Monday, June 1, 2015

GDP Revised Down, #FFIEC Requests Public Comment, #CEI Shows NY Deceleration and FDIC Issues Q3 CRA Schedule

GDP Was Revised Down
The #FFIEC Requests Public Comment
The #CEI Shows Deceleration in NY &
The FDIC Issued Its Q3 CRA Schedule

A summary of noteworthy news and publications from financial regulatory and supervisory agencies on May 29, 2015.

Source: BEA Website
Perhaps the biggest news of the day is that GDP was revised down to a .7% decrease from a .2% increase in the first estimate. Either way the economy slowed in Q1 and either way the Fed will dismiss negative news as transitory in nature. 

The Survey also showed that profits of domestic financial corporations decreased $2.6 billion in Q1, compared with a decrease of $12.5 billion in Q4, while profits of non-financial corporations decreased $100.4 billion compared to an increase of $18.1 billion in Q4. Taxes on corporate income increased $9.3 billion in Q1 in contrast to a decrease of $4.8 billion in Q4. Dividends increased $5.1 billion in Q1, compared with an increase of $18.6 billion in Q4. 

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Every 10 years the Federal Financial Institutions Examination Council (FFIEC) examines the relevance of certain rules and regulations on financial institutions. Due to Dodd-Frank the review will be a sizable one this year. The FFIEC is requesting public comment for 90 days. You can provide your comments about the need for regulation of the financial industry at the following website: http://egrpra.ffiec.gov/submit-comment/submit-comment-index.html

The April Index of Coincident Economic Indicators was published and showed a deceleration of economic activity in New York City, however it grew at a moderate pace in New York State and New Jersey.

The FDIC issued the Q3 schedule for CRA bank examinations. Your bank might be on the list. To view the schedule by region click here.

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