Banking Report Index-Summary

CALIFORNIA

– Auction rate securities, 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
– Bank supervision, Downey S&L Ass'n, Treasury Dep't IG faults OTS for not taking more forceful action to limit high-risk mortgages at failed institution, 92:1421
– Bankruptcy, Vineyard Natl. Bancorp files for Chapter 11 protection (Bankr. C.D. Cal.), 93:294
– Consumer credit recission, loan servicer did not wait too long to ask for modified TILA procedures in dispute over loan cancellation (E.D. Cal.), 92:1279
– Consumer protection, BoA may assess fees for insufficient funds and overdrafts from accounts receiving direct deposits of government benefits (Cal.), 92:1270
– Credit cards, zip codes not covered by state law barring retailers from requesting and recording personal data as condition of accepting payment (Cal. Ct. App.), 92:88
– Credit rating, CalPERS alleges $1B loss due to faulty ratings on investments (Cal. Super. Ct.), 93:142
– Credit unions

– – Members' Own Federal Credit Union, NCUA handles purchase and assumption agreement after directly liquidating institution, 93:639
– – Valley Credit Union placed in receivership and NCUA sells assets, 92:81
– – Watts United Credit Union, state shutters institution and appoints NCUA as liquidator, 93:77

– Failed banks

– – Affinity Bank, state officials close institution and name FDIC as receiver with buyer in place, 93:392
– – Alliance Bank, FDIC enters into purchase and assumption agreement with California Bank & Trust, 92:332
– – County Bank of Merced, FDIC enters into purchase and assumption agreement with Westamerica Bank, 92:332
– – 1st Centennial Bank, state regulators close bank and name FDIC as receiver, 92:185
– – MetroPacific Bank, state regulators close institution, 93:18
– – Mirae Bank, state regulators close institution, 93:18
– – Temecula Valley Bank, 11 offices reopen under banner of First Citizens Bank and Trust, N.C., 93:125
– – Vineyard Bank Natl. Ass'n, OCC closes 16 offices and FDIC signs purchase and assumption agreement with California Bank & Trust, 93:125

– Foreclosure moratorium, mortgage lenders must stop proceedings for 90 days under measure signed by governor, 92:426
– IndyMac Bank, OTS grants preliminary approval for sale to IMB Mgmt. Holdings, 92:7; Treasury Dep't IG review finds OTS approval of backdating of capital infusion, 92:8; bank regulators approve sale of banking operations to IMB Mgmt. Holdings, 92:78
– Mortgages

– – ARMs, plaintiff lacks standing to represent class of consumers with Option ARM loans (N.D. Cal.), 92:286
– – Class actions, discretion abused in certifying overtime pay suit on behalf of current and former Wells Fargo consultants (9th Cir.), 93:81
– – Discrimination, Golden Empire Mortgage and owner alleged violated ECOA by charging Hispanic customers higher prices for loans than non-Hispanic white customers (C.D. Cal.), 92:1175
– – Evictions, JPMorgan Chase agrees to pay fine to settle Oakland dispute over “just cause” law (Cal. Super. Ct.), 93:83
– – Seven-measure state package to increase transparency, accountability, and consumer protections, 92:629; governor signs measures, 93:740

– Payment systems, BoA to pay $35M to settle overdraft fees class action suit (Cal. Super. Ct.), 92:392
– Pensions, State Street allegedly falsified foreign currency exchange prices for state employee funds (Cal. Super. Ct.), 93:802
– Preemption, state financial information privacy statute, justices ask Obama administration to detail position on affiliate information sharing in FCRA (U.S., brief invited), 92:636; (brief filed), 92:1328; (rev den), 93:27
– RALs

– – H&R Block to pay $4.85M to settle state suit over allegedly deceptive marketing (Cal. Super. Ct.), 92:87
– – Santa Barbara Bank & Trust, consumer advocates attack institution for using TARP funds to help make loans, 92:70

– Risk management, state registered warrants, financial institutions should exercise “prudent judgment” in accepting IOUs, federal regulators warn, 93:64
– Social Security deposits, court to hear arguments on whether banks may tap into customer accounts to satisfy charges on shortfalls (Cal.), 92:828; decision to be issued soon, 92:893
– State and local taxes

– – Bank ownership changes, state board proposes rule to clarify position on treatment, 93:341
– – Losses or bad debts following ownership changes, state to discuss draft rule to uncouple state law from Treasury Notice 2008-83, 92:387; state board to go ahead with draft rules, 92:693; state lawmakers pass decoupling measure, 93:446

– Tax havens, state tax board reminds taxpayers to report offshore bank income, 92:1488

CANADA

– Accounting

– – Mark-to-market, federal financial services regulator issues updated guidance on calculating impact on capital requirements of certain rules, 92:38
– – Securities held by financial institutions, federal agency publishes proposed regulatory amendments for public comment, 92:947

