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Last Entry: March 31, 2011 at 14:13:05

The New West Side Story

Posted on June 14, 2009
An amusing weekend comment on our economy! Link: http://www.newsday.com/media/flash/2009-04/46217527.swf

More Concern About Regulatory Reform Proposals

Posted on June 13, 2009
The Conference of State Bank Supervisors (CSBS) discussed both the anticipated Obama administration plan for reorganizing the regulatory structure for financial institutions and a GOP plan in its weekly bulletin released today. Here's what CSBS Executive Vice President John Ryan...

Executive Compensation, Systemic Risk, and Reforming Financial Institution Regulation

Posted on June 11, 2009
BNA's Daily Report for Executives yesterday reported on comments from U.S. Congressman Michael E. McMahon (D-NY) and Congressman Jim Hines (D-Conn) concerning the Obama administration plan for comprehensive financial services industry regulatory reform...

Who's Paying Back TARP Money and Who Isn't?

Posted on June 10, 2009
Ten banks, including JP Morgan Chase, Morgan Stanley, American Express, Bank of New York Mellon, BB&T Corp, Capital One, Northern Trust, State Street, U.S. Bancorp and Goldman Sachs, received approval to buy back $68 Billion worth of shares owned by....

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Geithner on Compensation

Posted on June 10, 2009
Treasury Secretary Timothy Geithner today released a statement on compensation in the financial services industry. The administration intends to support "say on pay" legislation, giving shareholders a voice on executive compensation, as well as legislation giving the SEC power to...

President Obama Asks Agencies To Review Preemption Actions

Posted on June 09, 2009
Although he stopped short of requiring federal agencies to repeal overly aggressive preemption regulations and letter rulings issued during the previous administration, President Obama did ask the agencies to review their preemption actions in light of the important role the...

Compliance Officer Alert: New Reg Z Disclosures

Posted on June 08, 2009
Changes to Regulation Z (Truth in Lending Act or TILA) Disclosures mandated by the Mortgage Disclosure Improvement Act (MDIA) become effective July 30, 2009, and will apply to all closed end loans secured by consumer dwelling received on or after...

Ohio Court Says Securitizing Subprime Mortgages Is Not Public Nuisance

Posted on June 08, 2009
The City of Cleveland advanced a novel legal theory when it sued a host of lenders, including Ameriquest, Bank of America, Bear Stearns, Citigroup, Countrywide, Credit Suisse, Deutsche Bank, JP Morgan Chase, and others. The U.S. District Court for the...

Another Take on Causes of the Financial Crisis

Posted on June 07, 2009
Here's another version of what caused the current financial crisis. With all due respect to the Federal Reserve's eminently qualified research staff, this 2007 spoof is quite informative. Link: http://brasschecktv.com/page/187.html (ag) June 6, 2009, in Economy

Connecting the Dots

Posted on June 05, 2009
The Federal Reserve Bank of Dallas has compiled a readable analysis of the roots of the current economic situation in its 2008 Annual Report, "The Financial Crisis: Connecting the Dots." Among the causes of the crisis, the report lists: Speculation...

Citigroup and Executive Compensation

Posted on June 05, 2009
"Excessive" executive compensation, however we define it, is a hot topic when most of the rest of the country is feeling the pain of recession. Public outrage is heightened to an even greater degree when the company paying out big...

Geithner Can't Sell His House Either

Posted on June 04, 2009
It's tough all over. With a 41% drop in housing prices in Westchester County, New York, Treasury Secretary Timothy Geithner has had to rent out the home he has not been able to sell. Link: http://www.bloomberg.com/apps/news?pid=20601093&sid=aJb6RpM.jY...

Let's Not Do This Again!

Posted on June 04, 2009
Here's an interesting comment on my item discussing Richard Fisher's talk to bankers this week: "Our government and constitution were constructed around sentiments very similar to McKay's. But in this last economic boom cycle, the conditions that played into it...

Richard Fisher Talks About Texas Banks

Posted on June 03, 2009
Yesterday, I attended a luncheon meeting for West Texas bankers hosted by Dallas Reserve Bank President Richard Fisher. He reported that Texas banks are healthier as a group than are banks in many other parts of the country because, he...

The Dallas Fed's Collection of "Chairman Bernanke on the Record"

Posted on June 03, 2009
The Federal Reserve Bank of Dallas has collected various quotes from speeches by Federal Reserve Chairman Ben Bernanke over the past few years, including: June 3, 2009 - "Prompt attention to questions of fiscal sustainability is particularly critical because of...

