Federal Reserve Board: H.2 Release for Week Ending January 20, 2018; H.4.1 Release (Balance Sheet) for Week Ending January 25, 2018; Four Of Note Items


Of Note– 

(1) Website information disarray. The Board has a website with a lot of information on it, but woe be to the person trying to find information on it. The website is logically disorganized and the website is designed like a maze.

Comment:  This is simply unacceptable for an agency that says it is trying to be transparent.

For example, I tried in vain to find the reports listed on the H.2 Release (below) and was unable to see them on the website. The H.2 should have links to relevant materials.

(2) The shutdown flub (as designed). U.S. Senator Charles Schumer‘s (D-N.Y.), failed strategy is the effect of big-dollar donors. People who cannot donate a lot of money are ignored, a result that emphasizes oligarchy.

 

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(3) Economists’ bizarre expectations: Janet Yellen, the FOMC, NAIRU, and high unemployment. To the dissatisfaction to people who are underemployed or unemployed, the Board, through its projections, favors higher unemployment (fearing inflation)! See the column by Matthew C. Klein in the Financial Times (paywall).

Something to consider when Board economists proclaim the Board’s “dual mandate,” maximum employment and stable interest rates. The people of the United States would expect that there would be enough available jobs for all who want them. That is, unemployment as close to zero percent as possible.

(4) Jerome Powell, attorney and financier, to lead the Board. The Senate confirmed the Board’s new Chair, Jerome Powell. Janet Yellen’s term as Board Chair ends on February 3, 2018.

Interesting fact: Powell graduated from Georgetown Preparatory School, Rockville, Maryland.

net worth fed chairs


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending January 20, 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 Reporting, Recordkeeping, and Disclosure Requirements Associated with the Guidance on Response Programs for Unauthorized Access to Customer Information (FR 4100).
-Approved, January 17, 2018
Forms — initial Board review to extend with revision the Margin Credit Reports related to extensions of credit secured by margin stock (FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, and FR U-1).
-Proposed, January 17, 2018
Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with Limitations on Interbank Liabilities (Regulation F).
-Proposed, January 17, 2018
Forms — final Board review to extend with revision the Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11), Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11S), Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314), and Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314S).
-Approved, January 18, 2018
Forms — final Board review to revise without extension the Structure Reporting Requirements for Domestic and Foreign Banking Organizations (FR Y-6, FR Y-7,  FR Y-10, and FR Y-10E).
-Approved, January 18, 2018
Forms — final Board review to extend without revision the Recordkeeping Requirements Associated with the Real Estate Lending Standards Regulation for State Member Banks (Reg H-5).
-Approved, January 17, 2018 
Personnel Division of Supervision and Regulation — appointment of Karen Caplan, Keith Coughlin, and Vaishali Sack as assistant directors.
-Approved, January 12, 2018
(A/C)
Regulations and Policies Reports to Congress — (1) interagency report to Congress on capital and accounting differences among the federal banking agencies as of September 30, 2017, and (2) report to Congress regarding the Board’s implementation of enhanced prudential standards under section 165 of the Dodd-Frank Act.
-Approved, December 26, 2017
(A/C)
Enforcement Heartland Bank, Little Rock, Arkansas — termination of a prompt-corrective-action directive issued on August 15, 2017.
-Approved, January 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 January 25, 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 January 24, 2018):  $4,488,523 (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 August 26, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 31, 2017; Two ‘Of Note’ Items


Of Note

(1) Computers do not have brains; the machines do as they are told (by human beings—programmers—with all the positives and negative biases that come with human beings). As a result, people should not get carried away with “artificial intelligence” or over rely on computer results without investigating how the computer achieved its result (that is, the program).

See an interesting post at the Naked Capitalism blog:  Cathy O’Neil, “Algorithms are Opinions Embeded in Code.”

(2) Capitalism depends upon making some people poor in order to enrich others. People seek to defend this by blaming the poor for their suffering (defending the system that the critiquing person benefits from while justifying the precarious position in which the poor and other vulnerable people are placed in.) [Note:  The economists of the Federal Open Market Committee have done the same, according to 2012 FOMC transcripts.]

See an another interesting post at the Naked Capitalism blog:  Yves Smith, “If You’ve Never lived in Poverty, don’t tell People What They should do.”

