Federal Reserve Board: H.2 Release for Week Ending March 31, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 5, 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 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
Regulations and Policies

 

 

Appraisal Requirements — final interagency rule to increase the dollar threshold at or below which appraisals are not required for commercial real estate transactions.

-Approved, March 23, 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 April 5, 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 4, 2018):  $4,433,399 (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 March 24, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 29, 2018; Three Of Note Items


Of Note

(1) The Federal Reserve issued its 2018 OMWI Report to the Congress. [Note: Also, see this blog’s Federal Reserve page for previous reports.]

(2) “Full employment” blues. Many jobs in the so-called recovery are precarious, except for the wealthy. [Washington Post column]

(3) John Williams named President and CEO of the Federal Reserve Bank of New York.


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 24, 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 International Applications and Prior Notifications under Subparts A and C of Regulation K (FR K-1); International Applications and Prior Notifications under Subpart B of Regulation K (FR K-2); Application for a Foreign Organization to Acquire a U.S. Bank or Bank Holding Company (FR Y-3F); Application for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3); Notification for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3N); and Notification for Prior Approval to Engage Directly or Indirectly in Certain Nonbanking Activities (FR Y-4).
-Proposed, March 19, 2018
Monetary Policy Implementation Federal Open Market Committee — increase in the target range for the federal funds rate to 1-1/2 percent to 1-3/4 percent, effective March 22, 2018.
-Announced, March 21, 2018
Savings and Loan Holding Companies The Charles Schwab Corporation, San Francisco, California — to acquire Charles Schwab Trust Bank, Henderson, Nevada, a de novo state savings bank.
-Approved, March 19, 2018
Supervision and Regulation Zions Bancorporation, N.A. (Zions), Salt Lake City, Utah — determination that Zions will be the “successor entity” to Zions Bancorporation following the merger of Zions Bancorporation with and into its subsidiary national bank, ZB, N.A., Salt Lake City.
-Approved, February 26, 2018
(A/C) 
Enforcement Frost Bank, San Antonio, Texas — issuance of a notice of intent to prohibit and a notice of intent to issue a cease-and-desist order, and assessment of a civil money penalty, against Raysol Villalobos, a/k/a Ray Galvan, a former institution-affiliated party of Frost Bank.
-Approved, March 19, 2018
Regions Bank, Birmingham, Alabama — issuance of notice of intent to prohibit and notice of assessment of civil money penalties against Nathaniel Frazier and Jeffrey Garrison, former institution-affiliated parties of Regions Bank.
-Approved, March 14, 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 March 29, 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 March 28, 2018):  $4,439,313 (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 March 17, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 22, 2018; Two Of Note Items

Of Note–

(1) Fed Chairman Jerome Powell’s first post-FOMC press conference. Transcript

(2) Kushal Chakrabarti, “The Science of The Job Search, Part II: Racism, Outgroup Bias & KFC.” [See also a Nextions paper on the effects of race on the assessment of legal writing.]

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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 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
Forms Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with Regulation GG (Prohibition on Funding of Unlawful Internet Gambling) (FR 4026).
-Proposed, March 14, 2018
Forms — final Board review (1) 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), and Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP) and (2) to extend without revision the 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, March 15, 2018

 

Enforcement Industrial and Commercial Bank of China Ltd., Beijing, People’s Republic of China, and its branch in New York, New York — issuance of a consent cease-and-desist order.

-Announced, March 13, 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 March 22, 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 March 21, 2018):  $4,448,663 (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 March 10, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 15, 2018; Five Of Note Items


Of Note– 

(1) The Trump Administration and internal competition. It seems that President Donald J. Trump thrives on chaos and instability. This result happens with internal competition schemes, such as those championed by Dick Grote. Labor must have unions to guard against abusive employers, as employees’ livelihoods are tied to their paychecks.

 

(2) Toys “R” Us to the binbecause of private equity (Bain Capital, KKR, Vornado).

(3) What real “full employment” looks like. Bloomberg Business Week.

