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ACCOUNTING

See also AUDITS
– Allowance for credit losses associated with loans and finance leases, FASB begins discussions on revisions to existing disclosures, 92:691
– Amortized cost basis for financial instruments, IASB tentatively clarifies proposed classification, 92:1333
– Bank supervision, FDIC board approves final rule revising details of annual audits, reporting requirements, and certification of outside public accountants, 92:1477
– Business combinations, IFRIC rejects constituent requests for interpretive guidance on IFRS 3, 92:1129; IASB publishes compendium of amendments for public comment, 93:405
– Canada

– – Mark-to-market, government issues updated guidance on calculating impact on capital requirements of certain rules, 92:38
– – Securities held by financial institutions, final regulatory amendments clarify treatment of profits and losses, 93:363

– Cash equivalents, IFRIC agrees to research possible guidance on treatment under international standards and U.S. GAAP, 92:589
– Changes in accounting estimates and errors, IASB publishes compendium of amendments to IAS 8 for public comment, 93:405
– Classification and measurement of financial instruments, IASB to consider alternative proposal, 92:1455; director outlines details of likely shifts in rules, 92:1501; IASB seeks comments on revision proposals, 93:119; IASB members question viability of proposals, 93:649; IASB tentatively decides on treatment of “own credit risk,” 93:676; IASB to start writing exposure draft on impairment phase of work, 93:749; IASB agrees on transition options, 93:811
– Consolidations, IASB wrestles with difficult issues at first roundtable meeting, 92:1332
– Convergence under International Financial Reporting Standards (IFRS)

– – Advisory committee, FAF and FASB recommend SEC form panel to study standards, 92:640
– – Congress unlikely to allow foreign body to be sole standard setter for U.S., FASB consultant says, 92:816; FASB members call for member of Congress to champion convergence efforts, 93:69
– – Corporation Finance Division of SEC to focus on regional and national variations in use, 93:277
– – Credit crisis likely to put other issues on back burner for SEC, agency official says, 92:1056
– – FASB reconsidering prior stance in light of recent events, 92:16; chairman emphasizes statutory responsibilities in support of improved financial reporting, 93:677
– – Global financial crisis not caused by standards but by bank regulators, Dutch official tells conference, 92:34; FASB member says financial crisis diverting board attention away from projects, 93:507
– – IASB staff singles out 3 projects at risk of failing to meet deadline, 92:767
– – Implementation, SEC and FASB officials remaining committed to global accounting standard, 93:518
– – Roadmap, SEC officials to reexamine proposal leading to mandatory use of standards, 92:394; IASB chairman seeks SEC commitment to roadmap, 93:298
– – Support weak in U.S. for adoption as commenters address details, Analysis and Perspective, 92:1131; FASB and IASB warn against delays, 92:1283
– – Uncertain tax positions, income tax accounting, Analysis and Perspective, 92:1340

– Debt to equity swaps in restructuring, IASB proposes quick-turnaround guidance to clarify extinguishing liabilities, 93:298
– Derecognition of financial instruments, IASB publishes proposal to amend model set out in IAS 39, 92:838; IASB wrestles with difficult issues at first roundtable meeting, 92:1332; IASB staff member rates alternative approach as equally likely to be adopted, 92:1334; banking industry dismayed by IASB proposals for repo transactions, 92:1454; IASB member publicly blames European bankers for upheaval, 93:464; American Bankers Ass'n warns against possible undermining of G-20 efforts by IASB-FASB projects, 93:466
– Derecognition of sale and leaseback transactions, FASB favors whole asset approach, 92:1435
– Derivatives, IASB issues proposed rules on equity-versus-liability classification of rights, 93:297
– Disclosure

– – Credit losses and credit quality of financing receivables, FASB issues exposure draft for public comment, 92:1476
– – Fair value measurement of financial instruments

