Federal Reserve Board: H.2 Release for Week Ending December 2, 2017; H.4.1 Release (Balance Sheet) for Week Ending December 7, 2017; Three Of Note Items


Of Note–

(1) Employers not able to find workers in Iowa, according to Rep. Rod Blum (R-Iowa-1st District), quoted in a Washington Post column. To him, the problem is welfare.

Not so.

A New York Times article stated the same in 2016. However, the article mentioned that the state is 90 percent white, and that people who do not fit with that demographic (without credentials in technology and science) had reported difficulty finding work.

Iowa (2010 Census)
Race Percentage of population Number
White 91.4 2,865,109
Black 3.7 115,984
Native American 0.5 15,673
Asian 2.5 78,367
Note: Total population: 3,134,693.

In addition, for a tight labor market, the wage gains were still limited. Also, adding to the problem–low wage offers from employers.

The state also had a hard time attracting non-Iowans. The article did not provide an explanation for this observation. But looking at the demographics and considering the climate provides some clues.

(2) New Fed Bank President, Richmond District, Thomas I. Barkin.

Richmond Fed press release

(3) Destruction of Black Wealth During the Obama Presidency, a paper by


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 2, 2017, 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 Economic Outlook — statement by Chair Yellen before the Joint Economic Committee of the U.S. Congress on the current economic outlook and monetary policy.
-Published, November 29, 2017
Bank Holding Companies National Bank Holdings, Greenwood Village, Colorado — to merge with Peoples, Inc., Lawrence, Kansas; and for NBH Bank, Greenwood Village, Colorado, to merge with Peoples Bank, Lawrence, and Peoples National Bank, Colorado Springs, Colorado, and thereby establish branches.
-Approved, November 27, 2017
Regulations and Policies Countercyclical Capital Buffer — affirmation of the countercyclical capital buffer at the current level of 0 percent.
-Approved, November 30, 2017
Regulation A (Extensions of Credit by Federal Reserve Banks) — publication for comment of a notice of proposed rulemaking to (1) revise the provisions regarding the establishment of the primary credit rate in a financial emergency and (2) delete references to the expired Term Asset-Backed Securities Loan Facility.
-Approved, November 30, 2017 
Reserve Bank Operations Federal Reserve Bank of Richmond — appointment of Thomas I. Barkin as president, effective January 1, 2018.
-Approved, December 1, 2017
Enforcement Brand Group Holdings, Inc., Lawrenceville, Georgia; and The Brand Banking Company — written agreement dated August 2, 2010, terminated November 27, 2017.
-Announced, November 30, 2017
Peoples Bank, Lawrence, Kansas — issuance of a consent cease-and-desist and restitution order for deceptive residential mortgage origination practices in violation of section 5 of the Federal Trade Commission Act.
-Approved, November 27, 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 December 7, 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 6, 2017):  $4,483,930 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

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Federal Reserve Board: H.2 Release for Week Ending November 18, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 24, 2017; Two Of Note Items


Of Note–

(1) Senatorial Argument about the poor and middle class. U.S. Senator Sherrod Brown (D-Ohio) (estimated net worth $599,002 (2015)) and U.S. Senator Orrin Hatch (R-Utah) (estimated net worth $4,441,020 (2016)) had a discussion about the effects of the Republican tax bill.

In response to Sen. Brown’s comments during a committee hearing that the Republican tax bill neglected the middle class, Sen. Hatch said the following (keep the net worth in mind):

“I’m just going to say to you that I come from the poor people. And I’ve been here working my whole stinking career for people who don’t have a chance. And I really resent anybody saying that I’m just doing this for the rich. Give me a break,” Hatch said.”

(2) Corporate Democrats & the Republicans (generally millionaires) support payday lenders. See the article in The Week.

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Legislator Estimated Net Worth
S.1642 – Protecting Consumers’ Access to Credit Act of 2017
Mark Warner, U.S. Senator (D-Va.) $238,157,630 (2015)

 

Pat Toomey, U.S. Senator (R-PA) $2,676,527 (2015)
Gary Peters, U.S. Senator (D-MI) $4,008,590 (2015)
Steve Daines, U.S. Senator (R-MT) $14,434,015 (2015)
H.R. 3299, Protecting Consumers’ Access to Credit Act of 2017
Patrick McHenry, U.S. Representative (R-NC) -$162,495 (2016)
Gregory Meeks, U.S. Representative (D-NY) (see Black Agenda Report article for background) $900,000 (2016)
Gwen Moore, U.S. Representative (D-WI) $40,002 (2016)
Trey Hollingsworth, U.S. Representative (R-IN) In the Indianapolis Star article, Hollingsworth’s net worth is greater than the $50 million disclosure limit.