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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 August 26, 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 Jennifer Burns as deputy director.
-Approved, August 23, 2017
Regulations and Policies Treasury Repo Rates — publication for comment on the proposed production and publication of three interest rates by the Federal Reserve Bank of New York, based on data for overnight repurchase agreement transactions on Treasury securities.
-Approved, August 21, 2017 
Enforcement The Bank & Trust, S.S.B., Del Rio, Texas — issuance of a consent cease-and-desist order.
-Announced, August 22, 2017
Santander Holdings, USA, Inc., Boston, Massachusetts — written agreement dated September 15, 2014, terminated August 17, 2017.
-Announced, August 24, 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 August 31, 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 August 30, 2017):  $4,498,372 (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: President of Richmond Fed Admits to Confirming Confidential FOMC Information to a Reporter, Resigns

This blog has covered a leak to Medley Global Advisors, which had occurred with Federal Open Market Committee (FOMC) information. According to Reuters, the person claiming to be responsible for the leak was a member of the FOMC, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond. He has resigned on April 4, 2017.  (He had planned to retire in October 2017.)

Lacker has come up in another story of the blog, the story of laughter at the vulnerable at FOMC meetings in 2011. (Lacker did not seem to participate in the laughter.)

That the Fed’s Office of Inspector General did not uncover this information shows again the fraility of an non-independent inspector general. As stated in a previous blog post–

“In addition, the leak situation demonstrates the weak position of the IG. Sadly, the Board’s IG is akin to a toothless tiger.

  • The Board selects its [Inspector General] IG. The IG is not nominated by the President and approved by the U.S. Senate. Thus, an immediate conflict of interest and lack of independence is created.
  • Further, the IG submits a budget to the Board for its approval (See Board Annual Report, 2013, page 314 (paragraph 3)). Again, the IG instantly is subservient to the head of the agency. As a result, the IG cannot function.”

Federal Reserve Board: H.2 Release for Week Ending March 25, 2017; H.4.1 Release (Balance Sheet) for Week Ending March 30, 2017; Three “Of Note” Items


Of Note

According to a Reuters report, The Federal Reserve could gradually wind down its balance sheet, N.Y. Fed President, William Dudley said.

(Update on the Fed’s $4.5 billion balance sheet is below.)

Chair Janet Yellen gave a speech entitled “Addressing Workforce Development Challenges in Low-Income Communities,” at “Creating a Just Economy,” the 2017 annual conference of the National Community Reinvestment Coalition, Washington, D.C.

Comment:  The Chair encouraged entrepreneurship in workforce development, but also observed that capital for such small businesses is hard to find because of factors like “[a] lack of a credit history or a poor credit history and limited collateral–for example, home equity.”

The two observations cancel each other out.

[I cannot help being a bit disappointed with the presentation of this unworkable idea–a possible sign of Fed disinterest. If you must encourage Congress to act (with research and practical, real-world findings), do so, Chair Yellen, rather than give out discouragement.]

United States (population: 308,745,538) (2010 Census)

Race

Percentage of population

Number

White

72.4

223,553,265

Black

12.6

38,929,319

Native American

0.7

540,013

Asian

4.8

14,674,252

The Board published its 2017 Report to the Congress on the Office of Minority and Women Inclusion. (Note: This blog will prepare and post a synopsis of this report in the near future.)


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 25, 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 Monetary Affairs — appointment of Laura Lipscomb as assistant director and Edward Nelson as senior adviser.

-Announced, March 21, 2017

 

Management Division — appointment of Winona Varnon as deputy director and David Capp as senior adviser.

-Approved, March 22, 2017

 

Supervision and Regulation Resolution Plans — joint Board and Federal Deposit Insurance Corporation guidance on the resolution planning requirements of the Dodd-Frank Act for four foreign banking organizations (FBOs) (Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG); and extension to July 1, 2018, of the FBOs’ 2016 and 2017 resolution plan submission dates.

-Approved, March 22, 2017

 

Resolution Plans — joint Board and Federal Deposit Insurance Corporation feedback on the December 2015 resolution plans of 16 domestic banking organizations; and instructions and guidance for the development of the firms’ December 2017 resolution plans, in accordance with the Dodd-Frank Act.

-Approved, March 22, 2017

 

Enforcement HCSB Financial Corporation, Loris, South Carolina — written agreement issued May 9, 2011, terminated March 21, 2017.