See FAIR VALUE MEASUREMENT

– – Financial instruments standard, IASB publishes further round of amendments to IFRS 7, 92:39; IASB agrees to package of 10 amendments via quick-fix project, 92:39; IASB withdraws support for controversial proposal, 92:292; FASB faces challenging period as competing proposals weighed, 92:1433; FASB on track to hold key meeting soon, 93:15; IASB publishes compendium of amendments for public comment, 93:405
– – Idle assets and construction in progress, IFRIC confirms decision not to add IAS 16 proposal to active agenda, 92:1129
– – Loss contingencies, FASB to delay decision on deferral of effective date, 93:328
– – Management discussion and analysis, SEC urges banks to revisit issue, 93:329
– – Targeted financial companies did not completely heed SEC advice to enhance disclosure, auditors say, 92:73

– “Dynamic provisioning” for banks under study as way through financial crisis, Analysis and Perspective, 92:357
– Embedded derivatives

See DERIVATIVES

– Equity method, IFRIC rejects constituent requests for interpretive guidance on IFRS 3 and IAS 27, 92:1129; IASB publishes compendium of amendments for public comment, 93:405
– EU, convergence under IFRS

– – Advisory panel members tell IASB that constituents feel overwhelmed by work program, 93:200
– – Federation of European Accountants calls for IASB to shift focus to major improvements and simplifications, 93:200

– Failed loan syndications classification, IFRIC confirms decision not to add IAS 39 proposal to active agenda, 92:1129
– Fair value measurement

See FAIR VALUE MEASUREMENT

– Fannie Mae and Freddie Mac, challenges continue to loom in FHFA report to Congress, Analysis and Perspective, 92:1290
– FBAR filings, private foundations ask IRS to issue clarifying guidance on investments in offshore hedge funds, 92:1498
– FIN 48 on uncertainty in income taxes, FASB defers effective date for certain nonpublic enterprises to apply rules, 92:17; FASB expects to issue final GAAP guidance for passthrough exempt entities soon, 92:928; FASB to draft final ballot for passthrough entities and tax exempt not-for-profits, 93:68
– Financial Accounting Found. moves to cut costs as funding sources experience negative impact from financial crisis, 92:1264
– Financial Crisis Advisory Group

– – Implications on setting of standards, report identifies ways to make financial reporting more effective, 93:295
– – Key issues, panel rules out blaming fair value measurement and accounting standards for market turmoil, 92:210
– – Membership, FASB and IASB announce full roster of 18-member panel, 92:11
– – Political restraint needed in joint work to improve financial instruments, advisors urge, 92:1073

– Financial instruments with characteristics of equity, FASB expresses support for set of tentative principles for distinguishing between equities and liabilities, 92:1118; FASB continues working on classification wording, 93:398
– Financial instruments work plan

– – Bankers try to redirect FASB and IASB from recognizing and measuring loan and debt instruments at fair value, 93:261; banking group says FASB and IASB moving too fast, 93:323
– – Converged solution needed, IASB and FASB members say, 93:537; impairment discussion suggest 2nd area of divergence between IASB and FASB, 93:596
– – Day-one measurement, FASB continues work on model, 93:727
– – Deferred tax assets and tax liabilities related to certain securities, FASB standalone project to merge with larger guidance, 93:728
– – Evolving models raise concern about relevance and reliability, FRB governor says, 93:519
– – High-priority proposal generates series of Aug. meetings, FASB says, 93:128; FASB votes to begin carving out compromise model, 93:129; FASB chooses model for calculating impairments, 93:795
– – Income reporting aspects, FASB and IASB plan to keep working hard to agree on like-minded language, 93:538
– – Political pressure on IASB threatens global standards project, advisory group member says, 92:1282
– – Remeasurement of banks' core deposits, FASB tentatively moves to include provisions, 93:559
– – Reporting, approach constructed by FASB represents potentially significant accomplishment, CFA Inst. says, 93:728
– – Scope, FASB makes tentative definition decision, 93:327
– – Waterfall structures, further area of divergence opens between IASB and FASB, 93:748

– Financial reporting, debate over incurred loss model versus expected loss model to dominate agenda, IASB official says, 92:711
– First-time adoption of IFRS, IASB publishes compendium of amendments to IFRS 1, 93:405
– Fraud

