The Economy

  • Federal Reserve issues Beige Book on current economic conditions in each Federal Reserve District.  Book is available here.
  • "National economic activity continued to expand at a modest to moderate pace during the reporting period of early July through late August."
  • Latest economic statistics
  • National unemployment rate: 7.3%, per August jobs report issued by Bureau of Labor Statistics on Sept. 6, available here.
  • Twelve-month Consumer Price Index through July 2013 showed increase of 2.0%. (August CPI to be released Sept. 17.)
  • Real GDP now growing at annualized rate of 2.5%, per Bureau of Economic Analysis on Aug. 29
  • Note recent FOMC statement:
  • Target fed funds rate to remain at 0 to ¼% until unemployment rate falls to 6.5% and medium term inflation rate predicted to be no more than 2.5%.
  • Bond buying program to continue "until the outlook for the labor market has improved substantially in a context of prince stability."

Bank Charters

  • Dodd-Frank moratorium on FDIC approval of applications for deposit insurance received after Nov. 23, 2009, for an industrial banks, credit card bank, or trust bank owned or controlled directly or indirectly by a commercial firm expired on July 21, 2013.

Community Banking

  • Remarks by Jennifer C. Kelly, Senior Deputy Comptroller for Midsize and Community Banks before the 2013 Association of Military Bankers of America (Sept. 9, 2013), available here.  Speech highlights:
    • Strategic risk
    • Operational risk – weak cyber security and BSA/AML compliance
    • Capital rules

CFPB

  • Remarks of Director Cordray before the National Baptist Convention (Sept. 5, 2013), available here.
  • Steven Antonakes named Deputy Director (Sept. 4).

FCRA

  • CFPB Bulletin 2013-09, "The FCRA's requirement to investigate disputes and review 'all relevant' information provided by consumer reporting agencies about the dispute."

Bank Closings

  • None

Congressional Activity

  • House and Senate return Sept. 9, 2013.
  • Three Senate Banking Committee hearings scheduled.
  • Three House Financial Services Committee hearings scheduled.

Upcoming Events

  • Sept. 10
    • FDIC board meeting to consider definition of "insured deposit."
    • Nominations Hearing, Sen. Banking Comm. (Ex-Im Bank and HUD nominations).
    • Hearing, "Reducing Waste, Fraud, and Abuse in Housing Programs: Inspector General Perspectives," before the Oversight and Investigations Subcomm. of the House Fin. Serv. Comm.  
  • Sept. 11
    • Hearing, "Assessing the Investment Climate and Improving Market Access in Financial Services in India," Sen. Banking Comm.
    • Hearing, "The Fed Turns 100: Lessons Learned over a Century of Central Banking," Monetary Policy and Trade Subcomm. of House Fin. Serv. Comm.  
  • Sept. 12
    • Hearing, "Essential Elements of Housing Finance Reform," Sen. Banking Comm.
    • Hearing, "The Semi-Annual Report of the Consumer Financial Protection Bureau," House Fin. Serv. Comm.  
  • Sept. 17-18
    • Federal Open Market Committee meeting.  

Regulatory Comment Deadlines

  • Sept. 9 – CFPB, other agencies: Exemptions from appraisal requirements for certain high-priced mortgage loans.
  • Sept. 16 – CFTC: Standards for compliance with core principles by systemically important derivatives clearing organizations.
  • Sept. 17 – SEC: Money market reforms.
  • Sept. 23 – SEC: Amendments to Regulation D.
  • Sept. 25 – Federal Reserve, FDIC, OCC: Stress Test Guidance for Medium-Sized Firms.
  • Sept. 27 – BCBS: Capital treatment of bank exposures to central counterparties; non-internal model method for capitalising counterparty credit risk exposures.
  • Sept. 30 – FSB: Principles for an Effective Risk Appetite Framework.
  • Oct. 4 – BCBS: Capital requirements for banks' equity investments in funds.
  • Oct. 11 – BCBS: Discussion paper, "Balancing risk sensitivity, simplicity and comparability."
  • Oct. 21 – Federal Reserve, OCC, FDIC: Supplementary Leverage Ratio.
  • Oct. 30 – Federal Reserve, OCC, FDIC, SEC, CFTC: Credit risk retention.
  • 60 days after publication – FRB, FDIC, OCC: Market risk capital rules.