Federal Reserve Board: H.2 Release for Week Ending September 8, 2018; H.4.1 Release (Balance Sheet) for Week Ending September 13, 2018

Of Note

(1) Ten year anniversary of the 2008 financial crisis. The effects of the financial crisis are still being felt. Washington Post | New York Times

The comments from those adversely affected were poignant.


 

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 8, 2018, 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 Depository Institutions Advisory Council — announcement of members and designation of Christopher D. Maher as president and Joe Quiroga as vice president for 2019.

-Announced, September 7, 2018

 

Bank Branches, Domestic Origin Bank, Choudrant, Louisiana — to establish a branch on La Branch Street, Houston, Texas.

-Approved, September 4, 2018

 

Extensions of Time “Volcker rule” — extension to October 17, 2018, of the comment period on the proposed interagency rule to simplify and tailor compliance requirements for the Volcker rule.

-Announced, September 4, 2018

 

Forms Forms — temporary revision of the Consolidated Financial Statements for Holding Companies (FR Y-9C) and Complex Institution Liquidity Monitoring Report (FR 2052a) to comply with the Economic Growth, Regulatory Relief, and Consumer Protection Act.

-Approved, September 4, 2018

 

Personnel Division of Research and Statistics — appointment of Lacey Dingman-Woodsmall as senior associate director.

-Approved, September 4, 2018

 

Regulation and Policies Regulation CC (Availability of Funds and Collection of Checks) — final amendments to address disputes between banks about whether an electronic check has been altered in certain cases of doubt, when an original paper check is not available for inspection.

-Approved, September 4, 2018

Enforcement The Bank of New York Mellon, New York, New York — consent order of assessment of a civil money penalty, pursuant to the National Flood Insurance Act, dated August 28, 2018.

-Announced, August 30, 2018

 

UCB Financial Group, Inc., Atlanta, Georgia (now known as ABB Financial Group, Inc.) — written agreement dated August 19, 2010, terminated August 27, 2018.

-Announced, August 30, 2018

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 13, 2018, 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 12, 2018):  $4,258,450 (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 September 1, 2018; H.4.1 Release (Balance Sheet) for Week Ending September, 2018; Two Of Note Items

Of Note

(1) Robert Edward Rubin: A faulty exemplar & a standard bearer for the 1 percent, who wrote a column concerned about the deficit (a credit to the people).



 

Rubin’s net worth: $100 million (approx.)

Former partner, Goldman Sachs.

After serving as Secretary of the Treasury, Rubin served as director and senior counselor of Citigroup. From Nov. to Dec. 2017, Rubin was temporary chairman of Citigroup. Rubin resigned in early 2009. He received about $126 million during his tenure, which included the U.S bailout of Citigroup.

Rubin is a pro-austerity “deficit hawk” (for the 99%) through the Hamilton Project, “a centrist policy shop that promoted small-bore strategies for weak forms of social insurance, and had little interest in such progressive causes as full employment or a high wage economy. (http://prospect.org/article/end-austerity-crusade)

Notably, he is silent on the extreme cost of empire (aka funding for the Department of War/ Defense).

 

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(2) Oversupply of labor. Via Truthdig: “The Gig Economy and Outsourcing: A Dark Net of Near Slavery,” by Julian Vigo.

Key quote–

More and more, jobs in the commercial sector have been farmed out by outsourcing websites such as Indeed, Upwork, BloggingPro, MediaBistro, FlexJobs, ProBlogger and many others. While Indeed tends to work with local talent, which keeps the job pool within a rational economic boundary, other sites, like Upwork, do not. For instance, here is a job I applied to a few weeks ago and tried to make work—until I realized that this job would, if properly executed, pay only about $30 per day:

I’m looking for an experienced writer, with in-depth knowledge of travel and photography equipment, to write review articles. For the first project you’ll be writing a total of 12 000 words spread over 10 review articles. You’ll be covering popular travel and photography equipment topics. You should be able to do your own research.


 

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 1, 2018, is below.