– – AIG, former General Re executive sentenced for alleged role in scheme to manipulate company financial statements (D. Conn.), 92:582; former executive sentenced, 92:1067
– – American Home Mortgage Investment, SEC charges former senior executives with making false and misleading statements to hide firm's financial condition (S.D.N.Y.), 92:1063

– G-20 leaders call on standard setters to complete convergence program by 2011, 93:621
– Generally accepted accounting principles (GAAP)

– – Codification of hierarchy, FASB to issue exposure draft soon, 92:497; FASB issues exposure draft, 92:751; SEC issues interpretive guidance to clarify references in rules, 93:399
– – Conceptual framework, IASB to resume work on bedrock concepts, 92:209
– – Internet, FASB launches codification project with new online reference system, 93:11
– – Oversight of application of accounting principles

See LEGISLATION, FEDERAL, HR 1349

– – Passthrough exempt entities, FASB expects to issue final guidance on FIN 48 soon, 92:928

– Global valuation standards, IFAC and International Valuation Standards Council jointly to improve consistency, 93:469; IASB chair says EU favorably responding to certain issues, 93:702
– Hedging

– – IASB vote to explore simplifications of model raises fresh questions about U.S. convergence, 93:598
– – Use of more than one derivative as hedging instrument, IFRIC set to publish agenda rejection on IAS 39, 92:1129

– Impairment and interest income measurements, due process and content for guidance skewed, FASB technical advisory group says, 92:68
– Impairment of certain debt securities, FASB to issue final staff guidance including formal statement of dissent from 2 panel members, 92:62; FASB issues quick-turnaround guidance, 92:134; IASB member calls both sets of standards messy, 92:1056
– Impairment of investments in associates, IFRIC to refer query linked to IAS 28, 92:1129; IASB publishes compendium of amendments for public comment, 93:405
– Insurance, FASB to start new long-term joint effort with IASB to improve and make more consistent standards, 92:429
– Investment property, IASB publishes compendium of amendments to IAS 40 for public comment, 93:405
– Isolation of transferred financial assets, FASB to rescind Technical Bulletin 01-01 and Emerging Issues Task Force Topic D-67, 92:194
– Lessee-side accounting, FASB and IASB publish reform proposals, 92:711; FASB-IASB working group addresses concerns about analyst community input, 93:439; FASB tentatively reconfirms agreement to propose right-of-use model, 93:519
– Lessor issues, IASB-FASB debate bogs down over questions about scope, 93:296
– Lessor treatment of obligations arising from leasing arrangements, FASB to include questions in forthcoming decision paper on leases, 92:135
– Loan loss accounting, IASB and FASB agree to add “separate workstream,” 92:770; major firm suggests federal regulators make room for reserves and other provisions for bad times, 92:1169; Herz predicts next challenge for profession, 93:16; SEC urges banks to revisit issue, 93:329
– Loan transfers and consolidation, FDIC seeking comments on impact of FASB asset consolidation rules, 93:438; industry groups urge regulators to take measured approach toward implementation of risk-based capital requirements, 93:724
– Loss model for measuring impaired financial assets, IASB publishes formal request for information, 93:33; IASB director says major upheaval would result if model adopted, 93:84
– Net investment in foreign operations, IASB publishes proposals to make post-implementation amendments to IFRIC 16, 92:295
– Non-current assets held for sale and discontinued operations, IASB publishes compendium of amendments to IFRS 5 for public comment, 93:405
– Objective and qualitative characteristics of financial report, FASB drafting final versions of conceptual framework, 92:817
– Off-balance-sheet activities, FASB planning to issue new guidance soon, Golden says, 92:1315
– Outlook 2009

– – Herz discusses impact of financial crisis on current and future FASB projects, 92:102
– – Standards setters face continued pressure while financial turmoil sets stage for 2009, 92:96