(4) Globalization and the U.S. Worker. An investment professional wrote a book on the glut of labor that globalization caused. The United States did not prepare any programs to compensate for the job losses and decreases in income.

Daniel Alpert, “The Age of Oversupply.”

(5) Coding boot camps… oversold?


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 10, 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 Holding Company Report of Insured Depository Institutions’ Section 23A Transactions with Affiliates (FR Y-8).
-Proposed, March 7, 2018

Forms — final Board review to extend with revision the Interagency Bank Merger Act Application (FR 2070), Interagency Notice of Change in Control (FR 2081a), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b), and Interagency Biographical and Financial Report (FR 2081c).
-Approved, March 7, 2018

Forms — initial Board review to extend without revision the Survey of Consumer Finances (FR 3059).
-Proposed, March 8, 2018

 

Enforcement The Royal Bank of Scotland Group, plc, Edinburgh, Scotland; The Royal Bank of Scotland plc and its branches in New York and Connecticut; and The Royal Bank of Scotland N.V., Amsterdam, The Netherlands, and its branches in New York and Illinois — cease-and-desist order dated July 26, 2011, terminated March 6, 2018.
-Announced, March 8, 2018

Trinity Capital Corporation, Los Alamos, New Mexico — written agreement dated September 26, 2013, terminated February 27, 2018.
-Announced, March 6, 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 March 15, 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 March 14, 2018):  $4,454,552 (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 March 3, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 22, 2018; Three Of Note Items


Of Note–

(1) Dissatisfaction with globalization.

The United States, while actively seeking globalization, failed to provide for the many people that would not benefit from globalization. Note: “Low prices” mean nothing if you do not have any money.

The New York Times:  Peter Goodman (2016). “More Wealth, More Jobs, but Not for Everyone:  What Fuels the Backlash on Trade.”

The Guardian:  Yascha Mounk (2018). “How populist uprisings could bring down liberal democracy.”

(2) Modern Monetary Theory. A book from Warren Mosler, “The Seven Deadly Innocent Frauds of Economic Policy.”

(3) Selected safety net programs in the United States. Essentially, programs in the United States are for children, senior citizens, persons with disabilities, families with incomes that fall below the poverty line. Unemployment insurance is only available to people who lose a job (with an employer which contributes to the insurance program).

In other words, the United States is not prepared to deal with the job-displacement consequences of globalization.

 

Safety Net Program

Notes

Unemployment Insurance Compensation Maximum 26 weeks
Supplemental Nutrition Assistance Program For adults without disability or dependents, maximum 3 months
Social Security Disability Insurance Extremely limited–difficult to qualify
Temporary Assistance for Needy Families Lifetime maximum of 60 months

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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 February 24, 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 Monetary Policy — statement by Chairman Powell before the House Committee on Financial Services on February 27 and the Senate Committee on Banking, Housing, and Urban Affairs on March 1, 2018, on the semiannual monetary policy report to the Congress.
-Published, February 27, 2018
Regulations and Policies Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire) — publication for comment of proposed amendments (1) intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC (Availability of Funds and Collection of Checks), which reflected the evolution to the current virtually all-electronic check collection system; and (2) to clarify and simplify Regulation J and remove obsolete provisions.
-Approved, February 26, 2018
Rules Regarding Delegation of Authority — final rule to delegate to the Secretary of the Board the authority to determine an appeal of denial of access to Board records under the Freedom of Information Act and the Privacy Act.
-Approved, February 27, 2018

 

Supervision and Regulation Resolutions Plans — issuance of joint letters by the Board and Federal Deposit Insurance Corporation describing expectations for the December 2018 resolution plans of Citizens Financial Group, Inc., and CIT Group Inc.
-Approved, February 14, 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 March 8, 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 March 7, 2018):  $4,443,136 (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 February 24, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 1, 2018; Two Of Note Items

Of Note–

(1) February 2018 Monetary Policy Hearing.

