Federal Reserve Board: H.2 Release for Week Ending May 12, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 17, 2018; One Of Note Item


Of Note–

(1) The Failed Federal Reserve (and one-percenter economists). This blog has a skeptical view of the policy of the Federal Reserve, not only with diversity and inclusion but also with monetary policy. The ultimate policy is focused on Wall Street returns and the one-percenters. Everyone else is thrown to the side. It is shameful and disgusting.

Case in point, a quote from Boston Fed Bank President Eric Rosengren in the New York Times

“When we think about the economy from the aspect of monetary policy, we can’t get it right for everybody,” Eric Rosengren, the president of the Federal Reserve Bank of Boston, said in an interview last week. “We can get it right for the overall economy.”

I was extremely disappointed, but not surprised, with Rosengren’s statement. The Federal Open Market Comittee (FOMC) laughed at the plight of the unemployed. That event showed clearly where the FOMC stands.

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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 May 12, 2018, 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 Ameris Bancorp, Moultrie, Georgia — to merge with Atlantic Coast Financial Corporation, Jacksonville, Florida, and thereby indirectly acquire Atlantic Coast Bank.
-Approved, May 9, 2018
Forms Forms — final Board review to extend without revision the Senior Loan Officer Opinion Survey on Bank Lending Practices (FR 2018).
-Approved, May 8, 2018
 

Forms — final Board review to extend with revision the Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900); Annual Report of Deposits and Reservable Liabilities (FR 2910a); Report of Foreign (Non-U.S.) Currency Deposits (FR 2915); and Allocation of Low Reserve Tranche and Reservable Liabilities Exemption (FR 2930).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans and Quarterly Report of Credit Card Plans (FR 2835 and FR 2835a).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q).
-Approved, May 8, 2018
 

Forms — initial Board review to extend without revision the Senior Financial Officer Survey (FR 2023).
-Proposed, May 8, 2018
Forms — final Board review to extend with revision the Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers), Deregistration Statement for Persons Registered Pursuant to Regulation U, and Annual Report (FR G-1, FR G-2, and FR G-4); and to extend without revision the Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U, Statement of Purpose for an Extension of Credit by a Creditor, and Statement of Purpose for an Extension of Credit Secured by Margin Stock (FR G-3, FR T-4, and FR U-1).
-Approved, May 10, 2018

Forms — initial Board review to extend with revision the Report of Selected Money Market Rates (FR 2420).
-Proposed, May 10, 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 May 17, 2018.
-Announced, May 10, 2018

 

Personnel Division of Monetary Affairs (MA) — appointment of Rebecca Zarutskie and Karen Brooks as assistant directors, and reassignment of David Bowman from the Division of International Finance to MA as senior adviser.
-Announced, May 8, 2018
Division of Supervision and Regulation — temporary appointment of Michael Johnson, executive vice president at the Federal Reserve Bank of Atlanta, as deputy director.
-Approved, May 8, 2018

 

Reserve Bank Operations Federal Reserve Bank of Richmond — appointment of Becky C. Bareford as first vice president.
-Approved, April 27, 2018
(A/C)

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

The Board publishes data on 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 May 17, 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 May 16, 2018):  $4,385,194 (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 May 5, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 10, 2018; One Of Note Item


Of Note–

(1) Economics papers on a federal job guarantee at the Levy Economics Institute of Bard College.


 

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 May 5, 2018, 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 Independent Bank Group, Inc., McKinney, Texas — to merge with Integrity Bancshares, Inc., Houston, and thereby indirectly acquire Integrity Bank SSB.

-Approved, April 30, 2018

Regulations and Policies Federal Reserve Policy on Payment System Risk — notice and request for comment on a risk-focused expansion in the use of real-time monitoring for Fedwire funds transfers.
-Approved, April 26, 2018
(A/C)

 

 

Regulation A (Extensions of Credit by Federal Reserve Banks) — final rule 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 program.
-Approved, April 30, 2018

 

Enforcement The Bank of Fayette County, Piperton, Tennessee — issuance of a consent order of assessment of a civil money penalty.

-Announced, May 1, 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 May 10, 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 May 9, 2018):  $4,405,778 (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 28, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 3, 2018


Of Note–

(1) Millionaire economic “policy makers” and the deficit hawk viewpoint: A terrible combination. See the new page on the blog for more on this topic.


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 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
Banks, State Member The Bank of New York Mellon, New York, New York, and Mellon Overseas Investment Corporation — requests to make noncash dividends as part of an internal corporate reorganization.

