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06/22/2016

Yellen presents Monetary Policy Report to Congress

The Federal Reserve Board's semiannual Monetary Policy Report has been presented to Congress by Chair Janet Yellen. Dr. Yellen also presented testimony regarding the current economic situation and outlook before focusing on monetary policy. She noted the economy has made further progress toward the Federal Reserve's objective of maximum employment, but it is troubling that unemployment rates for certain minority groups remain higher than for the nation overall, and that the annual income of the median African American household is still well below the median income of other U.S. households. Regarding monetary policy, she said stated, "The FOMC continues to anticipate that economic conditions will improve further and that the economy will evolve in a manner that will warrant only gradual increases in the federal funds rate. In addition, the Committee expects that the federal funds rate is likely to remain, for some time, below the levels that are expected to prevail in the longer run because headwinds--which include restraint on U.S. economic activity from economic and financial developments abroad, subdued household formation, and meager productivity growth--mean that the interest rate needed to keep the economy operating near its potential is low by historical standards."

06/22/2016

HUD awards $42M in housing counseling grants

The Department of Housing and Urban Development has announced the award of more than $42 million in housing counseling grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures. HUD’s housing counseling grants and the additional funding they leverage will assist more than 1.4 million households find housing, make more informed housing choices, or keep their current homes.

06/22/2016

OCC reminder on NSFR rule

The Office of the Comptroller of the Currency has issued Bulletin 2016-22 to remind its regulated banks and savings associations of the previously proposed Net Stable Funding Ratio (NSFR) rule by the OCC, FRB, and FDIC that would strengthen the liquidity risk management of large banks and savings associations. The proposed NSFR rule would create a longer-term funding requirement designed to work in concert with the shorter-term liquidity coverage ratio (LCR) rule. While the LCR rule requires large banks and savings associations to hold sufficient high-quality liquid assets to survive a stress scenario lasting 30 days, the proposed NSFR rule would require these institutions to have sources of funding that are stable over a one-year period. The notice of proposed rulemaking was published in the Federal Register on June 1, 2016, and comments are due on August 5, 2016. See our May 4, 2016, Top Story for additional background information.

06/21/2016

Household debt service ratios

The Federal Reserve has released the 1st quarter 2016 household debt service and financial obligations ratios.

06/21/2016

NCUA adjusts CMP levels

The National Credit Union Administration has published at 81 FR 40152 of today's Federal Register an interim final rule amending its regulations at 12 CFR 747 to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule is effective on, and comments are due by, July 21, 2016.

Update: This story has been corrected to reflect the correct effective date.

06/21/2016

NCUA proposes updates to loan fund

The National Credit Union Administration's Board has published a proposed rule [81 FR 40197] to make several technical amendments to NCUA's rule at 12 CFR 705 governing the Community Development Revolving Loan Fund (CDRLF). The proposed amendments would make the rule more succinct and update it to improve its transparency, organization, and ease of use by credit unions. Comments on the proposal are due by August 22, 2016.

06/21/2016

Bureau issues annual Reg Z adjustments

The CFPB has announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty fees under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the total loan amount and points and fees dollar trigger for high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA), and the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The notice also revises one of the 2016 safe harbor penalty fee amounts due to a decline in the 2015 Consumer Price Index that was not fully accounted for, and that revision is effective upon publication in the Federal Register.

UPDATE: The amendments were published in the Federal Register on June 27, 2016.

06/20/2016

Agencies' statement on new accounting standard

A joint press release from the Federal Reserve, FDIC, OCC and NCUA has announced the issuance of a joint statement regarding the new accounting standard, Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board. The joint statement also provides initial supervisory views regarding the standard's implementation. The new accounting standard applies to all banks, savings associations, credit unions, and financial institution holding companies, regardless of asset size. The standard allows for various expected credit loss estimation methods and is scalable. The standard will become effective in 2020 for financial institutions required to file financial statements with the U.S. Securities and Exchange Commission or the appropriate federal banking agency under the federal securities laws. The new accounting standard will take effect in 2021 for all other financial institutions. Early adoption is permitted, but no earlier than in 2019.

06/20/2016

Agencies announce 2016 distressed or underserved geographies list

The Federal Reserve, OCC, and FDIC have announced the availability of the 2016 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration as community development. Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their CRA regulations. The current and previous years' lists can be found on the FFIEC website, along with information about the data sources used to generate those lists.

06/20/2016

May residential construction activity mixed

The May 2016 new residential construction activity report has been announced by HUD and the Census Bureau.

  • Building permits—Privately owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,138,000. This is 0.7 percent above the revised April rate, but is 10.1 percent below the May 2015 estimate. Single-family authorizations in May were at a rate of 726,000; this is 2.0 percent below the revised April figure. Authorizations of units in buildings with five units or more were at a rate of 381,000 in May.
  • Housing starts—Privately owned housing starts in May were at a seasonally adjusted annual rate of 1,164,000. This is 0.3 percent below the revised April estimate, but is 9.5 percent above the April 2015 rate. Single-family housing starts in May were at a rate of 764,000; this is 0.3 percent above the revised April figure. The April rate for units in buildings with five units or more was 396,000.
  • Housing completions—Privately owned housing completions in May were at a seasonally adjusted annual rate of 988,000. This is 5.1 percent above the revised April estimate and is 3.5 percent below the May 2015 rate of 1,024,000. Single-family housing completions in May were at a rate of 717,000; this is 2.3 percent above the revised April rate. The May rate for units in buildings with five units or more was 263,000.

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