– Debit cards, lawmakers reject competition with Interac among issuers' payment systems, 93:87
– Lease financing for vehicles and household property, finance minister seeks public comment on proposal to allow banks to participate, 92:1076
– Mortgages, federal regulators propose rules to prohibit lenders from charging customers more than actual cost of loan insurance, 93:364
– Payment systems, lawmakers reject competition with Interac among debit card issuers' payment systems, 93:87
– Taxation

– – Foreign bank branches, draft rules align tax treatment with domestic banks, 93:364
– – Goods and services tax, draft measure to improve and streamline application to financial services sector, 93:600

CAPITAL

– AIG loans

See INSURANCE

– Argentina, capital repatriation law, U.S. softens criticism of controversial measure, 92:591
– Balance sheet consolidation, industry groups urge bank regulators to take measured approach toward implementing risk-based requirements, 93:724
– Basel II Capital Accord

– – Capital requirements for internationally active banks holding collateralized debt obligations, panel proposes increase in set-asides, 92:207; panel rules out near-term increase in overall minimum capital set-aside requirements, 92:610; panel agrees to include leverage ratio to promote buildup of capital buffers, 93:51
– – Implementation group, panel agrees to broaden mandate, 92:92
– – Liquidity risk management, federal regulators seek comment on guidelines for harmonization with Basel Comm. rules, 93:14
– – OECD official claims treaty responsible for contributing to financial meltdown, 92:1071
– – Operational risk, U.S. shows largest bank losses in Basel Comm. survey, 93:218
– – Trade financing, experts claim accord continuing to hinder banks from offering new credit and loans, 93:540
– – Trading book exposures, panel maintains changes to treatment after survey reveals significant increase in set-asides, 93:746

– Buffers, development to ensure sufficient set-asides for crises difficult but necessary, BIS says, 93:10
– Calculation of risk-based capital, FRB delays implementation of rule limiting use of certain items by bank holding companies, 92:676
– Capital Assistance Plan (CAP), initiative gives weak banks 6 months to raise private capital before seeking government help, 92:478
– CIT Group agrees to submit plan to maintain sufficient capital to FRB, 93:340; CIT calls 2-pronged restructuring plan important step, 93:641
– Credit unions, alternative capital, 2 trade groups submit proposal to NCUA, 93:732
– Deferred tax assets, FRB allows Wells Fargo to count more assets as capital in connection with acquisition of Wachovia, 92:564
– Dividends

– – Bank holding companies, FRB warns boards not to pay dividends in face of falling earnings, 92:479
– – Corus Bankshares reaches agreement with federal regulators to freeze dividends, 92:427; OCC closes major construction and commercial real estate lender, 93:425; FDIC sells 40 percent stake to commercial REIT investment consortium, 93:685

– Emerging markets, IIF predicts sharp drop in private capital flows, 92:292
– European Comm'n calls for major revision of Basel II Capital Accord requirements, 92:765
– G-20 members must support proposals for increased capital requirements for banks, EU leaders say, 92:447
– GSEs, classifications for FHLB institutions, FHFA announces interim final rules, 92:262
– Heritage Bank must increase capitalization and cut dividends, FRB says, 92:807
– International agreement on higher regulatory capital and liquidity standards for global banking firms, Treasury Dep't lays out policy goals, 93:422
– National Credit Union Share Insurance Fund (NCUSIF), NCUA launches recapitalization effort, 92:1478
– Norway, equity instruments, new law to restructure regulations governing savings banks, 92:160
– Private-label securities, declining value causes shortfall at FHLBank Seattle, 92:148
– Regulatory reform

– – Contingency capital, federal regulators to consider imposing requirements to help troubled banks, FRB N.Y. president says, 93:727
– – Greenspan calls for higher levels at banks to guard against repeat of crisis, 93:727
– – Standards need to be adjusted to avoid unintended consequences, Bernanke says, 92:687

– Russia to allow use of federal treasury bills to raise capital for banks up to 100 percent, 93:38
– Switzerland

– – Bonds, government eases rules for mortgage bond issuers to unblock lending freeze, 92:451
– – “Too big to fail” institutions, central bank suggests limiting size to avoid future problems, 92:1452; UBS protests criticisms on capital reserves, 92:1503

– United Kingdom

– – Liquidity, government bonds to be used instead of diversified assets under new rules for banks, building societies, and financial services firms, 93:701
– – Stamp duty reserve tax, ECJ finds levy on companies raising capital outside of country unlawful, 93:645

CAPITAL PURCHASE PROGRAM (CPP)

– Bank Lending Survey, Jan. 2009, 92:688; Feb. 2009, 92:919; April 2009, 92:1423; May 2009, 93:125; June 2009, 93:326
– Capital infusions list, Treasury Dep't discloses $15B in funding to banks, 92:131
– Chief executives of 8 largest U.S. banks defend use of bailout funds while acknowledging mistakes in excessive spending, 92:371
– CIT Group agrees to sell Treasury Dep't $2.33B in preferred stock and related warrants, 92:12
– Executive compensation, Cuomo report details bonuses paid by 9 banks in 2008, 93:213
– Financial Servs. Roundtable analysis shows 9 of top 20 recipients of financing increased lending in Feb. 2009, 92:922
– First Niagara Financial plans to boost capital and pay off $184M in assistance funds through stock offering, 92:872
– Insurance, Treasury Dep't approval of federal funds for 6 large firms may signal future help for other economic sectors, 92:1143
– JPMorgan Chase plans to raise $5B in common equity to position it to repay infusions, 92:1247
– Merrill Lynch acquisition by Bank of America