-Approved, April 26, 2018

Forms Forms — initial 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 for Foreign Banking Organizations (FR Y-11S, FR 2314S, FR Y-7NS, and FR Y-7Q).

-Proposed, April 24, 2018

 

Forms — initial Board review to extend with revision the Consolidated Financial Statements for Holding Companies, Parent Company Only Financial Statements for Large Holding Companies, Parent Company Only Financial Statements for Small Holding Companies, Financial Statements for Employee Stock Ownership Plan Holding Companies, and Supplement to the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS).

-Proposed, April 24, 2018

 

Forms — final Board review to extend without revision the Recordkeeping Requirements Associated with Limitations on Interbank Liabilities (Regulation F).

-Approved, April 24, 2018

Enforcement Brickyard Bancorp, Inc., Lincolnwood, Illinois — written agreement dated May 22, 2003, terminated April 18, 2018.

-Announced, April 24, 2018

 

Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Gayle A. Kendrick, a former institution-affiliated party of Regions Bank.

-Announced, April 26, 2018

 

Rock Bancshares, Inc., Little Rock, Arkansas, and Heartland Bank — written agreement dated December 13, 2016, terminated April 23, 2018.

-Announced, April 26, 2018

 

The Goldman Sachs Group, Inc., New York, New York — issuance of a consent cease-and-desist order and assessment of a civil money penalty.

-Approved, April 2, 2018

(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 May 3, 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 May 2, 2018):  $4,403,606 (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 21, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 26, 2018; One Of Note Item


 

Of Note–

(1) The Chair of the Fed is solely responsible for the Board’s results on diversity and inclusion issues, regardless of any assisting staff. The assisting staff do not have a Presidential commission. Simply referring automatically to Sheila Clark for diversity and inclusion issues is a non-answer.

 


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 21, 2018, 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 Supervision and Regulation — semiannual statement by Vice Chairman for Supervision Quarles before the House Committee on Financial Services on April 17 and the Senate Committee on Banking, Housing, and Urban Affairs on April 19, 2018, on the Federal Reserve’s regulation and supervision of financial institutions.

-Published, April 17, 2018

Personnel Division of Consumer and Community Affairs — appointment of Caterina Petrucco-Littleton as assistant director.
-Announced, April 19, 2018
Division of Reserve Bank Operations and Payment Systems — appointment of Larry Mize as senior associate director, Jeff Walker as deputy associate director, and Sonja Danburg and Brian Lawler as assistant directors.
-Announced, April 18, 2018
Enforcement Hua Nan Commercial Bank Limited, Taipei City, Taiwan; and Hua Nan Commercial Bank Limited New York Agency, New York, New York — issuance of a consent cease-and-desist order.

-Announced, April 19, 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 April 26, 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 April 25, 2018):  $4,420,473 (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 14, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 19, 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 April 14, 2018, 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 Supervision and Regulation — semiannual statement by Vice Chairman for Supervision Quarles before the House Committee on Financial Services on April 17 and the Senate Committee on Banking, Housing, and Urban Affairs on April 19, 2018, on the Federal Reserve’s regulation and supervision of financial institutions.

-Published, April 17, 2018

 

Personnel Division of Consumer and Community Affairs — appointment of Caterina Petrucco-Littleton as assistant director.

-Announced, April 19, 2018

Division of Reserve Bank Operations and Payment Systems — appointment of Larry Mize as senior associate director, Jeff Walker as deputy associate director, and Sonja Danburg and Brian Lawler as assistant directors.

-Announced, April 18, 2018

Enforcement Hua Nan Commercial Bank Limited, Taipei City, Taiwan; and Hua Nan Commercial Bank Limited New York Agency, New York, New York — issuance of a consent cease-and-desist order.

-Announced, April 19, 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 April 19, 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 April 18, 2018):  $4,433,328 (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 7, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 12, 2018; One Of Note Item

Of Note–

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(1) Mainly millionaires (see table), former chairs of the White House Council of Economic Advisers, warn about a “debt crisis,”  or why the government should do little for the 99 percent of the population. Sad.

Economist Net Worth Source
Jason Furman $24.6 million http://pfds.opensecrets.org/N99999893_2013.pdf
Janet Yellen $14.6 million Bloomberg (photo at previous blog post)
Alan Krueger $2 million to $5 million (2011) https://www.opensecrets.org/personal-finances/assets/Alan-Krueger?cid=N99999902&year=2011
Laura D’Andrea Tyson n.a. n.a
Martin Neil Baily n.a. n.a.

The United States is a currency issuer; its “debts” are in its own currency.