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 18, 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 South State Corporation, Columbia, South Carolina — to merge with Park Sterling Corporation, Charlotte, North Carolina, and thereby indirectly acquire Park Sterling Bank.

-Approved, November 14, 2017

Forms Forms — initial Board review to extend without revision the Disclosure Requirements Associated with CFPB’s Regulation DD (Truth in Savings Act).

-Proposed, November 15, 2017

Monetary and Financial Policy Term Deposit Facility (TDF) — to authorize adjustments to the terms and conditions of individual TDF test operations that raise significant technical or operational issues, and to consolidate prior authorizations relating to proposed TDF testing.

-Approved, November 15, 2017

Regulations and Policies Regulatory Capital Rules — interagency final rule to extend the current transition provisions in the Board’s capital rules for certain regulatory capital deductions and other requirements for banking organizations that are not subject to the advanced approaches capital rules.

-Approved, November 9, 2017

(A/C)

 

Rules of Organization and Rules Regarding Delegation of Authority — amendments to the Board’s quorum rule to enhance efficiency while retaining the Board’s ability to function in an emergency.

-Approved, October 25, 2017

(A/C)

Enforcement Maple Leaf Financial, Inc., Newbury, Ohio — cease-and-desist order dated March 27, 2009, and amended cease-and-desist order dated July 8, 2010, both issued by the Office of Thrift Supervision, terminated on November 8, 2017.

-Announced, November 14, 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 November 24, 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 November 22, 2017):  $4,497,515 (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 November 11, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 16, 2017; Three Of Note Items


Of Note–

(1) Rubbish articles of Money magazine.

 (a) Celebrating the 5 percent. Money magazine announced that 1 in 20 people in the United States are millionaires. What does that mean? 310 million people live in the United States; 15. 35 million are millionaires (like Fed Chairs Bernanke and Yellen as well as Fed Chair nominee Powell).

net worth fed chairs

 (b) Inability to buy homes due to low pay and high debt–not sandwiches. Implying that people cannot buy houses in the United Kingdom because they eat out (a sandwich!) too much.  (See the Money article.)

My observation:  I guess if you stop eating you’d be able to save as well–if you live long enough on the hunger strike! The article in Money magazine is absolute $%?~%&^(!!!? rubbish. [See also “Young people are right to be angry about their financial insecurity,” by Joseph Stiglitz in the Guardian.]

(2) U.S. Treasury Secretary Steven Mnuchin and his wife, Louise Linton, at Treasury’s Bureau of Engraving and Printing to view the U.S. dollar bills with Mnuchin’s signature.

 Comment:  An exceptional display of wealth as well as cavalier and unprofessional conduct.

 (3) CEO nonchalance with tax cuts; no new jobs. Gary Cohn, former president of Goldman Sachs and current staff member in the Trump Administration reacted to lack of CEO response to question whether tax cuts will spur investment (that is, jobs): “Why aren’t more hands up?”

Comment:  The rich will hoard the cash and corporate executives will up their salaries with the calculations of their executive pay plans. No one else will benefit. And so it goes.

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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 October 28, 2017, is below.

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

Category Action Taken
Personnel Division of Supervision and Regulation — appointment of John Kolb as associate director.

-Approved, November 4, 2017

(A/C)

Reserve Bank Services Federal Reserve Priced Services — 2018 private sector adjustment factor and fee schedules for priced services and electronic access.

-Approved, October 30, 2017

(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 November 16, 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 November 15, 2017):  $4,495,311 (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 November 4, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 9, 2017; Three Of Note Items


Of Note

(1) Employment-related cases filed against the Board.

Active cases

Handy v. Board of Governors, No. 17-cv-274 (E.D. Va., filed May 4, 2017). Employment claim.

Mitchell v. Yellen, No. 17-182 (D.D.C., filed January 27, 2017). Employment discrimination case.

Hardy v. Yellen, No. 16-1572 (D.D.C., filed August 2, 2016). Employment discrimination claim.

Richardson v. Board of Governors et al., No. 16-cv-00867 (D.D.C., filed May 9, 2016). Claims arising out of termination of employment.

Richardson v. Board of Governors, No. 14-cv-01673 (D.D.C., filed October 8, 2014). Employment discrimination claim.

Burford v. Yellen, No. 15-cv-02074 (D.D.C., filed December 1, 2015). Employment discrimination claim.

Case concluded

Artis v. Greenspan, No. 15-5260 (D.C. Cir., notice of appeal filed September 19, 2015). Appeal of dismissal of plaintiffs’ Equal Employment Opportunity claims. On December 21, 2015, the Court of Appeals summarily affirmed the district court’s dismissal. On October 3, 2016, the Supreme Court denied plaintiffs’ petition for certiorari (No. 15-1543).

[Author’s note: This case has been the subject of several blog posts.]