See MERGERS AND ACQUISITIONS

– MetLife will not participate in program, 92:871
– Monitoring of use of funds by Treasury Dep't must improve, GAO report says, 92:261
– Monthly Lending Report, March 2009, 92:1311
– Mutual banks, Treasury Dep't sets terms for government investments, 92:920
– Oversight, Barofsky voices continued opposition to Treasury Dep't decision not to require disclosure of fund use, 93:217
– Prudential Financial to refuse funds, 92:1247
– Repayments, government regulators and some major bank officials informally discussing applications, 92:1200; FRB outlines escape route, 92:1247
– Small banks eligible for more government investments, Geithner says, 92:1144
– Statistics, top 21 recipients show contraction of outstanding loan balances in March and increase in new loans, 92:1145
– Stock buybacks, 8 financial institutions repay federal funds in full, 92:1423
– Subchapter S corporations, Treasury Dep't spells out funding eligibility for issuance of debt, 92:131
– Sun Bancorp plans to repay full amount plus dividends soon, 92:804
– SunTrust looking for better position to repay infusion, 92:1247
– Term sheets for stock purchases in bank and thrift mutual holding companies, Treasury Dep't announces application deadline, 92:867
– United Bankshares decides not to take EESA money, 92:280
– Warrant repurchase plan, Treasury Dep't guidelines offer recipients roadmap for unwinding federal investments, 92:1469

CARIBBEAN REGION

See also specific countries
– Tax havens, local economies to sustain damage from U.S. efforts to address offshore tax abuses, officials say, 92:1288

CAYMAN ISLANDS

– Tax havens, right to financial privacy defended, 93:816

CDS

See CREDIT DEFAULT SWAPS (CDS)

CFTC

See COMMODITY FUTURES TRADING COMMISSION (CFTC)

CHECKS

– Debt collectors can recover service fees but not prejudgment interest (Cal.), 93:359
– Fees for insufficient funds and overdrafts

– – BoA may assess fees on accounts receiving direct deposits of government benefits (Cal.), 92:1270
– – Dodd (D-Conn) sponsors measure to put new restrictions on overdraft protection programs, 93:722; measure to require fees to be proportional to cost of processing overdraft and to limit number of charges assessed, 93:772

– Fraud

– – Check cashing company and owner convicted of failing to file currency transaction reports for checks allegedly cashed by shell companies (S.D. Fla.), 92:446
– – Counterfeit checks, group of 18 defendants charged with operating identity theft ring using information obtained from bank tellers (N.Y. Sup. Ct.), 92:1273
– – Overdraft charges, Chase Bank USA failed to meet burden of proving checking account fees nondischargeable because incurred by fraud (E.D. Wis.), 92:1063

– Italy

– – Bank secrecy, tax officials begin to enforce law requiring banks to record all cashed or deposited checks, 92:1289
– – Fees attached to checks, antitrust officials suggest rescission of bank policies, 92:1077

– Taxation, weaknesses in IRS dishonored check processing system puts millions of dollars at risk for issuance of erroneous refunds, IG report finds, 93:795
– UK, penalties for unauthorized overdrafts subject to unfair practice rules, appeals court confirms, 92:517

CHILE

– Regulatory reform, government announces package of tax and other finance measures to stimulate credit from financial institutions, 92:839; government seeks to increase competition, liquidity, and participation in financial sector, 93:472

CHINA

– Economic policy, U.S. financial services groups call on Obama administration to continue high-level dialogue, 92:454
– International banking and finance, Chinese banks not looking to buy U.S. banks in near future, regulator says, 92:494
– Risk management, national banks face global challenges but likely to continue buying U.S. Treasuries, 92:395

CLASS ACTIONS

– AmEx

– – ERISA suit alleges material misrepresentations and omissions regarding health of stock in employee 401(k) plans (S.D.N.Y.), 92:87
– – Tax shelters, amended complaint failed to allege sufficient facts to overcome previously stated grounds for dismissal (N.D. Tex.), 93:457

– Arbitration

– – 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

– ARMs, plaintiff lacks standing to represent class of consumers with Option ARM loans (N.D. Cal.), 92:286
– Chase Morgan breach of 2.6M cardholders' data, suit dismissed for failure to state relievable claim (S.D.N.Y.), 93:194
– Data security, Heartland Payment Sys., 2 banks file putative class action complaints to recoup cost of replacing compromised credit and debit cards (D.N.J.), 92:443; Heartland Payment Sys. faces $32M in pretax expenses related to data breach, 93:282
– HELOCs, mass reductions in credit lines violate TILA (N.D. Ill.), 93:348
– Mortgages, discretion abused in certifying overtime pay suit on behalf of current and former Wells Fargo consultants (9th Cir.), 93:81
– NovaStar Financial, former employee alleges breach of fiduciary duties by offering stock as retirement plan option (W.D. Mo.), 92:890
– Payment systems, BoA to pay $35M to settle overdraft fees suit (Cal. Super. Ct.), 92:392
– Pleading standards, summary judgment survival by plaintiffs