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

Category Action Taken
Supervision and Regulation Resolution Plans — joint determination to move the next resolution-plan filing dates (1) to July 1, 2020, for four large, complex foreign banking organizations and (2) to December 31, 2019, for Prudential Financial, Inc.

-Approved, August 27, 2018

 

Enforcement The Bank of New York Mellon, New York, New York — consent order of assessment of a civil money penalty, pursuant to the National Flood Insurance Act, dated August 28, 2018.

-Announced, August 30, 2018

 

UCB Financial Group, Inc., Atlanta, Georgia (now known as ABB Financial Group, Inc.) — written agreement dated August 19, 2010, terminated August 27, 2018.

-Announced, August 30, 2018

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 6, 2018, 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 5, 2018):  $4,255,799 (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 August 25, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 30, 2018

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 August 25, 2018, 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 with revision the Reporting, Recordkeeping, and Disclosure Requirements Associated with the Home Mortgage Disclosure Act (HMDA) and Loan/Application Register (LAR) required by Regulation C (FR HMDA LAR).

-Proposed, August 21, 2018

Forms — initial Board review to implement the Report of Institution-to-Aggregate Granular Data on Assets and Liabilities on an Immediate Counterparty Basis (FR 2510).

-Proposed, August 21, 2018

 

Personnel Division of Supervision and Regulation — appointment of Molly Mahar as associate director and James Ray Diggs, Susan Motyka, and Joanne Wakim as deputy associate directors.

-Announced, August 22, 2018

Regulations and Policies Examination Cycle — interagency interim final rule and request for comment to increase the asset threshold below which certain small insured depository institutions and U.S. branches and agencies of foreign banks may qualify for an extended examination cycle, from 12 to 18 months, in accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act.

-Approved, August 21, 2018

Liquidity Coverage Ratio (LCR) — interagency interim final rule and request for comment to modify the LCR rule to treat certain municipal obligations as high-quality liquid assets, in accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act.

-Approved, August 21, 2018

Small Bank Holding Company and Savings and Loan Holding Company Policy Statement — (1) interim final rule and request for comment to raise the asset size threshold, from $1 billion to $3 billion of total consolidated assets, for determining applicability of the policy statement, in accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act; and (2) associated changes to reporting requirements.

-Approved, August 21, 2018

Enforcement Covenant Bancgroup, Inc., Leeds, Alabama — written agreement dated December 28, 2015, terminated August 7, 2018.

-Announced, August 23, 2018

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 August 30, 2018, 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 August 29, 2018):  $4,266,306 (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 August 18, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 23, 2018


Of Note

(1) David Wilcox, Ph.D., Division Director, Research and Statistics, to retire year-end 2018.

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(2) The Center for Popular Democracy (also known as FED UP) visits Jackson Hole, Montana, the location of a closed-door conference of the Federal Reserve.

Also, see Popular Democracy’s report “The Full Employment Mandate of the Reserve: Its Origins and Importance.”


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 August 18, 2018, 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 without revision the Recordkeeping Requirements Associated with Regulation GG (Prohibition on Funding of Unlawful Internet Gambling) (FR 4026).

-Approved, August 15, 2018

 

Forms — final Board review of a proposal to extend with revision the Reporting Requirements Associated with Regulation QQ (Reg QQ).

-Approved, August 15, 2018

 

Forms — initial Board review to extend without revision the Supervisory and Regulatory Survey (FR 3052).

-Proposed, August 15, 2018

 

Forms — final Board review to extend without revision the Recordkeeping Requirements Associated with Changes in Foreign Investments (Made Pursuant to Regulation K) (FR 2064).

-Approved, August 15, 2018

Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $250 million on August 23, 2018.

-Announced, August 16, 2018

Enforcement Capital Funding Bancorp, Inc., Baltimore, Maryland; and CFG Community Bank — cease-and-desist order dated October 31, 2011, terminated August 8, 2018.

-Announced, August 14, 2018

 

CommerceWest Bank, Irvine, California — cease-and-desist order dated April 12, 2016, terminated August 8, 2018.

-Announced, August 14, 2018

 

Flagstar Bancorp, Inc., Troy, Michigan — supervisory agreement issued by the Office of Thrift Supervision dated January 27, 2010, terminated August 14, 2018.