(2) Dick Grote’s “rank-and-yank” procedure challenged in a court case against Uber Technologies Inc. as discriminatory towards women. (See Bloomberg article.)

(3) Oligarchy admission? Stephen Cloobeck, millionaire, and political donor stated on cable network MSNBC that he told Democratic Party leaders in Congress that if the party moves too far left “he’s out” (in other words, he will not donate to the party).

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Austerity

In other news, Cloobeck stated on Twitter that he will no longer endorse Sen. Dean Heller (R-Nev.).

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“Free-market” result

Comment:  It is time for money to get out of politics.


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 October 28, 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 Horizon National Corporation, Memphis, Tennessee — to merge with Capital Bank Financial Corp., Charlotte, North Carolina, and thereby indirectly acquire Capital Bank Corp., Raleigh.

-Approved, October 29, 2017

 

Southside Bancshares, Inc., Tyler, Texas — to merge with Diboll State Bancshares, Inc., Diboll, and thereby indirectly acquire First Bank & Trust East Texas.
-Approved, October 29, 2017

 

Enforcement Liberty Shares, Inc. (now Heritage Bancorporation, Inc.), Hinesville, Georgia — written agreement issued May 9, 2011, terminated October 23, 2017.

-Announced, October 31, 2017

 

 

Wayne Bank and Trust Company, Cambridge City, Indiana — issuance of a consent order of assessment of a civil money penalty.
-Announced, November 2, 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 November 9, 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 November 8, 2017):  $4,505,435 (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 October 28, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 2, 2017; Two Of Note Items


Of Note

(1) The STEM-Shortage fib. For all the promotion of STEM (science, technology, engineering, and mathematics) degrees (and castigation of liberal arts degrees as useless), it turns out that there are not sufficient jobs in many STEM areas, especially engineering. (Links are to articles in the New York Times.)

The reason for this terrible state of affairs–outsourcing of jobs to non-U.S.-based-or-trained labor. Similar to the glut of people with law degrees (many U.S.-based legal jobs have been outsourced to attorneys outside of the United States), there is an excess of U.S. educated engineers.

Comment:  For legal jobs, the blog author is aware of an online legal information provider to bar association members offering court-opinion-summary jobs for $3.00 per completed summary, requiring a Juris Doctor degree. Given that it takes about 4 hours to prepare such summary (plus headline), a U.S.-trained lawyer is asked to work for 75 cents per hour (and 40 summaries are expected per week (!)).

[A lot of the word processing of the cases is being done in India. The exchange rate is (as of the date of this post) 1 USD to 64.51 INR.]

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(2) The promotion of Jerome Powell. Board Governor Jerome Powell is President Donald Trump’s pick to be the next Chair of the Federal Reserve Board.

Comment:  Notably–

(a) Powell is not a Ph.D economist. He has a bachelor’s degree in political science and a law degree.

(b) His net worth–an eye-opening $55 million.


 

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 October 28, 2017, 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 five new members of the council.

-Announced, October 26, 2017

Bank Holding Companies Reliable Community Bancshares, Inc., Perryville, Missouri, and MAB Acquisition Corp. — to acquire Mid America Banking Corporation, Rolla, and thereby indirectly acquire Mid America Bank & Trust Company, Dixon.

-Approved, October 25, 2017

Forms Forms — final Board review to extend without revision the Notifications Related to Community Development and Public Welfare Investments of State Member Banks (FR H-6).

-Approved, October 28, 2017

Personnel Division of Supervision and Regulation — appointment of Richard Nathan Ragan as senior associate director.

-Approved, October 18, 2017

(A/C)

Enforcement Mid America Bank & Trust Company, Dixon, Missouri — issuance of a consent order against Mid America Bank & Trust Company for deceptive practices in violation of section 5 of the Federal Trade Commission Act related to balance-transfer credit cards issued to consumers by Mid America through third parties.

-Approved, October 23, 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 November 2, 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 November 1, 2017):  $4,502,772 (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 September 23, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 28, 2017; Three Of Note Items


Of Note

(1) The 2016 Survey of Consumer Finances was released. According to a FEDS Notes article, the net worth for nonwhites, despite a showing of growth, did not begin to approach or match the significantly higher net worth of whites. At similar educational levels, white net worth surpassed, by far, the net worth of blacks and of latinos.

Comment:  This result, while stunning, is unsurprising, given the history and policies of the United States of America.

 

(2) Fed Governor Lael Brainard gave two speeches on the effect of persistent employment disparities (for black and latino peoples) on the wider economy. (Both speeches reflected her own views, not those of the Federal Open Market Committee (FOMC) or the Board.)