See LEGISLATION, FEDERAL, S 1504

– RALs, finance charges not interest under TILA and need not be refunded (9th Cir.), 92:27
– Securities filings surge in 2008, 2 reports show, 92:89
– Securities, Hill Watch, 93:478

COLORADO

– Appraisal fraud, governor signs state measure toughening criminal penalties, 92:1265
– Failed banks

– – New Frontier Bank, state shutters institution and names FDIC as receiver, 92:873
– – Southern Colo. Natl. Bank, OCC closes institution and FDIC enters into assumption agreement with Legacy Bank, 93:638

– Foreclosure, governor likely to sign state measure allowing eligible borrowers to defer sale of residential property for 90 days, 92:1265
– Mortgage fraud

– – Essien & Co. Realty, jury convicts ringleader in connection with complex scheme involving falsified invoices and shell corporations, 93:22; ringleader sentenced, 93:459
– – Loan officer sentenced on conspiracy, money laundering, wire fraud, and false statements charges (D. Colo.), 93:294

– Mutual funds, Reserve Fund, state regulators claim failure to redeem investments made by local government at $1/share (Colo. Dist. Ct.), 92:152
– Subprime mortgages, Countrywide Financial agrees to pay settlement in deceptive marketing suit (Colo. Dist. Ct.), 92:393

COMMODITY FUTURES TRADING COMMISSION (CFTC)

– Gensler nomination as chair, Sanders (I-Vt) puts hold on approval process over work against derivatives regulation, 92:754

COMMUNITY BANKS

– Federal home loan banks, community development financial institutions that are not federally insured may participate in system under FHFA proposed rule, 92:1147
– Global financial crisis, rural banks and credit unions feeling drag on lending from crisis-related job losses, 93:74
– Minority-owned community development entities, House panel explores ways to increase participation in New Markets Tax Credit Program, 92:1441
– Oversight

See LEGISLATION, FEDERAL, HR 2676

– Risk management, OCC workshops aim to help outside directors more knowledgeable, 92:195
– Rural banks face increased competitive pressure from technology and urban banks, FRB Kansas City survey finds, 92:18
– Small businesses

– – Access to capital biggest challenge, bankers outline roadblocks to House committee, 93:562
– – Loans drop significantly in 2008 from 2007, FFIEC data show, 93:340

– Specialized lenders to low-income communities can play important role in economic recovery, Bernanke says, 92:1440
– Student loans, FDIC board approves interagency rulemaking to give credit to lenders making certain low-cost education loans under CRA, 92:1477
– Surveys, ICBA report shows signs of optimism among smaller banks, 92:623

COMMUNITY REINVESTMENT ACT (CRA)

– Ed. Note: This heading is limited to CRA reauthorization or reform. The heading MORTGAGES provides coverage of CRA administration, enforcement, and application.
– Amendments, regulators seek to adjust credit provisions to fit conditions in current financial crisis, 92:651
– Expansion of scope

See LEGISLATION, FEDERAL, HR 1479

– Financial crisis, data does not support act as cause or key player, FRB Minneapolis researchers find, 92:630
– Framework for considering changes to law, Duke outlines challenges for policymakers, 92:501

COMPUTERS

– Data security

See DATA SECURITY

CONFERENCES AND MEETINGS

– ABA Taxation Section 2009, 92:1126
– AICPA, 92:1056
– Am. Bar Ass'n, Section of Taxation, 92:138; 92:148; 92:150
– Am. Securitization Forum, 93:497
– BNA, 93:334
– British Bankers Ass'n, 93:33
– Commercial Mortgage Securities Ass'n, 92:1364
– Consumer Bankers Ass'n

– – CRA Conf., 92:651
– – Fair Lending Conf., 93:725; 93:784 et seq.

– Convention of Independent Financial Advisors, 92:1077
– ECOFIN, 92:1126
– Financial Reporting Conf., 8th Annual, 92:1055
– George Washington Univ. Law Sch., 93:781
– Georgetown Univ., 93:506
– Independent Community Bankers of Am., 92:1158
– Inst. of Intl. Bankers, 92:482 et seq.; 92:562; 92:567; 92:569
– Intl. Accounting Standards Comm. Found., 93:32; 93:34
– IRS, Large and Mid-Size Bus. Div., 93:730; 93:731
– N. Am. Securities Administrators Ass'n, 92:1061
– Natl. Ass'n of Attorneys General, 92:538
– Natl. Ass'n of Realtors, 92:1156
– Networks Financial Inst., 92:549
– N.C. Bankers Ass'n, 92:1428
– OECD Forum on Tax Admin., 5th, 92:1253
– Task Force for Financial Integrity and Global Dev., 93:523
– Tax Council Policy Inst., 92:493
– UCLA Anderson Forecast Conf., 92:1427
– Wash. Econ. Policy Conf., 2009, 92:573
– Women in Housing and Finance, 92:1428