-Announced, August 16, 2018

 

HSBC North America Holdings, Inc., New York, New York — cease-and-desist order dated October 4, 2010, terminated August 7, 2018.

-Announced, August 14, 2018

 

NBRS Financial, Rising Sun, Maryland — final decision and order of prohibition against Jacob H. Goldstein, a former institution-affiliated party.

-Approved, August 15, 2018

 

Santander Holdings USA, Inc., Boston, Massachusetts — written agreement dated July 2, 2015, terminated August 14, 2018.

-Announced, August 16, 2018

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 August 23, 2018, 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 August 22, 2018):  $4,276,468 (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 August 11, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 16, 2018

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 August 11, 2018, 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 Administrative Conference of the United States (ACUS) — designation of the General Counsel as the Board’s representative to the ACUS.

-Approved, August 10, 2018

 

Forms Forms — final Board review to extend with revision the Report of Selected Money Market Rates (FR 2420).

-Approved, August 9, 2018

Regulations and Policies Prepaid Cards — annual report to Congress on government-administered, general-use prepaid cards, in accordance with the Dodd-Frank Act.

-Approved, August 10, 2018

Enforcement Citigroup Inc., New York, New York — (1) issuance of a consent order of assessment of a civil money penalty for the improper execution of residential mortgage-related documents, and (2) termination of a 2011 enforcement action against Citigroup and CitiFinancial Credit Company, Long Island City, related to residential mortgage loan servicing.

-Approved, August 9, 2018

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 August 16, 2018, 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 August 15, 2018):  $4,276,509 (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 August 4, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 9, 2018

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 August 4, 2018, 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 revise without extension the Capital Assessments and Stress Testing (FR Y-14A/Q/M).

-Proposed, July 31, 2018

 

Forms — final Board review to extend without revision the Senior Financial Officer Survey (FR 2023).

-Approved, July 31, 2018

 

Forms — final Board review to (1) extend with revision the Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies, Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, and Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-11, FR 2314, and FR Y-7N) and (2) extend without revision the Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies, Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, and Capital and Asset Report of Foreign Banking Organizations (FR Y-11S, FR 2314S, FR Y-7NS, and FR Y-7Q).

-Approved, August 1, 2018

 

Personnel Division of Monetary Affairs — appointment of Katherine Tom as associate director.

-Approved, July 31, 2018

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 August 9, 2018, 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 August 8, 2018):  $4,305,553 (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 July 28, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 2, 2018; Precarious Work and Google

Of Note–

(1) Precarious work. The thing that bothers me about precarious work is that no matter how great you work, you can be fired any minute. As a result, things that require long-term commitment–a house, children, car purchase–are out of reach. Workers at the work site all have “temp horror stories,” as if the temp workers are not also being exploited by the employer (low pay and no benefits).

This example serves as a preface to a Bloomberg story, Inside Google’s Shadow Workforce by Mark Bergen and Josh Eidelson, about the precarious workers at Google, nearly 50 percent of Google’s workforce.

Yet Jerome Powell, multimillionaire Chairman of the Federal Reserve Board continues to talk about “full employment”.

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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 July 28, 2018, 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 Consolidated Financial Statements for Holding Companies (FR Y-9C), Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP), Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP), Financial Statements for Employee Stock Ownership Plan Holding Companies (FR Y-9ES), and Supplement to the Consolidated Financial Statements for Holding Companies (FR Y-9CS).

-Approved, July 24, 2018

Enforcement Chicago Shore Corporation, Chicago, Illinois, and Security Chicago Corporation — written agreement dated October 28, 2016, terminated July 24, 2018.

-Announced, July 26, 2018

 

Community Trust Bank, Pikeville, Kentucky — issuance of a consent cease-and-desist order.

-Approved, July 24, 2018

 

East West Bank, Pasadena, California — written agreement dated November 9, 2015, terminated July 18, 2018.

-Announced, July 24, 2018

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 August 2, 2018, 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 August 1, 2018):  $4,302,997 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)