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January 05, 2009
Treasury Reports IndyMac-OTS Scandal
Treasury’s Inspector General says OTS encouraged backdating documents.
09:36:28 -
SEC to Keep Mark-to-Market Accounting
The SEC has recommended retaining a modified version of mark-to-market accounting.
09:36:01 -
December 08, 2008
Treasury Issues Rules on “Too Big To Fail” Institutions
The Treasury has issued guidelines for the Systemically Significant Failing Institutions Program established under the Emergency Economic Stabilization Act.
10:20:41 -
October 20, 2008
President Announces Emergency Banking Program
In an “extensive, powerful and transformative” program, the government will invest in banks’ preferred shares, guarantee banks’ new debt, and expand insurance to all non-interest bearing transaction accounts. The Fed will serve as buyer of last resort for commercial paper.
08:10:00 -
October 13, 2008
SEC, FASB Clarify Fair Value Accounting Requirement
Responding to pleas from a hard-pressed industry, the accounting authorities have clarified fair value accounting issues.
09:31:04 -
October 06, 2008
Treasury Protects Money Market Funds
The Treasury has activated an emergency temporary guarantee program for money market mutual funds.
11:08:48 -
September 29, 2008
Help for Smalls Still Pending
Tax relief for those with Fannie or Freddie preferred stock is tangled in the delayed financial rescue package.
10:37:21 -
September 22, 2008
Quick Legislation Promised to End Financial Crisis
After seeming to postpone action until next year, Congress reversed course and promised quick action on legislation to end the waves of panic in the financial markets.
08:57:00 -
Regulatory Agencies Evaluating FASB Actions
The federal bank and thrift regulators are carefully considering the possible effects of recent changes by the Financial Accounting Standards Board.
08:55:00 -
Community Banks Seek Relief from GSE Stock Losses
Banking trade groups argue that small banks should get help from the government after losing money on Fannie Mae and Freddie Mac preferred shares.
08:54:00 -
September 15, 2008
Bank of America Latest to Settle Auction Rate Securities Claims
Bank of America has agreed to repurchase $4.5 billion in auction-rate securities that it had sold to customers.
10:41:49 -
FTC, Bear Sterns Settle Mortgage Allegations
The Federal Trade Commission announced that Bear Stearns — now part of JPMorgan Chase — has agreed to pay $28 million to settle charges of wrongdoing by its mortgage-servicing operation.
10:40:55 -
September 08, 2008
Fed, SEC Clarify Reg. R for Small Banks
The Fed and the SEC have published the
Small Entity Compliance Guide for Regulation R. The reg implements exceptions for banks from the definition of the term “broker” under the Securities Exchange Act of 1934.
08:31:00 -
August 25, 2008
SIFMA Designates Pools Containing Higher Balance Loans as TBA-Eligible
The Securities Industry and Financial Markets Association has announced that newly originated loans to borrowers in high cost areas as defined in the Housing and Economic Recovery Act of 2008 (H.R. 3221) will qualify for incorporation into TBA eligible mortgage-backed securities.
08:11:00 -
August 18, 2008
Cuomo Continues Auction-Rate Securities Campaign
New York Attorney General Andrew Cuomo has warned the banks and securities firms that his investigation into their sale of auction-rate securities will continue.
10:39:00 -
August 11, 2008
ABA Resists New FCA Powers
The bankers’ trade group has filed a comment letter opposing legislation giving FCA new investment powers.
08:57:00 -
August 04, 2008
SEC Extends Naked Short Sale Rule
The SEC extended to Aug. 12 its order to bar naked short selling in the securities of financial institutions to which the Federal Reserve has granted temporary access to liquidity facilities on an emergency basis.
08:41:00 -
July 14, 2008
Rating Agencies Rate Low
Fitch, Moody’s, and Standard and Poor’s need to take “remedial action” to provide meaningful ratings and the necessary levels of disclosure to investors, the SEC said.
08:05:00 -
May 26, 2008
FACT Act Fixed
Congress acted quickly to clarify a provision that threatened bankruptcy for many card issuers.
08:23:00 -
May 19, 2008
President Signs Student Loan Bill
The emergency measure is designed to assure liquidity in the student loan market.
08:14:00 -
The Bloan Wars
The Farm Credit Administration proposes new investment powers for FCS institutions.
08:11:00 -
May 05, 2008
Cuomo Settlement Panned
Lenders and other real estate settlement service providers are bitterly unhappy with New York State Attorney General Andrew Cuomo’s efforts to regulate real estate appraisers.
09:34:52 -
April 21, 2008
Student Loan Crisis Looms
Student loans are an unexpected casualty of the current financial market turmoil.
13:32:23 -
February 18, 2008
ILC Legislation Advance in Senate
A Senate bill to close the industrial loan company loophole is more controversial than its House counterpart is.
08:20:00 -
February 11, 2008
Treasury to Propose Regulatory Changes Soon
It’s an election year, the President’s term is nearly up, Congress is distracted by economic issues — it’s an odd time to propose reorganizing the financial regulatory agencies, but that’s what the Treasury is going to do.
08:31:00 -
