Wall Street Reforms Proposed

The Counterparty Risk Management Policy Group, which represents Wall Street’s biggest institutions, has proposed over 60 possible reforms in how the debt markets operate. The changes are designed to make the markets more resilient in light of the recent crisis.

FDIC Adopts Rules for QFCs

The FDIC has proposed recordkeeping requirements for qualified financial contracts (QFCs) held by troubled institutions. The proposal would cover (1) certain position level and counterparty level data and (2) certain QFC counterparty and portfolio identifiers, in addition to other required QFC-related information in either electronic or written file. FDIC will take comments through Sept. 26.

Directors’ Workshops Slated

The OCC will host workshops for community bank directors in San Antonio Sept. 16-18. Workshops will cover risk assessment, compliance risk, and credit risk.

Fed Governor Sworn In

Banker Elizabeth A. Duke was sworn in as a member of the Federal Reserve Board on August 5. President Bush announced her nomination on May 15, 2007, and the Senate confirmed her on June 27, 2008. Her term will expire Jan. 31, 2012.

Year’s Eighth Bank Failure

First Priority Bank, Bradenton, Fla. became the eighth bank to fail this year. All insured, non-brokered deposits were transferred to SunTrust.