CONFLICT OF INTEREST

– EU, voluntary code of conduct for credit rating agencies still not compliant with key recommendations, panel says, 92:1284
– FRB N.Y., Friedman resigns following conflict of interest claims involving Goldman Sachs, 92:1099; Kohn approves one-year exemption to Friedman from conflict of interest rules, 92:1256
– Systemic risk, expanded FRB powers could lead to problems, Bair warns, 92:1416; Kohn tells House panel that board could handle new risk mission while maintaining independence, 93:59

CONGRESS, U.S.

– Ed. Note: This heading is used for administrative actions only. For coverage of legislation by bill number, see LEGISLATION, FEDERAL. For information on measures not yet assigned bill numbers, see relevant subject headings.
– Financial Crisis Inquiry Comm'n, leaders announce appointments to 10-member panel, 93:116
– House

– – Appropriations Comm., Democratic Caucus subcommittee membership selections, 92:77
– – Financial Servs. Comm. to focus on enforcement, criminal charges, and systemic risk regulation, Frank (D-Mass) says, 92:535

– Senate

– – Conrad (D-ND) cleared of charges of violating gift rules by accepting favorable mortgage terms from Countrywide, 93:265
– – Dodd (D-Conn) announces cancer diagnosis and plans to resume work after recess, 93:224; Ethics Comm. clears Dodd of charges of violating gift rules by accepting favorable mortgage terms from Countrywide, 93:265
– – Select committee to investigate causes of financial crisis, McCain (R-Ariz) and Dorgan (D-ND) propose measure to create bipartisan panel, 92:566

CONNECTICUT

– Acai berry products, state AG launches investigation into alleged improper credit card charges, 92:705
– Accounting, former General Re executive sentenced for alleged role in scheme to manipulate AIG financial statements (D. Conn.), 92:582; former executive sentenced, 92:1067
– Foreclosure legal services, state AG requests information from Freddie Mac, Fannie Mae, and Lender Processing Servs. on law firm selection process, 92:1389
– Mortgage fraud, federal agencies establish task force to investigate and prosecute crimes in state, 93:238
– Privacy, state lawmakers seek to prohibit merchants from displaying more than last 4 digits of credit card numbers on receipts, 92:265
– Tax havens, state launches voluntary offshore account disclosure program, 93:647
– UBS, state AG seeks names of U.S. customers with secret Swiss bank accounts turned over to U.S., 93:388

CONSTRUCTION LOANS

– Economic outlook, Census Bureau spending statistics, Aug. 2009, 93:642
– First National Bank of Nevada, FDIC forms 2 private-public partnerships to handle assets from failed bank, 92:495

CONSUMER CREDIT

– Auto title loans

– – Class actions under TILA, banking groups urge court to uphold debt cancellation fee ruling (3d Cir.), 92:1173
– – Loan Max and CashPoint agree to refund all interest paid by D.C. car owners and to return seized cars, 92:1168

– Binding arbitration, use as tool in resolving disputes likely to face limits soon, 93:173
– Credit report accuracy, FTC to propose nationwide assessment soon, 92:21
– Delinquency, American Bankers Ass'n bulletin, 3rd quarter 2008, 92:71; 2nd quarter 2009, 93:625
– FCRA

See FAIR CREDIT REPORTING ACT (FCRA)

– Free Annual File Disclosures Rule, FTC invites comments on proposed amendments, 93:690
– Mortgage refinancing and home equity loans

See generally MORTGAGES

– Notary fees, court asks Ga. whether state law allows private lawsuits to address violations by lenders (11th Cir.), 93:644
– Payday loans

See PAYDAY LOANS

– RALs

See REFUND ANTICIPATION LOANS (RALs)

– Recission, loan servicer did not wait too long to ask for modified TILA procedures in dispute over loan cancellation (E.D. Cal.), 92:1279
– Regulatory policy, FRB plans more consumer testing of proposed regulations, 93:725
– Reverse redlining, OCC and FDIC regulators express concerns about phenomenon, 93:725; Braunstein calls for better consumer education, 93:784
– Small Dollar Loan Pilot Program, most participating banks building long-term relationships rather than seeking short-term profits, FDIC analysts say, 93:17
– Statistics, FRB report, June 2009, 93:278; August 2009, 93:693
– Trigger leads, credit bureau sales regulated by FCRA, not state law (2d Cir.), 93:698
– Unbanked and underbanked individuals, FDIC recommends creation of national task force to address issue, 92:332
– Usury, state banking official permissibly extended payday lending law to cover internet loans via notice (Pa. Commw. Ct.), 93:194

