6475
In forma pauperis 6846 7132 6627 6142 6576 6299 6160 6005 5808 5488 4926
Paid docket 1671 1723 1614 1596 1583 1558 1553 1504 1568 1545 1549
Cases:                      
argued 87 78 75 87 82 86 79 77 79 75 82
disposed 82 74 72 83 77 83 73 76 77 75 70
signed opinions 69 67 67 74 73 75 64 73 67 66 62

Federal Reserve Board: H.2 Release for Week Ending December 24, 2016; H.4.1 Release (Balance Sheet) for Week Ending December 29, 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 December 24, 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 — final Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).

-Approved, December 19, 2016

 

 

Regulations and Policies Liquidity Coverage Ratio (LCR) — final 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, December 18, 2016

 

Rules Regarding Availability of Information — interim final rules with requests for comment by the Board and the Federal Open Market Committee to amend their regulations for processing requests under the Freedom of Information Act to reflect provisions of the FOIA Improvement Act of 2016.

-Announced, December 23, 2016

 

 

Reserve Bank Operations Reserve Bank Directors — designation of chairs and deputy chairs of the Federal Reserve Banks for 2017, and associated reappointments of directors.

-Approved, December 7, 2016

(A/C)

 

 

Enforcement Banco Bilbao Vizcaya Argentaria, S.A., Bilbao, Spain; and BBVA Securities, Inc., New York, New York — issuance of a consent order of assessment of a civil money penalty.

-Approved, December 19, 2016

 

Cole Taylor Bank, Chicago, Illinois — cease-and-desist order dated June 26, 2014, terminated December 1, 2016.

-Announced, December 22, 2016

 

Regions Bank, Birmingham, Alabama — issuance of a notice of prohibition against Richard Henderson and Philip Cooper, former institution-affiliated parties of Regions Bank.

-Approved, December 19, 2016

 

Rock Bancshares, Inc., Little Rock, Arkansas, and Heartland Bank — written agreement with the Federal Reserve Bank of St. Louis.

-Announced, December 20, 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 December 29, 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 December 21, 2016):  $4,497,326 (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 December 17, 2016; H.4.1 Release (Balance Sheet) for Week Ending December 22, 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 December 17, 2016, is below.

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

Category Action Taken
Banking Supervision & Regulation Resolution Plans — issuance of joint letters with the Federal Deposit Insurance Corporation regarding the adequacy of actions taken by five systemically important U.S. banking organizations to remedy deficiencies in their 2015 resolution plans.

-Approved, December 13, 2016

 

 

Currency Federal Reserve Notes — new currency budget for 2017.

-Approved, December 12, 2016

 

 

 

Monetary Policy Implementation Federal Open Market Committee — increase in the target range for the federal funds rate to 1/2 percent to 3/4 percent, effective December 15, 2016.

-Announced, December 14, 2016

 

Interest on Reserves; Discount and Advance Rates — increase in the (1) interest rate paid on required and excess reserve balances from 1/2 percent to 3/4 percent and (2) primary credit rate from 1 percent to 1-1/4 percent, both effective December 15, 2016.

-Approved, December 14, 2016

 

 

Regulations and Policies Joint Account Requests — publication for comment of proposed guidelines to evaluate requests for joint accounts at Federal Reserve Banks to facilitate settlement between depository institutions participating in U.S. payment systems.

-Approved, December 16, 2016

 

Supervision and Regulation — final rule to establish total loss-absorbing capacity and related buffer requirements, long-term debt requirements, and clean holding company requirements for U.S. global systemically important bank holding companies and U.S. intermediate holding companies of global systemically important foreign banking organizations.

-Approved, December 15, 2016

 

 

Reserve Bank Operations Federal Reserve Bank Budgets — operating and capital budgets for the Federal Reserve Banks, Federal Reserve Information Technology, and Office of Employee Benefits for 2017.

-Approved, December 2, 2016

(A/C)

 

 

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 December 22, 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 December 21, 2016):  $4,515,237 (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 December 10, 2016; H.4.1 Release (Balance Sheet) for Week Ending December 15, 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 December 10, 2016, is below.

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

Category Action Taken
Advisory Councils Community Advisory Council — announcement of four new members of the council.

-Announced, December 7, 2016

Board Operations Board Budgets and Division and Committee Name Changes — (1) Board operating and capital budgets for 2017 and (2) change in the names of the Division of Banking Supervision and Regulation to the Division of Supervision and Regulation and of the Board’s Committee on Bank Supervision to Committee on Supervision and Regulation.

-Approved, November 18, 2016

(A/C)

Office of Inspector General — 2017 budget.

-Approved, December 5, 2016

 

[Blog Author’s Note: See previous blog post regarding the Board’s OIG budget and its so-called independence.]

 

 

 

Forms Forms — final Board review to extend with revision the interagency Joint Standards for Assessing Diversity Policies and Practices (FR 2100).

-Approved, December 5, 2016

Personnel Division of Financial Stability — appointment of Andreas Lehnert as director and Nellie Liang as senior adviser.

-Approved, December 7, 2016

Regulations and Policies “Illiquid Fund” Investments Guidance — statement of policy establishing a simplified and streamlined process under which banking entities may seek an extension for the transition period to divest or conform their investments in a narrow class of funds that qualify as “illiquid funds” under section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule.

-Approved, December 7, 2016

 

Capital Requirements for U.S.-Based Global Systemically Important Bank Holding Companies (GSIBs) — (1) final rule to make clarifying and technical revisions to the Board’s rule regarding risk-based capital surcharges for GSIBs and (2) interim final rule with request for comment to provide certain firms with additional time to complete a portion of a related reporting form.

-Approved, December 6, 2016

 

Eligibility for 18-Month Examination Cycle — interagency final rules that increase the number of small banks and savings associations and U.S. branches and agencies of foreign banks eligible for an 18-month rather than a 12-month examination cycle.

-Approved, November 29, 2016

(A/C)

 

Savings and Loan Holding Companies — publication for comment of proposal to fully apply the same supervisory rating system to savings and loan holding companies as currently applies to bank holding companies.

-Approved, December 8, 2016

Reserve Bank Operations Federal Reserve Bank Budgets — operating and capital budgets for the Federal Reserve Banks, Federal Reserve Information Technology, and Office of Employee Benefits for 2017.

-Approved, December 2, 2016

(A/C)

Enforcement JCO Ventures, LLC, Union, South Carolina; JCO Partners, L.P.; JCO Partners II, L.P.; HAO Management Company, LLC; HAO Partners, L.P.; HAO Partners II, L.P.; Frances W. Arthur Irrevocable Trust No. 2 for the Benefit of Frances Oxner Jorgenson; FOJ Management Company, LLC; FOJ Partners, L.P.; FOJ Partners II, L.P.; and Arthur Financial Corporation — written agreement dated August 31, 2011, terminated December 1, 2016.

-Announced, December 6, 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 December 15, 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 December 14, 2016):  $4,516,969 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)