– Overhaul of financial regulatory system, Obama administration urges FASB and IASB to make changes as part of reform proposal, 92:1418
– Own-share lending arrangements in contemplation of convertible debt issuance, FASB task force reaches final consensus on guidance, 92:1436
– Participation rights and calculation of the effective interest rate on intangible assets, IFRIC confirms decision not to add IAS 38 proposal to active agenda, 92:1129
– Presentation of financial statements, IASB publishes compendium of amendments to IAS 1 for public comment, 93:405
– Private company accounting, AICPA technical group urges FASB to continue working with IASB, 93:735
– Provisioning, IASB and FASB likely to form working group to study controversial ideas, 92:587
– Recognition and measurement of financial instruments, EU carve-out threats reveal need for single set of global rules, IASB chairman says, 92:520; IASB members accept need to develop mixed-attribute measurement model, 92:767
– Reserves, FCAG panel seeks to force withholding by banks but with regulatory supervision, 92:421
– Right-of-use model for leases and insurance contracts, FASB considers proposal of interest to banks, 92:1210
– Russia, PricewaterhouseCooper's appeal in legal dispute with federal tax service over deduction of consultancy fees upheld, 92:204
– Sarbanes-Oxley Act

See SARBANES-OXLEY ACT

– Securities, deteriorating credit markets require transparent reporting and disclosure of exposure to potential credit losses, SEC says, 92:340
– Securitizations and consolidations of related investment vehicles, FASB to issue final standards specifying changes to current rules soon, 92:926
– Securitizations of loans and other transferred financial assets, FASB records more progress toward completing rule repair project, 92:270; FASB tightens criteria to qualify for business-friendly sale accounting, 92:560; FASB releases FAS 167 to remove exception to consolidation of QSPEs, 92:1352; Credit Suisse researchers say FAS 167 likely to balloon balance sheets, 92:1437
– Service concession arrangements, IFRIC set to publish agenda rejection on IFRIC 12, 92:1129
– Taxation

– – Classification of tonnage taxes, IFRIC confirms decision not to add IAS 12 proposal to active agenda, 92:1129
– – Debt instruments issued pursuant to financing commitments, NYSBA Tax Section provides suggestions to amend Revenue Procedure 2008-51, 92:198
– – Deferred tax assets stemming from losses on certain debt securities, FASB to work on guidance to help Fannie Mae and Freddie Mac, 92:576; FASB to merge standalone project with work on financial instruments, 93:728
– – Offshore loan origination, controversial memo based on unique facts and not broad guidance, IRS officials say, 93:731
– – Timing of recognition of tax benefits for pre-reorganization temporary differences and carry forwards, FASB to rescind Emerging Issues Task Force Topic D-33, 92:194
– – Uncertainty in income taxes, FASB final guidance includes rules for passthrough entities and tax-exempt nonprofit organization, 93:436; FASB clarifies effective date for deferrals, 93:637

– Transfers of assets from customers, IFRIC set to publish agenda reject on IFRIC 18, 92:1129
– Transfers of financial assets, FASB issues FAS 166 with elimination of QSPEs, 92:1352; Credit Suisse researchers say FAS 166 likely to balloon balance sheets, 92:1437; FDIC asks for comments on impact of FASB asset consolidation rules, 93:380; FASB accountant says report on banks renewing securitizations activity “good news,” 93:391
– Variable interest entities, FASB records more progress toward completing consolidations guidance, 92:270; FASB continues progress on consolidations guidance, 92:873
– Voluntary prepaid contributions under minimum funding requirement, IFRIC confirms decision not to add IAS 19 proposal to active agenda, 92:1129

ADJUSTABLE RATE MORTGAGES (ARMs)

– Class actions, plaintiff lacks standing to represent class of consumers with Option ARM loans (N.D. Cal.), 92:286
– Foreclosure, option ARMs likely to trigger next wave of cases, Durbin (D-Ill) tells think tank, 93:273

ADVISORY COMMITTEES

– Community Banking Comm., FDIC creates panel to provide advice and recommendations on broad range of policy issues, 92:1250; FDIC names 14 members to panel, 93:521
– Financial Crisis Advisory Group, FASB and IASB announce full roster of 18-member panel, 92:11
– Investors Tech. Advisory Comm.

