Board Actions

Actions taken during the week ending June 30, 2018

Banks, State Member

Public Welfare Investments -- (1) determination that New Markets Tax Credit Program (NMTC Program) investments are designed primarily to promote the public welfare within the meaning of section 9(23) of the Federal Reserve Act; and (2) request by Banco Popular de Puerto Rico, San Juan, Puerto Rico to make NMTC Program investments.
-Approved, June 28, 2018

Forms

Forms -- final Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Consumer Financial Protection Bureau's (CFPB) Regulation B (Equal Credit Opportunity Act) (FR B).
-Approved, June 27, 2018

Forms -- final Board review to extend with revision the Banking Organization Systemic Risk Report (FR Y-15).
-Approved, June 27, 2018

Forms -- initial Board review to extend without revision the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products (FR 4029).
-Proposed, June 27, 2018

Personnel

Division of Monetary Affairs -- appointment of Min Wei as associate director and Eric Engstrom as deputy associate director, and title change for Laura Lipscomb to assistant director.
-Announced, June 26, 2018

Regulations and Policies

Resolution Plan Guidance -- publication for comment of proposed joint guidance for eight large, complex U.S. banking organizations regarding their future resolution-plan submissions.
-Approved, June 28, 2018

Reserve Bank Services

Fedwire Funds -- publication for comment of a proposal to adopt a new message format for the Fedwire Funds Service.
-Approved, June 27, 2018

Supervision and Regulation

Resolution Plans -- joint determination with the Federal Deposit Insurance Corporation to move the next resolution-plan filing date for 14 domestic large banking organizations to December 31, 2019.
-Approved, June 15, 2018
(A/C)

Stress Tests and Capital Plan Reviews -- 2018 results.
-Approved, June 20, 2018
(A/C)

Enforcement

East Cambridge Savings Bank, Cambridge, Massachusetts -- issuance of a consent order of prohibition against Vasken Papazian, a former institution-affiliated party of East Cambridge Savings Bank.
-Announced, June 26, 2018

SmartBank, Pigeon Forge, Tennessee -- issuance of a consent order of prohibition against Connie Clabo, a former institution-affiliated party of SmartBank.
-Announced, June 26, 2018