Why Persistent Employment Disparities Matter for the Economy’s Health

Labor Market Disparities and Economic Performance

Comment:  For the Board, I do not have confidence, given the closed-door FOMC views and overall derision toward people not socio-economically fortunate. (See blog posts on an article in the Intercept and on the Board’s own nearly 19-year obstinance with its black employees in Artis v. Greenspan Bernanke Yellen)

Such observations would have to become policy positions. With this context, mere reporting on known facts (without remedial policy ideas/proposals) is not sufficient.

 

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(3) Interesting New York Times op-ed by Rana Foroohar, “How Big Banks Became Our Masters.”

Observation:  Representative Keith Ellison (D-Minn.) directed a question to Chair Janet Yellen at the July 2017 Monetary Policy Report hearing. He referred to Foroohar’s book, “Makers and Takers: How Wall Street Destroyed Main Street.”


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 September 23, 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 PacWest Bancorp, Beverly Hills, California — to acquire CU Bancorp, Los Angeles, and thereby indirectly acquire California United Bank.

-Approved, September 20, 2017

Forms Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with the Real Estate Lending Standards Regulation for State Member Banks (Reg H-5).

-Proposed, September 21, 2017

Personnel Division of Monetary Affairs — appointment of Brian Madigan and Stephen Meyer as senior advisers and Matthew Luecke as associate director.

-Announced, September 22, 2017

Management Division — appointment of Curtis Eldridge as associate director and Katherine Perez-Grines and Daniela Wegmann as assistant directors.

-Announced, September 21, 2017

Regulations and Policies Presidential $1 Coin Program — annual report to Congress on the Presidential $1 Coin Program.

-Approved, September 8, 2017

(A/C)

Enforcement AB&T Financial Corporation, Gastonia, North Carolina — written agreement issued May 7, 2012, terminated September 13, 2017.

-Announced, September 19, 2017

The First Bank of Baldwin, Baldwin, Wisconsin — written agreement issued July 26, 2011, terminated September 19, 2017.

-Announced, September 21, 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 September 28, 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 September 27, 2017):  $4,502,238 (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 September 9, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 14, 2017; Three Of Note Items


Of Note

(1) The Fed’s respondents in Beige Book informed Fed Banks of their difficulty in getting workers. (See the article at Yahoo Finance by Myles Udland, “It’s Never Been Harder to Fill a Job in America.”)

A comment:  What these anecdotes do not feature, as labor’s views are not collected: The instability of jobs, low pay, no relocation reimbursement. Why would someone move for a job and then possibly lose it after so much stress? Why don’t the companies cultivate talent in the places where they are located?

Yet again, the Fed has fallen down on the job, with its wealthy-economist staff.

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The handless facepalm

(2) The immorality of neoliberalism. Op-ed by Daniel K. Reece, “Mind over Managing:  When Neoliberalism Eats Itself.”

Key quote:

In global economic terms, one theme of the past 30 years has been the undeniable triumph of ‘neoliberalism’ – the idea that economics is a system independent of ethics or normative judgements, and instead one where markets are the supreme moral arbiter, independent of pesky human subjectivity and argument.

Yet whilst ‘markets’ in isolation may be objective concepts, anything which involves us homo sapiens certainly is not. Economic policy that places our actions in an amoral sphere – dictated by the whims of the market, whilst undoubtedly creating enormous wealth for a few – has caused phenomenal wealth disparity whilst downgrading subjective, reasoned argument derived from conscience.

(3) The continuing wealth gap. In a Washington Post article about the falling average salary in high cost-of-living Washington, D.C. metropolitan area, there was a stunning, yet unsurprising, fact—the low level of wealth for black people compared with the wealth of whites.

Key quote:

Frey [William Frey, a demographer in the Metropolitan Policy Program at the Brookings Institution] pointed out that the changing fortunes of District residents did not affect everyone equally. White residents, who make up 36 percent of the District, actually saw their median household income rise $2,568, to $127,369, while black residents, who make up 46 percent, saw median incomes fall $3,631 to $37,891.

This drastic inequality was mirrored in some but not all of the largest cities in the nation; the median black family makes $104,722 less than the median white family in San Francisco, but $16,809 less in Jacksonville, Fla.


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 September 9, 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 Mergers Synovus Bank, Columbus, Georgia — to acquire substantially all the assets and assume the deposit liabilities of World’s Foremost Bank, Sidney, Nebraska.
-Approved, September 5, 2017
Forms Forms — initial Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with the Guidance on Response Programs for Unauthorized Access to Customer Information (FR-4100).
-Proposed, September 5, 2017
Forms — final Board review to extend without revision the Compensation and Salary Surveys (FR 29a, FR 29b).
-Approved, September 5, 2017
Enforcement Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Daniel X. Brennan, a former employee and institution-affiliated party.
-Announced, September 5, 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 September 14, 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 September 13, 2017):  $4,518,062 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)