– – Autonomy of FASB, panel expresses concern about “erosion” of independence, 92:1434
– – Due process and content for FASB impairment and interest income measurement guidance skewed, members say, 92:68

AGRICULTURE

– Farm credits

See FARM CREDIT SYSTEM

ALABAMA

– Failed banks

– – CapitalSouth Bank, state regulators close institution, 93:313
– – Colonial Bank of Montgomery, state regulators close institution, 93:313

– New Hope Community Development Federal Credit Union reopens normally after being placed into conservatorship by NCUA, 93:186

ALASKA

– Credit unions, NCUA reassigns institutions to Region II, 92:82

ANALYSIS AND PERSPECTIVE

– Accounting

– – “Dynamic provisioning” for banks under study as way through financial crisis, 92:357
– – Fair value controversy to color major accounting issues in 2009, 92:401
– – Fannie Mae and Freddie Mac, challenges continue to loom in FHFA report to Congress, 92:1290
– – IFRS, support weak for U.S. adoption as commenters address details, 92:1131
– – Mark-to-market, impact of recent events, 93:41
– – Uncertain tax positions, income tax accounting under IFRS, 92:1340

– Bank secrecy, momentum building for action on tax havens, but direction still unclear, 92:1026
– Bank supervision

– – Conversion of financial institutions to bank holding companies regulated by state supervisors, crisis revamps patterns of bank and S&L approvals, 92:1022
– – Regulatory rubber meets rough economic road in financial crisis, 92:846

– Bankruptcy, “bad faith filing” decision in GGP proceedings rocks foundation of CRE deals, 93:602
– Credit rating agencies, class actions advance in court as Congress and SEC contemplate additional requirements, 93:369
– Economic stimulus package

– – Fraud, firms receiving U.S. funds may also receive false claims scrutiny, 92:716
– – Oversight, prevention and detection could head off $300B in losses, 92:1459

– Enforcement actions lag financial crisis but reflect trouble banks continue to confront, 93:817
– ERISA plan fiduciaries take aim at each other as investment losses rise, 92:524
– Executive compensation provisions for TARP recipients under ARRA, 92:645
– Failed banks, FDIC proposed policy on private buys could cool investors, 93:152
– Litigation, financial crisis brings surge in securities suits against banks, 92:457
– Madoff Ponzi scheme, related fiduciary breach cases could take years to resolve and leave big mark on law, 92:1401
– Monetary policy, declining use of FRB lending and liquidity programs signals improved economy, 93:753
– Mortgages, “boring is effective” in lending practices, Canadian attorney counsels U.S., 93:412
– Public/Private Investment Program (PPIP)

– – Crucial valuation processes for bank rescues still undecided, 92:954
– – Implementation, some rescue provisions may take effect as economy begins to show improvement, 93:547
– – Toxic assets, new ideas for different approach emerge from old model, 92:1235

– Real estate, weak commercial loans come home to roost at supervised banks, 93:658
– Regulatory reform

– – Bank oversight, early read on reform sees mounting opposition and slower pace, 93:251
– – Lehman Bros. failure, need for significant reform still urgent, specialists say, 93:475
– – Securities regulation under Obama regulatory plan pushes “change” agenda, 93:99

– REMIC rules, Treasury Dep't policy on hold even as CMBS delinquencies rise, 93:304
– Taxation

– – Embattled Notice 2008-83 on bank losses likely to be overturned in stimulus package, 92:305
– – Overview of conformity election for banks seeking to claim worthless-debt deductions on unrecoverable loans, 92:163

ANDORRA

– Tax havens, OECD removes from 2002 list of uncooperative jurisdictions, 92:1286

ANTITRUST

– Austria, ECJ rejects legal challenge of fine for cartel participation by group of banks, 93:588
– Class actions, AmEx suit brought by coalition of merchants over fees may proceed (2d Cir.), 92:347
– Enforcement policy, “reinvigorated” scheme high priority for Obama administration, Varney says, 92:1174
– France, European Comm'n closes infringement procedure after government opens saving book market, 93:750
– Italy