CONSUMER PROTECTION

– ADA requirements, HSBC Card Servs. agrees to enhance policies and systems to accommodate customers with vision and hearing impairments, 93:435
– Credit-based insurance scores, FTC orders 9 firms to produce information on study on use and effect on consumers of homeowners insurance, 92:21
– Credit report accuracy, FTC to propose nationwide assessment soon, 92:21
– Debt settlement companies

– – Md. owner of firm jailed for refusing to abide by cease operations order, 93:293
– – N.Y. AG issues subpoenas as part of nationwide investigation into operational practices, 92:1112; N.Y. bank regulator proposes extending state budget planning laws to debt settlement firms, 92:1166; Cuomo shuts down Emanee Development and Dial Tech for alleged violation of state and federal rules, 92:1276; Nationwide Asset Servs. must post performance bond before doing business in state (N.Y. Sup. Ct.), 93:744

– Expansion of FTC enforcement authority

See LEGISLATION, FEDERAL, HR 2309

– Failed banks, FDIC opens new ombudsman unit to assist customers with loans, 92:1111
– FCRA

See FAIR CREDIT REPORTING ACT (FCRA)

– Fees for insufficient funds and overdrafts

– Financial education, consumer literacy should be “first line of defense” against future crisis, Bair says, 92:1431
– Financial products oversight

– – Dodd (D-Conn) says new agency critical to reform effort, 92:1354
– – Durbin (D-Ill) and Schumer (D-NY) introduce measure to create agency, 92:613
– – Frank (D-Mass) promises that supporters will use August recess to counter industry lobbying efforts, 93:167
– – FRB tells Congress to upgrade statutory mission to keep finance-oriented consumer protection with board, 93:109
– – FTC could lose many consumer protection functions under single-agency plan, 92:1480; correction to 92:1480, 93:13; FTC chair assures lawmakers of agency ability to address key privacy issues under White House plan, 93:60
– – House panel examines concept of independent consumer protection agency for financial products, 92:1472; Frank (D-Mass) says banks will not face conflicting demands between banking regulator and new agency, 93:110
– – Insurance should not be included in scope of new agency, trade groups say, 93:123
– – Privacy, new agency to enforce Gramm-Leach-Bliley rules under draft Obama administration measure, 93:12
– – Treasury Dep't to send Congress legislative language for proposed agency soon, 92:1473; draft measure receives mixed reviews, 93:6; House panel members voice concerns about White House plan, 93:59; FTC chair assures lawmakers of agency ability to address key privacy issues under White House plan, 93:60; further action, see LEGISLATION, FEDERAL, HR 3126

– Fraud, Leibowitz asks Congress to give FTC wider authority to protect consumers from financial scams, 92:743
– Gambling, lobbyists urge Congress to consider federal oversight of internet services, 93:184
– Investment advisers, interest groups urge SEC to revise broad application of broker exclusion and to treat brokers as fiduciaries, 92:931
– Payday lenders, FTC obtains preliminary injunction of internet firms accused of deceptive practices (D. Nev.), 92:511
– Preemption, resistance to attempts to supersede state banking, mortgage foreclosure, and consumer protection laws top enforcement priority, NAAG tells Pres. Obama and Congress, 92:132
– Refund anticipation loans

See REFUND ANTICIPATION LOANS (RALs)

– Securities, SEC “rethinking” broker-dealer rules in context of globally incorporated entities, 92:567
– Telemarketing Sales Rule, FTC proposes amendments to expand protections against debt relief services, 93:235

CORPORATE FRAUD AND ACCOUNTABILITY ACT

See SARBANES-OXLEY ACT

CORPORATIONS

– Foreign corrupt practices, executives involved in global operations increasingly at risk of enforcement policy changes, 93:355; FCPA enforcement trends toward more serious cases, 93:355; companies should implement effective anti-corruption program, 93:355
– Governance

– – Del. measure concerning proposed amendments to state law to be introduced soon, 92:581
– – SEC proposal, companies need to start planning for final rules likely to take effect for 2010 proxy season, speakers tell conference, 93:334
– – Shareholder powers

See LEGISLATION, FEDERAL, HR 3269

– Subchapter S corporations

See SUBCHAPTER S CORPORATIONS

COST-BENEFIT ANALYSIS

– Reverse mortgages can provide benefits to retired homeowners but have substantial costs and are difficult to understand, GAO report finds, 93:17; McCaskill (D-Mo) to introduce measure to impose increased regulatory control and reporting requirements, 93:681
– TARP, net cost of initial phase of bailout $4.6B on cash basis, OMB says, 92:9

COSTS

See FEES AND COSTS

COUNCIL OF ECONOMIC ADVISERS

– Goolsbee nomination as member, bailout hard to avoid last fall, Senate panel hears, 92:127

CPP

See CAPITAL PURCHASE PROGRAM (CPP)

CRA

See COMMUNITY REINVESTMENT ACT (CRA)

CREDIT CARDS

– Abusive practices

– – Consumer protection

See LEGISLATION, FEDERAL, HR 3639

– – Senate Judiciary Comm. panel hearing examines effects and gets opinions of experts on proposed measures, 92:744

