After five weeks on the job, the Federal Reserve Board’s new vice chairman is set to give his first public speech Thursday during an economists’ luncheon in Washington. This week also brings an advisory committee meeting on economic inclusion, a webinar answering bankers’ questions about the recently enacted financial reform law, a webinar for credit unions on field of membership, and a public comment deadline on brokered deposits in banks.
Here are details:
- Results of a 2017 household survey and more will be discussed during a public meeting of the Federal Deposit Insurance Corp. (FDIC) Advisory Committee on Economic Inclusion. FDIC Chairman Jelena McWilliams will give opening remarks. Other topics include review of a “mobile study” by the United Kingdom’s Financial Conduct Authority, and youth employment programs and deposit accounts. The meeting is scheduled to run from 9 a.m. to 3:45 p.m. ET and will be webcast live. (See calendar item.)
- The National Credit Union Administration (NCUA) holds a webinar on the definition of “well-defined, local community” for purposes of the agency’s field-of-membership (FOM) rule. During the NCUA webinar, “Is a Community Narrative Right for Your CU?” staff from the agency’s Office of Credit Union Resources and Expansion and the Office of General Counsel will provide information and answer questions about an FOM rule change that, effective Sept. 1, 2018, allows federal credit unions (FCUs) to serve a community based upon a narrative application that includes support for interaction and common interests among the area to be served. The webinar runs from 2-3 p.m. ET and will be streamed live. (See calendar item.)
- Federal Reserve Board Vice Chairman Richard Clarida will give a speech, “Outlook for the U.S. Economy and Monetary Policy,” (his first public address joining the Fed Board), before The Peterson Institute for International Economics Luncheon in Washington, D.C. Clarida is scheduled to speak from 12:15-1 p.m. ET; his speech will be streamed live. (See calendar item.)
- Bankers will get to ask their questions about the new regulatory relief law during an FDIC teleconference on consumer compliance provisions in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155). FDIC staff will take bankers’ questions during a question-and-answer segment following their presentation. The teleconference is set to run from 2-3:30 p.m. ET. (See calendar item.)
- Comments are due on the FDIC’s proposed rule on brokered deposits. The proposal excepts some reciprocal deposits from classification as brokered deposits under EGRRCPA for banks meeting minimum capital and exam rating requirements.The agency said this is the first of a two-part effort to revisit the agency’s brokered deposit rules. The proposal provides thatwell-capitalized and well-rated institutions are not required to treat reciprocal deposits (deposits obtained from a deposit placement network in exchange for funds placed into the network) as brokered deposits up to the lesser of 20% of their total liabilities or $5 billion. Other institutions may also exclude some reciprocal deposits from “brokered” deposits under certain circumstances, FDIC says. (Read more.)