– – Corporate governance, regulators call for greater levels of oversight into financial sector firms, 92:162
– – Fees attached to checks, antitrust officials suggest rescission of bank policies, 92:1077

– Latvia, investigation into JSC Parex Banka to focus on whether restructuring plan can restore long-term viability, 93:248
– Netherlands, bailout of Fortis Bank and ABN AMRO, EU regulators raise doubts about terms for nationalization, 92:900
– Spain, bank bailout plan, EU regulator approves government plan to provide guarantees to commercial banks, 92:35

ARBITRATION

– Auction rate securities, FINRA announces special procedure for investors seeking to recover consequential damages, 92:22
– Class actions

– – Authority of panel to determine permissibility on behalf of class (U.S., rev grant), 92:1445
– – Waiver provisions, 4 banking groups claim lower court ruling upends expectations in connection with commercial accords (U.S., brief filed), 93:81
– – Wireless card service agreement clause unenforceable under Or. state law for small damage awards (9th Cir.), 92:892

– Consumer credit, use of binding arbitration as tool in resolving disputes likely to face limits soon, 93:173
– Credit cards

– – BoA drops mandatory arbitration rule following House oversight panel hearing and other events, 93:357
– – Mo., agreement including binding arbitration clause with class action waiver valid and enforceable under state law (8th Cir.), 93:804
– – Use of mandatory processes discussed at House Judiciary Comm. panel hearing, 92:1109

– Employment, former employee entitled to court decision as to whether or not signed agreement as condition of employment counts as unconscionable under state law (9th Cir.), 93:587
– Jurisdiction, Discover Financial Servs. cardholder agreement, §4 of Federal Arbitration Act directs courts to focus on underlying dispute using well-pleaded complaint rule (U.S., rvs and rem), 92:579
– Manifest disregard of law no longer independent ground for vacating award (5th Cir.), 92:762
– Securities, FINRA expands pilot program giving investors “all public” panel option, 93:692

ARGENTINA

– Bank of South, 7 nations reach agreement on new regional development bank, 92:1182
– Banking industry posts $1.35B profit in 2008, 92:454
– Boden 2012 bonds, government pays $2.25B in bond maturities, 93:300
– Debt swap, government initiates contacts with SEC and other foreign agencies for proposed launch, 93:815
– Economic policy, S&P warns that fresh debt default may happen without significant changes, 93:91
– Money laundering, U.S. softens criticism of capital repatriation law, 92:591
– Tax havens, government bans stocks, bonds, and other financial instruments from operations with nations lacking cooperation and information exchange arrangements with watchdog agency, 92:1181

ARIZONA

– Failed banks

– – Community Bank of Ariz., FDIC takes control of troubled institution, 93:313
– – First State Bank, Sunwest Bank assumes all deposits and essentially all assets after state agency closes institution, 93:425
– – Union Bank, Natl. Ass'n, FDIC takes control of troubled institution, 93:313

ARMs

See ADJUSTABLE RATE MORTGAGES (ARMs)

ATMs

See AUTOMATED TELLER MACHINES (ATMs)

ATTORNEYS

– Credit card payments, D.C. allows earned fees and retainers as long as client gives informed consent to disclosures, 92:1277
– Debt relief agencies, American Bar Ass'n urges exclusion of lawyers from definition (U.S., amicus brief), 93:455
– Loan modifications, N.J. bans lawyers from partnerships with firms profiting from renegotiating home loans, 93:456

AUCTION RATE SECURITIES

– Arbitration, FINRA announces special procedure for investors seeking to recover consequential damages, 92:22
– Banc of America

– – Mich., firm to offer to buy back securities from customers who thought they were safe investments, 93:30
– – Mo., subsidiaries to provide investors with relief and to pay fine, 92:1172
– – N.Y. AG announces final settlement with securities and investment services subsidiaries, 92:1330
– – SEC announces settlement with securities subsidiary (S.D.N.Y.), 92:1330

– Charles Schwab, N.Y. AG claims firm sold securities to customers as conservative, highly liquid investments while failing to disclose risks (N.Y. Sup. Ct.), 93:354
– Citigroup Global Markets agrees to return $4.7B to Cal. investors, 92:826
– Credit Suisse Securities