-Announced, March 23, 2017

 

Santander Holdings USA, Inc., Boston, Massachusetts; and Santander Consumer USA Inc., Dallas, Texas — written agreement with the Federal Reserve Bank of Boston.

-Announced, March 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 March 30, 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 March 29, 2017):  $4,515,652 (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 18, 2017; H.4.1 Release (Balance Sheet) for Week Ending March 23, 2017

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending March 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 Cathay General Bancorp, Los Angeles, California — to acquire SinoPac Bancorp, Los Angeles, and thereby indirectly acquire Far East National Bank.

-Approved, March 17, 2017

 

People’s United Financial, Inc., Bridgeport, Connecticut — to merge with Suffolk Bancorp, Riverhead, New York, and thereby indirectly acquire Suffolk County National Bank of Riverhead.

-Approved, March 13, 2017

 

Regulations and Policies Regulatory Burden Reduction — interagency report to Congress on the review of regulatory burden, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act.

-Approved, March 9, 2017

(A/C)

 

Enforcement J.P. Morgan Securities (Asia Pacific) Limited, Hong Kong, China — issuance of notices of intent to prohibit and notices of assessment of civil money penalties against Fang Fang and Timothy Fletcher, former institution-affiliated parties.

-Approved, March 9, 2017

 

Platte Valley Bank, Scottsbluff, Nebraska — issuance of a consent order of assessment of a civil money penalty.

-Announced, March 7, 2017

 

Of Note: The International Monetary Fund Warned the United States about Its High Rate of Poverty

 

On June 22, 2016, the International Monetary Fund (IMF) warned the United States about a high rate of poverty despite an overall strong economy. Forty percent of those in poverty work.

There is an urgent need to tackle poverty. In the latest data, 1 in 7 Americans is living in poverty, including 1 in 5 children and 1 in 3 female-headed households. Around 40 percent of those in poverty are working. A more generous earned income tax credit (including eligibility for workers without dependents, those under 25, and older workers that are not yet eligible for social security) combined with a higher federal minimum wage would help alleviate poverty.”

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 23, 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 March 22, 2017):  $4,524,545 (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 11, 2017; H.4.1 Release (Balance Sheet) for Week Ending March 16, 2017

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending March 11, 2017, is below.

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

Category Action Taken
Reserve Bank Operations Federal Reserve Bank of Atlanta — appointment of Raphael W. Bostic as president, effective June 5, 2017.

-Approved, March 9, 2017

Enforcement J.P. Morgan Securities (Asia Pacific) Limited, Hong Kong, China — issuance of notices of intent to prohibit and notices of assessment of civil money penalties against Fang Fang and Timothy Fletcher, former institution-affiliated parties.

-Approved, March 9, 2017

Platte Valley Bank, Scottsbluff, Nebraska — issuance of a consent order of assessment of a civil money penalty.

-Announced, March 7, 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 March 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 March 15, 2017):  $4,515,913 (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 4, 2017; H.4.1 Release (Balance Sheet) for Week Ending March 9, 2017; Dr. Raphael Bostic Appointed to Lead Atlanta Fed

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 4, 2017, is below.

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

Category Action Taken
Banking Supervision and Regulation Morgan Stanley, New York, New York — non-objection to a resubmitted capital plan in connection with the 2016 Comprehensive Capital Analysis and Review.

-Announced, March 2, 2017

Personnel Office of the Secretary — appointment of Ann Misback as Secretary of the Board and Robert Frierson as senior adviser, effective April 2, 2017.

-Approved, February 27, 2017

Enforcement Bank of Montreal, Montreal, Canada; BMO Financial Corporation, Wilmington, Delaware; and Bank of Montreal Chicago Branch, Chicago, Illinois — written agreement dated April 29, 2013, terminated February 24, 2017.

-Announced, February 28, 2017

2017-1913=104 Years in the Making–Dr. Raphael Bostic to Lead Atlanta Federal Reserve Bank

 

Dr. Raphael Bostic, president and chief executive officer of the Atlanta Federal Reserve Bank (effective 6-5-17)

Raphael Bostic, Ph.D, named president and chief executive officer of the Federal Reserve Bank of Atlanta. Appointment is effective June 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 March 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 March 8, 2017):  $4,505,693 (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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