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  • Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021

    Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 8, 2021) The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided by the PPPLF helps eligible financial institutions fund additional PPP loans. The PPPLF was established under the Board's 13(3) authority and the extension from March 31 to June 30, 2021, was approved by the Secretary of the Treasury. The other currently active 13(3)...
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  • Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions

    Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 5, 2021) The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing access to credit and other financial services in traditionally underserved areas. The System remains strongly committed to identifying and carrying through all opportunities to support MDIs, consistent with its statutory mandates. The PFP program is the Federal Reserve's national MDI outreach program and implements ...
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  • Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions

    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 18, 2021) The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities. Sections 401...
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  • Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests

    Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 12, 2021) The Federal Reserve Board on Friday released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events but due to continuing economic uncertainty placed restrictions on bank payouts to preserve the strength of the banking sector. The Board's stress tests help ensure that large banks are able to lend to households and businesses even in a severe recession. The exercise evaluates the resilience of large banks by estimating their loan losses and capital levels—which provide a cushion against losses—under hypothetical recession scenarios that extend nine quarters into the future. "The banking sector has provided critical support to the economic re...
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  • U.S. Department of Agriculture extends General Signup for Conservation Reserve Program

    U.S. Department of Agriculture extends General Signup for Conservation Reserve Program | site |



    Biden Administration Considers Changes to Bolster Effectiveness of Program and Recommits to Making CRP a Cornerstone of Conservation Programming


    (Information contained in U.S. Department of Agriculture press release dated: February 5, 2021)

    Washington, Feb. 5, 2021 - - The U.S. Department of Agriculture (USDA) is extending the Conservation Reserve Program (CRP) General Signup period, which had previously been announced as ending on Feb. 12, 2021. USDA will continue to accept offers as it takes this opportunity for the incoming Administration to evaluate ways to increase enrollment. Under the previous Administration, incentives and rental payment rates were reduced resulting in an enrollment shortfall of over 4 million acres. The program, administered by USDA’s Farm Service Agency (FSA), provides annual rental payments...
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  • Federal Reserve Board announces the second Extension of a Rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program

    Federal Reserve Board announces the second Extension of a Rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP) | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 9, 2021)

    The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses. To prevent favoritism, the Board limits the types and quantity of loans that bank directors, shareholders, officers, and businesses owned by these persons can receive from their affiliated banks. However, these limits have prevented some small business owners from accessing PPP loans—especially in rural ar...
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  • Federal Reserve issues FOMC Statement

    Federal Reserve issues FOMC Statement

    Federal Reserve issues FOMC Statement | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: January 27, 2021)

    The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significant...
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  • Federal Reserve Board announces that the Public Comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021

    Federal Reserve Board announces that the Public Comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: January 22, 2021)

    The Federal Reserve Board on Friday announced that the public comment period has been extended through February 22, 2021, for the application by First Citizens BancShares, Inc. of Raleigh, North Carolina, to acquire CIT Group, Inc. of New York, New York.

    The comment period is being extended to provide additional time for interested parties to comment on the application in light of the ongoing challenges from the coronavirus.



    Attachment...
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  • Federal Reserve Board approves reappointment of Reserve Bank Presidents and First Vice Presidents

    Federal Reserve Board approves reappointment of Reserve Bank Presidents and First Vice Presidents | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 21, 2021)

    The Federal Reserve Board on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents, as previously made by their respective boards of directors.1 Each individual has been approved to serve a new five-year term beginning March 1, 2021. Under section 4 of the Federal Reserve Act, all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B and C Reserve Bank directors who are not affiliated with a supervised entity are eligible to vote on ...
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  • Federal Reserve Board finalizes a Rule that updates the Board's Capital Planning Requirements

    Federal Reserve Board finalizes a Rule that updates the Board's Capital Planning Requirements to be Consistent with other Board Rules that were recently modified | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 19, 2021)

    The Federal Reserve Board on Tuesday finalized a rule that updates the Board's capital planning requirements to be consistent with other Board rules that were recently modified. The final rule is generally similar to the proposal. In 2019, the Board finalized a framework that sorts large banks into different categories based on their risks, with requirements that are tailored to the risks of each category. The Board's capital planning requirements for these large banks help ensure they plan for and determine their capital needs under a range of different scenarios. The rule finalized today reflects that new framework. In particular, firms in the lowe...
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  • Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020

    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 11, 2021) The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks' 2020 estimated net income of $88.8 billion represents an increase of $33.3 billion from 2019, primarily attributable to a $27.1 billion decrease in interest expense associated with reserve balances held by depository institutions and a $5.3 billion decrease in interest expense associated with securities sold under agreements to resell. Net income f...
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  • Federal Reserve extends Termination Date of Main Street Lending Program Facilities to January 8, 2021

    Federal Reserve extends Termination Date of Main Street Lending Program Facilities to January 8, 2021 | site |



    To allow more time to process and fund loans that were submitted to Main Street lender portal on or before December 14, 2020


    (Information contained in Board of Governors of the Federal Reserve System press release: December 29, 2020)

    In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021.

