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In mid-June, the Federal Reserve released the Expected Losses Estimator (ELE), a spreadsheet-based tool designed to help community banks calculate their allowances for credit losses under the new Current Expected Credit Losses (CECL) accounting standard. As with the SCALE tool released last summer, the ELE will assist small and less complex banks in complying with CECL.
Last week, the three federal banking agencies—the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation—released an interagency proposal that would revise banking regulations related to the Community Reinvestment Act (CRA). The CRA was passed in 1977 and the last major revisions to CRA regulations occurred almost 20 years ago.
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Take Five is a popular video series featuring St. Louis Fed economist Dr. Bill Emmons. In each video, Emmons provides a quick, concise synopsis of the most recent meeting of the Federal Open Market Committee (FOMC).