– – Federal enforcement, firm to pay damages to institutional investor for unauthorized purchases (FINRA), 92:452
– – N.Y. AG reaches conclusive agreement with firm, 93:66

– Deutsche Bank Securities, SEC and N.Y. AG announce final settlements (S.D.N.Y.), 92:1330
– Fraudulent sales practices

See FRAUD

– Goldman Sachs, N.Y. AG announces final settlement, 92:1330
– J.P. Morgan Chase

– – Mich. customers to receive full buybacks under settlement agreement, 93:693
– – N.Y. AG announces final settlement, 92:1330

– Merrill Lynch

– – Mich., firm to offer to buy back securities from customers who thought they were safe investments, 93:30
– – N.Y. AG reaches conclusive agreement with firm, 93:66

– Morgan Stanley, N.Y. AG announces final settlement, 92:1330
– RBC Capital Markets Group, SEC and N.Y. AG announce final settlements (S.D.N.Y.), 92:1330
– Viability of regional broker-dealers, SIFMA urges Congress to extend protections, 92:341
– Wachovia Securities finalizes agreement with SEC to resolve charges of misleading investors while N.Y. AG concludes probe, 92:341; firm to buy back ARSs, 92:351; firm agrees to return $4.7B to Cal. investors, 92:826
– Wells Fargo, state AG seeks to recover $1.5B for investors who allegedly bought ARSs based on false and deceptive advice (Cal. Super. Ct.), 92:1064

AUDITS

– FHLB system, Finance Office, FHFA extends comment period on proposed rule to expand board of directors and empower auditors, 93:683
– FRB activities, GAO authority over

See LEGISLATION, FEDERAL, HR 1207

– Mortgages, CAQ white paper outlines application of FAS 114 to modifications of residential loans that qualify as troubled debt restructuring, 92:12
– Parmalat collapse, court refuses to consider ruling permitting Deloitte & Touche to be sued by investors for alleged errors (S.D.N.Y.), 92:509; ruling to force international firms to rethink liability threat, 92:509; court declines to certify vicarious liability of Deloitte & Touche entities for interlocutory appeal, 92:637; doctrine of unclean hands blocks Parmalat from holding BoA and Grant Thornton liable for alleged roles in fraud, 93:585
– Qualified intermediaries, IRS seeking risk-based approach, agency official says, 92:881
– TARP, special IG outlines plans for initiative to monitor use of funds and compliance with executive compensation restrictions, 92:175; senior executives must certify information sought by special IG, 92:247

AUSTRALIA

– Foreclosure documents may be served via Facebook accounts, supreme court rules, 92:30
– Tax havens, government submits 8 case studies on tax evasion involving U.S. firms to U.S. Congress, 93:205

AUSTRIA

– Antitrust, ECJ rejects legal challenge of fine for cartel participation by group of banks, 93:588
– Bank secrecy, government announces plans to loosen national laws, 92:610

AUTO LOANS

– Bankruptcy

– – Creditors that repossess vehicles must return them as soon as defaulting borrowers file for protection under Chapter 13 (7th Cir.), 92:1271
– – Hanging paragraph does not permit debtors to surrender car in full satisfaction of debt (5th Cir.), 92:1445

– Delinquency, American Bankers Ass'n bulletin, 3rd quarter 2008, 92:71

AUTOMATED TELLER MACHINES (ATMs)

– India to rule on challenge of professional tax, 92:770

AUTOMOTIVE INDUSTRY

– Chrysler Financial repays $1.5B in TARP loans, 93:131
– Consumer Financial Protection Agency creation measure, car dealership fees

See LEGISLATION, FEDERAL, HR 3126

– GMAC Financial Servs., Treasury Dep't uses $5B of TARP funds to purchase preferred stock and warrants, 92:5
– Italy, European Comm'n voices concerns about legality of bailout plan, 92:454
– Parts manufacturers submit formal request to Treasury Dep't asking for “bridge” financial assistance, 92:435

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