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 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.)

Federal Reserve Board: H.2 Release for Week Ending February 17, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 22, 2018; Feb. 2018 MPR


Of Note–

(1) February 2018 Monetary Policy Hearing.

Monetary Policy Report, February 2018

The Monetary Policy Report 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 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 Press release:

Federal Reserve MPR Report: https://www.federalreserve.gov/monetarypolicy/files/20180223_mprfullreport.pdf

Chairman Jerome Powell’s MPR testimony: Link will be provided when available.


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 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
Currency Counterfeit Currency Processing Facility (CCPF) — interagency memorandum of agreement to establish a CCPF to facilitate the identification and analysis of suspected counterfeit Federal Reserve notes.

-Approved, February 14, 2018

Forms Forms — initial Board review to extend without revision the Senior Loan Officer Opinion Survey on Bank Lending Practices (FR 2018).

-Proposed, February 14, 2018

Forms — initial Board review to extend without revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q).

-Proposed, February 14, 2018

Forms — initial Board review to extend without revision the Quarterly Report of Interest Rates on Selected Consumer Installment Loans (FR 2835) and Quarterly Report of Credit Card Plans (FR 2835a).

-Proposed, February 14, 2018

Forms — initial 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).

-Proposed, February 14, 2018

Forms — initial Board review to discontinue the Microeconomic Survey (FR 3051).

-Proposed, February 14, 2018

Supervision and Regulation Deutsche Bank AG, Frankfurt, Germany — requests (1) to establish a second intermediate holding company to hold its U.S. asset management business and (2) for extensions of time for certain regulatory reporting requirements.

-Approved, February 13, 2018

Enforcement Barclays Bank PLC (Barclays), New York Branch, New York, New York — issuance of a notice of intent to prohibit and notice of assessment of a civil money penalty against Peter Little, a former institution-affiliated party of the New York Branch of Barclays.

-Approved, February 9, 2018

(A/C)

Clear Mountain Bank, Bruceton Mills, West Virginia — issuance of a consent order of assessment of a civil money penalty.

-Announced, February 15, 2018

Compass Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Eric Scott Darty, a former institution-affiliated party of Compass Bank.

-Announced, February 13, 2018

Cornerstone Bancshares, Inc., Overland Park, Kansas — written agreement dated January 14, 2010, terminated February 8, 2018.

-Announced, February 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 February 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 February 21, 2018):  $4,458,900 (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 10, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 15, 2018; Two Of Note Items


Of Note–

(1) February 2018 Monetary Policy Hearing.

Monetary Policy Report, February 2018

The Monetary Policy Report 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 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 Press release:

(2) The Federal Reserve, millionaires, and skewed policymaking against the nonmillionaire people of the United States. The Congress must supervise the Federal Reserve and monetary policy in a more-stringent manner to ensure that policy is made for all, not just the rich.

There is an aura of authority of the Federal Reserve and monetary policy. I think a lot of that is due to the overly complicated way that the social science of economics is presented. Moreover, I think that the delegation of authority can be abused because the monetary policymakers are unelected and somewhat unaccountable for its decisions. (Yes, Congress does have a big say, as monetary policy is Congress’ power under the U.S. Constitution.) And, the so-called policymakers come overwhelmingly from the rich. The policy choices reflect this bias.

net worth fed chairs

For example, I am doing research on the Federal Reserve, globalization, and long-term unemployment. I happened to find a 2004 FRBSF Economic Letter that provides one view on this topic. It is clear that Robert Parry, then the President and CEO of the Federal Reserve Bank of San Francisco, felt comfortable with the changes (as it was likely not going to negatively affect him or people he knew). The way he casually mentioned the Depression-era unemployment insurance (up to 26 weeks) was sufficient that in the face of unemployment caused by offshoring jobs permanently outside the United States was an unwelcome and bracing read.

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Jason Furman, a millionaire and Harvard professor, praised globalization as providing lower prices. Unaccounted for is the massive costs incurred for that “low price”–long-term unemployment (that is unemployment that lasts longer than 26 weeks (perhaps even months or years) which the person will have to bear the complete cost of without any assistance. It is easy for a millionaire to gloss over these tragic details.

These examples amplify the toxic effects of millionaires (and their economists) as policymakers in that the story of regular people of the United States is (unacceptably) ignored or forgotten!


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 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
Bank Holding Companies Howard Bancorp, Inc., Ellicott City, Maryland — to acquire First Mariner Bank, Baltimore.
-Approved, February 9, 2018
Forms Forms — final Board review to extend without revision the Disclosure Requirements Associated with the Consumer Financial Protection Bureau’s Regulation DD (FR DD).
-Approved, February 9, 2018
 

Forms — initial Board review to extend without revision the Policy Impact Survey (FR 3075).
-Proposed, February 9, 2018
 

Forms — final Board review to complete the transition of the Federal Reserve’s Annual Company-Run Stress Test Report for State Member Banks, Bank Holding Companies, and Savings and Loan Holding Companies with Total Consolidated Assets Greater Than $10 Billion and Less Than $50 Billion (FR Y-16) to a Federal Financial Institutions Examination Council reporting form (FFIEC 016).
-Approved, February 9, 2018
 

Forms — final Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H (Reg H-3).
-Approved, February 9, 2018

 

Enforcement CBOA Financial, Inc., Tucson, Arizona — written agreement dated May 28, 2014, terminated February 2, 2018.
-Announced, February 6, 2018
 

NBRS Financial, Rising Sun, Maryland — issuance of a notice of intent to prohibit against Jacob H. Goldstein, a former institution-affiliated party.
-Approved, February 5, 2018
 

U.S. Bancorp, Minneapolis, Minnesota, and USB Americas Holdings Company — issuance of a consent cease-and-desist and order of assessment of a civil money penalty.
-Approved, February 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 February 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 February 14, 2018):  $4,482,155 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)