
Promoting a safe, sound, and stable banking and financial system, and fair and transparent financial services
Publications
Supervision in Brief
Monitoring the Changing Landscape in an Ongoing Recovery
As we come out of more than two years of weathering the effects of the pandemic, Twelfth District banking and economic conditions continue to show signs of recovery. However, we are monitoring financial conditions as the economy normalizes while noting a changing interest rate environment and potential headwinds from geopolitical tensions and uncertainty around the ultimate impact of fading government stimulus.
First Glance 12L
Fourth Quarter 2021: The Recovery Continued but a New Year Brings New Uncertainties
The 4Q21 issue of First Glance 12L notes the continued recovery of jobs, tight housing markets, and improved but uneven commercial real estate market conditions. Meanwhile, banks’ average loan growth accelerated, more than offsetting declining Paycheck Protection Program (PPP) balances. Quarterly profits continued to benefit from PPP fees and low provision expense burdens, but not to the same degree as 3Q21.
First Glance 12L
Third Quarter 2021: Job and Non-PPP Loan Growth Accelerated, but Downside Risks Persist
The 3Q21 issue of First Glance 12L notes improved hiring, but also intensifying concerns about labor availability, supply chains, and inflation. Meanwhile, District banks reported accelerating traditional loan growth, offset by declining Paycheck Protection Program (PPP) balances. PPP forgiveness also triggered earlier recognition of PPP fees, especially among community banks. All this and more are discussed in a new, re-designed report format.
First Glance 12L
Second Quarter 2021: Recent Virus Transmission May Weigh on the Recovery
The 2Q21 issue of First Glance 12L notes that economic activity picked up during the quarter, but subsequent virus transmission may weigh on the recovery. District bank earnings were stable despite net interest margin pressures, partly because better-than-expected asset quality constrained provision expenses. The “Spotlight” feature explores fraud trends.
First Glance 12L
First Quarter 2021: Waning Case Counts and Fiscal Stimulus Fueled Growth
The 1Q21 issue of First Glance 12L notes that waning virus activity and new fiscal stimulus helped boost confidence and reduce unemployment. A brighter economic outlook reduced bank provision expenses, while renewed Paycheck Protection Program activity drove bank loan growth. In the “Spotlight” section this quarter: residential real estate conditions.
Pacific Exchanges Podcast
Fintech & Racial Equity: Featuring Our Recent Collaboration on the Community Development Innovation Review

We’re excited to share a special episode in partnership with our colleagues in the San Francisco Fed’s Community Development group. Our teams recently collaborated on a special issue of the Community Development Innovation Review in partnership with the Aspen Institute’s Financial Security program, which examined the potential ways financial technology can promote racial equity in the financial system. Today’s episode features audio from the journal’s live launch event.