The SAR Activity Report - May 2009

Posted on June 02, 2009
Advising clients about Bank Secrecy Act compliance? Check out Issue 15 of "The SAR Activity Report: Trends, Tips, and Issues," published by the Financial Crimes Enforcement Network (FinCEN). This issue focuses on the Securities and Futures Industries...

Community Banking - "The Lifeblood of Our Nation's Financial System"

Posted on June 02, 2009
FDIC's Board of Directors announces the formation of a new Advisory Committee on Community Banking. The Committee will advise on issues facing community banks and the communities they serve, with a special concern for rural areas. Link: http://www.fdic...

Proposed Rule for Mortgage Originator Registration

Posted on June 01, 2009
Today, the federal financial institution regulatory agencies jointly proposed a regulation implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. This proposal will be published in the Federal Register soon and a public comment period will be...

GAO Looking Over the Fed's Shoulder

Posted on June 01, 2009
Under a new law signed into effect May 20, the GAO's first investigation may be into the Federal Reserve's role in the AIG bailout. Congress wants to know about the Fed's expansion of lending to nonbank financial companies during the...

Saturday Night Live's Version of Bank Stress Testing

Posted on May 31, 2009
SNL's humor is so close to the truth it hurts. My teenage son decided to help me out with this post. The link is to SNL's version of "Timothy Geithner" reporting on a written examination supposedly administered to the CEO's...

Making It Tougher for Troubled Banks to Buy Deposits

Posted on May 30, 2009
FDIC published a new final rule yesterday to further restrict "less than well-capitalized banks" from paying an interest rate that exceeds the national average to acquire deposits. The new rule becomes effective January 1, 2010. It closes a loophole in...

FDIC's Quarterly Banking Profile

Posted on May 29, 2009
FDIC's Quarterly Banking Profile for the first quarter 2009, released May 27, 2009, summarizes insured institution performance as follows: Net income for the first quarter of 2009 was lower than that posted for the first quarter of 2008 but significantly...

Where's the Economy Headed?

Posted on May 29, 2009
National economic forecasts abound but oneof the most concise reports can be found on the Dallas Fed's website. Calling this the 17th month of recession, the report notes that the pace of contraction seems to be slowing. Credit markets are...

Abnormal Monetary Policy for Abnormal Times

Posted on May 27, 2009
Federal Reserve Board Vice President Donald Kohn talks about "Interactions between Monetary and Fiscal Policy in the Current Situation" in a May 23, 2009, speech at Princeton University for the Conference on Monetary-Fiscal Policy Interactions, Expectations, and Dynamics in the...

A Comment on the "Sound Bite" Approach to Dealing with Crisis

Posted on May 27, 2009
Here's a comment I want to highlight from Roger Hood: "Your point is well-taken, especially with "toxic assets" - which sounds like what an errant banker would try to sell to the regulator ("Gee, I tried to do good, but...

What Bankers Are Worried About

Posted on May 26, 2009
The Federal Reserve Survey of Senior Loan Officers gives us a gloomy picture of the future. Link to Story: http://blogs.wsj.com/economics/2009/05/05/bankers-worry-worst-is-yet-to-come/ (ag) May 26, 2009 In Economy

More About Banking Law

Posted on May 26, 2009
Check out Bank Lawyer?s Blog: http://www.banklawyersblog.com/ This informed commentary about banking issues by a colleague and friend is a blog with a bite. (ag) May 26, 2009

Bank Failure Basics for Borrowers

Posted on May 25, 2009
The FDIC has a new ?Borrower?s Guide to an FDIC Insured Bank Failure,? which provides information about: � Bank Failure generally � FDIC?s policy to return assets (loans are bank assets) to the private sector as quickly as possible �...

What Bankers Are Complaining About

Posted on May 25, 2009
The FDIC has posted its Ombudsman's Report: http://www.fdic.gov/regulations/resources/ombudsman/feedback/message0409.html (ag) May 25, 2009 in Federal Banking Agencies/FDIC

Maximum Deference

Posted on May 24, 2009
When I recently presented some of my research ideas on ?Updating the Chevron Doctrine and Judicial Deference to Agency Action? to a group of the Texas Tech University Law School faculty, my colleague Professor Arnold Loewy reminded me to take...

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