    As described in new frequently asked questions and program term sheets, the extension is consistent with section 1005 of the Consolidated Appropriations Act and was also approved by the Secretary of the Treasury.


    Main Street New Loan Facility Term Sheet (PDF)

    Main Street Priority
    ...
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  • Federal Reserve Board announces Appointment of the Chairs and Deputy Chairs of the Federal Reserve Banks for 2021

    Federal Reserve Board announces Appointment of the Chairs and Deputy Chairs of the Federal Reserve Banks for 2021 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 23, 2020)

    The Federal Reserve Board on Wednesday announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2021.

    Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as Chair and a second as Deputy Chair.

    Following are the names of the Chairs and Deputy Chairs designated by the Board for 2021:

    Boston
    Christina Hull Paxson, president, Brown University, Providence, Rhode Island, named Chair.

    Corey Thomas, chairman and chief executive officer, Rapid7, Inc., Boston, Massachusetts, named Deputy Chair.

    New
    ...
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  • Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D

    Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D with regard to Reserve Requirement Ratios on Transaction Accounts
    | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: December 22, 2020) The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Ban...
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  • Federal Reserve Board votes to Affirm the Countercyclical Capital Buffer at the Current Level of 0 Percent

    Federal Reserve Board votes to Affirm the Countercyclical Capital Buffer (CCyB) at the Current Level of 0 Percent | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 18, 2020) The Federal Reserve Board announced on Friday it has voted to affirm the Countercyclical Capital Buffer (CCyB) at the current level of 0 percent. In making this determination, the Board followed the framework detailed in the Board's policy statement for setting the CCyB for private-sector credit exposures located in the United States. The buffer is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on large banking organizations when there is an elevated risk of above-normal future losses and when the banking organizations for which capital requirements would be raised by the buffer are exposed to or are contributing to this elevated risk--either directly o...
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  • Staff Reporter 1
    Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021
    by Staff Reporter 1
    Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 8, 2021) The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided by the PPPLF helps eligible financial institutions fund additional PPP loans. The PPPLF was established under the Board's 13(3) authority and the extension from March 31 to June 30, 2021, was approved by the Secretary of the Treasury. The other currently active 13(3)...
    03-09-2021, 03:19 AM
  • Staff Reporter 1
    Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions
    by Staff Reporter 1
    Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 5, 2021) The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing access to credit and other financial services in traditionally underserved areas. The System remains strongly committed to identifying and carrying through all opportunities to support MDIs, consistent with its statutory mandates. The PFP program is the Federal Reserve's national MDI outreach program and implements ...
    03-08-2021, 09:54 AM
  • Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions
    by Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 18, 2021) The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities. Sections 401...
    02-23-2021, 02:03 AM
  • Staff Reporter 1
    Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests
    by Staff Reporter 1
    Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 12, 2021) The Federal Reserve Board on Friday released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events but due to continuing economic uncertainty placed restrictions on bank payouts to preserve the strength of the banking sector. The Board's stress tests help ensure that large banks are able to lend to households and businesses even in a severe recession. The exercise evaluates the resilience of large banks by estimating their loan losses and capital levels—which provide a cushion against losses—under hypothetical recession scenarios that extend nine quarters into the future. "The banking sector has provided critical support to the economic re...
    02-13-2021, 06:38 AM
  • Staff Reporter 1
    U.S. Department of Agriculture extends General Signup for Conservation Reserve Program
    by Staff Reporter 1
    U.S. Department of Agriculture extends General Signup for Conservation Reserve Program | site |



    Biden Administration Considers Changes to Bolster Effectiveness of Program and Recommits to Making CRP a Cornerstone of Conservation Programming


    (Information contained in U.S. Department of Agriculture press release dated: February 5, 2021)

    Washington, Feb. 5, 2021 - - The U.S. Department of Agriculture (USDA) is extending the Conservation Reserve Program (CRP) General Signup period, which had previously been announced as ending on Feb. 12, 2021. USDA will continue to accept offers as it takes this opportunity for the incoming Administration to evaluate ways to increase enrollment. Under the previous Administration, incentives and rental payment rates were reduced resulting in an enrollment shortfall of over 4 million acres. The program, administered by USDA’s Farm Service Agency (FSA), provides annual rental payments...
    02-10-2021, 02:54 AM

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