January 05, 2009

Community Banks Face the New Year

Community banks have a long, long wish list for the coming year.

Treasury Reports IndyMac-OTS Scandal

Treasury’s Inspector General says OTS encouraged backdating documents.

SEC to Keep Mark-to-Market Accounting

The SEC has recommended retaining a modified version of mark-to-market accounting.

Treasury Reveals Investment Details

The Treasury Department made public the details of a $2.8 billion investment it made in 49 banks on December 19. It also closed $1.9 billion in transactions with 43 banks on December 23, and released the details on these transactions on December 29.

Cuomo Eases Terms for Fannie, Freddie

New York Attorney General Andrew Cuomo has relented a bit on the terms of his earlier legal settlement changing the rules for mortgages bought by Fannie Mae or Freddie Mac.

Briefs, January 5 — 9, 2009

• Treasury Makes an Auto Loan
• RESPA Suit to be Filed
• Trading Revenues Up

Quote of the Week, January 5 — 9, 2009

 

December 22, 2008

Agencies Adopt Credit Card, Overdraft Reforms

The banking industry must fundamentally transform its credit card model.

FDIC Hikes Deposit Insurance Premiums

The FDIC has increased its risk-based deposit insurance assessment rates by seven basis points for the first quarter of 2009.

Bair Warns of Loan-Modification Scams

The FDIC Chairman says the industry’s slowness in offering loan modifications invites crooks to rip off desperate borrowers.

Agencies Issue Goodwill Rule

The regulators have amended their regulatory capital requirements to permit a banking organization to reduce the amount of goodwill it must deduct from tier 1 capital by any associated deferred tax liability.

IRS To Aid Troubled Mortgage Borrowers

The IRS will expedite the process of removing tax liens for troubled mortgage borrowers.

Fed Funds Target Nudges Zero

How low can it go? Not much further, now that the Fed has set its rate target at zero to 0.25 percent.

Briefs, December 22, 2008 — January 2, 2009

• Deflation
• Tenants Can Stay

Quote of the Week, December 22, 2008 — January 2, 2009

 

December 15, 2008

Treasury Defends TARP

In the face of criticism from Congress and the GAO, Treasury’s Neel Kashkari insists TARP is going well. After all, the economy hasn’t collapsed, has it?

Payments Still Late on Most Modified Mortgages

Fifty three percent of borrowers who received loan modifications in the first quarter of the year were 30 days past due in their payments just six months later. The OCC and OTS are surprised.

Bank of America Skewered in Small Business Failure

Politicians piled on the big bank when it initially refused to lend to insolvent window and door maker.

FDIC Clarifies New Fees

The agency will collect fees under its Temporary Liquidity Guarantee Program

Fed Proposes Reg. Z Changes

The proposed changes implement recent legislation.

ICBA Appeals for Subchapter S Banks

Treasury says it will provide the forms to allow Sub S banks into its CPP — but when?

Briefs, December 15 — 29, 2009

• Credit Union Mortgage Relief Program
• Fannie, Freddie Hearings
• Zero Rates

Quotes of the Week, December 15 — 29, 2009

 

December 08, 2008

Bernanke, Paulson Promise More Action

Treasury and the Fed say they can take still more action to ease the economic crisis, if necessary.

Bair Defends CRA

CRA isn’t perfect and needs some improvements, FDIC Chairman Sheila Bair said. But it did not cause the current economic crisis.