– Acai berry products, Conn. AG launches investigation into alleged improper charges, 92:705
– Accountability Responsibility and Disclosure Act, FRB proposes rules on disclosures, rates, and other mandated consumer protection measures, 93:629
– AmEx

– – Antitrust class action brought by coalition of merchants over fees may proceed (2d Cir.), 92:347
– – ERISA class action suit alleges material misrepresentations and omissions regarding health of stock in employee 401(k) plans (S.D.N.Y.), 92:87

– Arbitration

See ARBITRATION

– Bankruptcy, use of loan proceeds to repay other debt 90 days before filing voidable (10th Cir.), 92:150
– Billing and marketing reform, Schumer (D-NY) and Maloney (D-NY) to reintroduce measure with 90-day deadline, 92:130
– Brazil moves to increase competition and examines largest processors, 93:365
– CARD Act

– – Free Annual File Disclosures Rule, FTC invites comments on proposed amendments, 93:690
– – Implementation, Dodd (D-Conn) demands strict rules to prevent and reduce rate hikes before effective date, 93:63; Dodd to introduce measure to freeze interest rates on existing balances immediately, 93:771
– – Oversight, FRB needs better data collection to enable monitoring of changing practices and evaluation of impact of statute, Frank (D-Mass) says, 93:682
– – Technical amendments

See LEGISLATION, FEDERAL, HR 3606

– Data security

– – Heartland Payment Sys., 2 banks file putative class action complaints to recoup cost of replacing compromised credit and debit cards (D.N.J.), 92:443; Heartland Payment Sys. faces $32M in pretax expenses related to data breach, 93:282
– – TJX data breaches, firm agrees to pay fine to group of state AGs to end investigation (Mass. Super. Ct.), 92:1496

– Disclosure, OCC tells national banks to clarify for customers cardholder rights under new law, 93:387
– Electronic commerce

– – E-mailed order confirmations not “printed” for purposes of FACTA (S.D. Fla.), 92:1174
– – Expiration dates on receipts, online retailers not required to comply with FACTA prohibitions (S.D. Fla.), 92:31

– EU objects to multilateral interchange fees set directly by Visa, 92:896
– Fair lending, Hill Watch, 92:957
– Financial performance, NCUA report, first quarter 2009, 92:1267
– Fraud, Chase Bank USA to release debt of some customers duped by group of defunct debt management service firms (Fla. Cir. Ct.), 93:146
– Interchange fees

– – Largest U.S. retailers and issuers prepare for major battle over swipe fees, 93:625
– – Merchants' negotiating rights

See LEGISLATION, FEDERAL, HR 2695, S 1212

– – TILA amendments

See LEGISLATION, FEDERAL, HR 2382

– JP Morgan Chase to refund $4.4M to customers and to abolish monthly loan fee, 92:736
– Marketing activities targeting college students, Ill. measure to put end to “gimmicks and trickery,” 93:342
– Onscreen payment confirmations, FACT Act card number “printing” rules apply (N.D. Ill.), 93:535
– Regulatory reform

– – House actions

See LEGISLATION, FEDERAL, HR 627

– – Pres. Obama calls for legislative reforms to curb industry abuses, 92:983
– – Schumer (D-NY) and Maloney (D-NY) to reintroduce billing and marketing reform measure with 90-day deadline, 92:130
– – Senate actions, Dodd (D-Conn) introduces measure to limit rate increases, fees, and penalties, and establish new marketing restrictions, 92:379; further action, see LEGISLATION, FEDERAL, S 414

– Retailer fees, industry group begins running television advertisements to get relief, 92:798
– Taxation

– – Capital One Financial, interchange not fee for service and should be treated as original issue discount (T.C.), 93:586; Guiliano says merchant discount fees not fully addressed in ruling, 93:730
– – IRS addresses reporting requirements of §6050W for transaction processors, 92:331

– Zip codes not covered by state law barring retailers from requesting and recording personal data as condition of accepting payment (Cal. Ct. App.), 92:88

CREDIT DEFAULT SWAPS (CDS)

– Auctions mechanism for settling contracts effective and should be made mandatory, regulatory group says, 92:624
– Ban

See LEGISLATION, FEDERAL, HR 3145

– Central counterparty platforms for trading, legal and regulatory analysis concludes investor protection “uncertainties” exist, 93:144
– CIFG moves $25B off balance sheet to benefit capital position and bondholders, 92:196
– Clearinghouses

– – CME Group joint venture awaiting SEC approval and finalization of legal requirements before launching operations, 92:336; SEC approves exemptions, 92:624
– – Eurex Clearing wins SEC approval, 93:234
– – European trades, facility to address transparency and counterparty-risk concerns, NYSE Euronext says, 92:33
– – ICE Clear Europe wins SEC approval, 93:234
– – ICE US Trust, SEC approves conditional exemption to allow firm to operate as counterparty, 92:567; ICE clears first U.S. CDSs, 92:683; clearinghouse registered 613 legacy trades in first 4 weeks, 92:876
– – Limitations, GAO study finds some benefits but systemic risk not fully addressed, 92:567