Monetary Policy Report, February 2018

The Monetary Policy Report (MPR) hearings will be held on February 28, 2018, and March 1, 2018. It will be the first for the new Chairman of the Board, Jerome Powell.

U.S. House of Representatives U.S. Senate
February 27 28, 2018, 10:00 a.m., House Financial Services Committee March 1, 2018, 10:00 a.m., Senate Banking Committee
Press release: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=402987

Chairman Jeb Hensarling announced a date change to the meeting to Feb. 27, 2018.

Report | Chairman Jerome Powell’s MPR testimony

(2) The Federal Reserve and African American Unemployment.

Rep. Al Green Questions Federal Reserve Chairman Jerome Powell on African American Unemployment

For further discussion, see the following


 

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 February 24, 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 First Financial Bancorp, Cincinnati, Ohio — (1) for First Financial Bancorp to merge with MainSource Financial Group, Inc., Greensburg, Indiana, and thereby acquire MainSource Bank; (2) for First Financial Bank, Cincinnati, to merge with MainSource Bank and thereby establish branches; and (3) election by First Financial Bancorp to become a financial holding company.

-Approved, February 20, 2018

Bank Mergers IBERIABANK, Lafayette, Louisiana — to merge with Gibraltar Private Bank & Trust Company, Coral Gables, Florida, and thereby establish branches.

-Approved, February 20, 2018

 

Personnel Office of Board Members — appointment of Antulio Bomfim as special adviser to the Chairman.

-Announced, February 21, 2018

Supervision and Regulation, Board Operations Supervisory Appeals and Ombudsman Policy — publication for comment of (1) proposed amendments to the Board’s guidelines governing appeals of material supervisory determinations and (2) a revised policy statement governing the role of the Board’s Ombudsman.

-Approved, February 9, 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 March 1, 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 February 28, 2018):  $4,440,074 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Futility of “Colorblindness”: Rep. Al Green (D-Texas) Discusses Black Unemployment in the United States with Chairman Jerome Powell; The Fed & Black Employee Discrimination: Artis v. [Greenspan Bernanke] Yellen

Rep. Al Green and Federal Reserve Board Chairman Jerome Powell on Black Unemployment

Mr. Chairman, that which we will tolerate [high black unemployment], we will not change.

-Rep. Al Green (February 27, 2018)

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While watching the House Financial Services Committee hearings for the February 2018 Monetary Policy Report (MPR), I became interested in one of the question-and-answer exchanges–between Representative Al Green (D-Texas) and the Chairman of the Federal Reserve Board, Jerome Powell.

In past MPR hearings, Rep. Green has asked questions about high black unemployment, roughly twice that of white people on a fairly consistent basis. The chart to which Rep. Green referred is in the MPR, page 7.


Author’s note:   In addition, the Board published a working paper on observing racial gaps in the labor market in July 2017.

Furthermore, in previous reports this issue was discussed in a “box” in the MPR. In February 2018, the issue of black unemployment was mentioned in a paragraph of the main text .]


This time, Rep. Green was far more direct in questioning this particular MPR chart, requesting for research about why the result of high black unemployment was so high and for Congress to remedy the situation. Specifically, Rep. Green will send a letter to Chairman Powell that will request the following information from the Federal Reserve:

  • The effect of covert and overt discrimination on black unemployment (two times that of whites).
  • Identify the primary factors that limit African American’s access to employment opportunities in sectors protected from cyclical downturns in the economy.
  • If allowed (by legislation), would testing provide empirical data of discrimination in lending.

The Federal Reserve’s Mistreatment of Its Own Black Employees: Artis v. Greenspan Bernanke Yellen

There is a side story, as the readers of this blog may recognize: the Federal Reserve Board has had issues with its own black employees: specifically, as described through the court case which was titled Artis v. Greenspan Bernanke Yellen. See also Robert D. Auerbach (2008), Deception and Abuse at the Fed:  Henry B. Gonzalez Battles Alan Greenspan’s Bank, chapter 8.

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