 

 


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 March 17, 2018, 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 Arvest Bank Group, Inc., Bentonville, Arkansas; and Arvest Holdings, Inc. — to acquire Bear State Financial, Inc., Little Rock, and to indirectly acquire Bear State Bank; and for Arvest Bank, Fayetteville, to merge with Bear State Bank and thereby establish branches.

-Approved, April 2, 2018

 

Forms Forms — initial Board review to extend with revision the Recordkeeping and Disclosure Requirements Associated with Consumer Financial Protection Bureau’s (CFPB) Regulation M (Consumer Leasing) (FR M).

-Proposed, April 2, 2018

 

Forms — initial Board review to extend without revision the Federal Reserve Clearance for Board Public Website Usability Surveys (FR 3076).

-Proposed, April 2, 2018

 

Personnel Management Division — appointment of Kendra Lee Gastright as associate director.

-Approved, April 2, 2018

 

Reserve Bank Operations Federal Reserve Bank of New York — appointment of John C. Williams as president, effective June 18, 2018.

-Approved, April 3, 2018

 

Enforcement Turkiye Cumhuriyeti Ziraat Bankasi A.S., Ankara, Turkey — written agreement dated June 25, 2014, terminated March 20, 2018.

-Announced, April 5, 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 April 12, 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 April 11, 2018):  $4,431,188 (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: Board Issued 2018 Office of Minority and Women Inclusion Report; Slightly More Clarifying Information Included; Despite that Caution Still Advised

In March 2018, the Federal Reserve Board (Board) posted the 2018 version of its Office of Minority and Women Inclusion (OMWI).

As discussed previously in this blog, there had been some attention in inclusion issues by the Congress and the Board’s Office of Inspector General (IG). The blog had covered these developments, and also a former long-running case, Artis v. Greenspan Bernanke Yellen.


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

(Preface language for the 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.”

Year Link
2012 http://www.federalreserve.gov/publications/minority-women-inclusion/2012-omwi-preface.htm
2013 http://www.federalreserve.gov/publications/minority-women-inclusion/2013-omwi-preface.htm
2014 http://www.federalreserve.gov/publications/minority-women-inclusion/2014-omwi-preface.htm
2015 http://www.federalreserve.gov/publications/minority-women-inclusion/2015-omwi-preface.htm
2016 http://www.federalreserve.gov/publications/minority-women-inclusion/files/omwi-report-20160331.pdf
2017 https://www.federalreserve.gov/publications/files/omwi-report-20170331.pdf
2018 https://www.federalreserve.gov/publications/files/omwi-report-20180330.pdf

In reading the 2018 OMWI report, the report has essentially the same content and structure as in 2017; however, there were some additions. While the additions were explained better in the 2018 report, observers must remain cautious, given the Board’s difficulties with diversity and inclusion issues. Some topics that I noticed in the 2018 report:

  • An updated section on equal employment contained more discussion. (But given the Board’s history on this subject, still more is needed.)
  • The workforce profile is more or less similar to the previous year. (Table 2, page 4)
  • The Board’s OMWI stated that it monitors if there is a problem with retention of women and minorities. (I do not trust the OMWI’s mere words, again given that the director was involved in the problems. Significant action is needed to defeat this skepticism.)
  • There was a significant drop off in hiring overall. (Table 3, page 5)

 

Board Hiring and Promotions, 2015-2017
2015 2016 2017
Positions filled 576 576 399
Interns 118 127 111
Positions filled w/ counting interns 458 449 288
Total number of Board employees 2673 2766 2745
Percentage of new non-intern hires over total number of employees 17.1% 16.2% 10.5%

 

Given the issues presented by the IG previously and with the long running time of the now-ended Artis v. Greenspan Bernanke Yellen case, the Board’s activities with regard to diversity and inclusion remain an issue of moderate to grave concern until demonstrable, sustained and consistent improvement is shown. Meetings, scorecards, and reports are a start, but insufficient compared to firm and visible results.

In all the tables in the “Equal Employment of Minorities and Women and Diversity and Inclusion at the Board” section, the delineation of non-minority and minority is obscure, specifically the minority category. Such obscurity can hide issues with specific subgroups under the umbrella of minority.

2014-03-04-auerbach
Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

While the report provided an improved explanation of activities, concern remains that the activities produce demonstrable, consistent results–hiring and retention–of formerly excluded groups. The experience of the long-running Artis v. Greenspan Bernanke Yellen case casts a profound shadow over the Board for diversity and inclusion issues. It is up to the Board to redeem itself.