– European Parliament should support regulation after failure to launch voluntary clearinghouse, McCreevy says, 92:353; European Comm'n to delay plans to impose regulatory framework while industry begins voluntary participation, 92:450; 9 major securities dealers pledge to use clearinghouse for index trades soon, 92:684; European Comm'n says central counterparty clearing schemes will ensure better risk management, 93:246
– Insider trading, SEC charges Deutsche Bank Securities portfolio manager and salesman (S.D.N.Y.), 92:1125
– ISDA protocol to improve contract certainty while enhancing transparency, experts say, 92:883
– Margin rules, FINRA proposes changes to implement pilot program following SEC approval, 92:683
– Midnight regulations, SEC initiatives may be subject to Pres. Obama's freeze on rulemaking, 92:190
– OTC derivatives, leading dealers commit to increase use of central counterparties to clear transactions to reduce systemic risk, 93:427
– Use of swaps as efficient instruments for diversifying risk defended by market participants and associated practitioners at conference, 92:193

CREDIT MARKETS

– Cross-border lending by internationally active banks, BIS reports slight upturn in 3rd quarter 2008, 92:293
– Financial crisis, manufacturers urge lawmakers to continue to support White House and FRB efforts to improve economic conditions, 92:1164
– Indebtedness tax, loan association praises deferral of cancellation in stimulus package, 92:424
– Liquidity injection, Term Auction Facility operations

See MONETARY POLICY

– Mortgage-backed securities, FRB selects 4 private investment firms to implement new purchase program, 92:7
– Senior Loan Officer Opinion Survey, lending clearly remains strained in early 2009, FRB reports, 92:326; business lending conditions improved somewhat in first quarter 2009, 92:1109; fewer banks tightened credit standards for some loan categories in 2nd quarter 2009, 93:326
– TALF

See TERM ASSET-BACKED SECURITIES LOAN FACILITY (TALF)

– TARP, large beneficiaries curb loan volume in first 3 months following start of bailout, 92:420; Treasury Dep't finds new lending and outstanding loan balance continued to fall in July, 93:503; Treasury Dep't finds significant drop in new lending activity in Aug., 93:719
– Treasury International Capital data, net capital outflows surged in July 2009, 93:525

CREDIT QUALITY

– Accounting

– – Allowance for credit losses, FASB to move forward while maintaining independence of projects, 93:729
– – Disclosure enhancements, FASB to move forward while maintaining independence of projects, 93:729
– – Financing receivables, FASB issues exposure draft for public comment, 92:1476

– Shared Natl. Credits, 32nd annual review, sharp declines seen, FDIC says, 93:565

CREDIT RATING

– Agencies

– – Basel Comm. joint survey finds mixed views among banking, securities, and insurance supervisors on use, 92:1457
– – Cal. AG issues subpoenas to 3 major firms as part of investigation into false positive ratings, 93:529
– – CalPERS alleges $1B loss due to faulty ratings on investments (Cal. Super. Ct.), 93:142
– – Class actions advance in court as Congress and SEC contemplate additional requirements, Analysis and Perspective, 93:369
– – Competition needs to increase, as well as accountability and transparency in ratings, panelists say, 92:932
– – Conn. AG calls on Geithner to urge FRB to change rules of TALF program, 92:1158
– – Corporate credit unions must do more rigorous due diligence and risk management on their own, NCUA says, 92:1220
– – Disclosure and transparency, Kanjorski (D-Pa) calls for tougher standards and dedicated federal oversight, 92:1214; Kanjorski unveils discussion draft of reform measure, 93:635; Kanjorski says second draft excludes collective liability provision, 93:799
– – First Amendment protection, firms sued by institutional investors for certain losses not protected from common law fraud liability (S.D.N.Y.), 93:453
– – Kanjorski (D-Pa) announces hearing of House Financial Servs. panel to review oversight requirements, 92:1158
– – Moody's, House panel postpones hearing to explore role in preventing financial crises, 93:581; former employee alleges deliberate publication of false CDO ratings, 93:627
– – Nationally recognized statistical rating organizations (NRSROs), SEC adopts rule changes, 92:339
– – Private liability for inaccurate ratings, Schapiro urges lawmakers to craft legislation, 93:136
– – Reform plan, Senate Banking Comm. witnesses question whether Obama administration proposals will achieve goals, 93:275; SEC takes action to improve oversight, 93:528
– – Registration, Schapiro endorses Treasury Dep't legislative proposals, 93:174; SEC says not enough data yet to evaluate impact on competition, 93:691
– – Securitization, FRB proposes rule that could allow more agencies to participate in TALF, 93:679
– – S&P issues oversight recommendations to guide regulators and policymakers, 92:574

– Agencies, Hill Watch, 93:478
– Bond insurers, N.Y. governor asks for federal funding for firms to reduce counterparty risk and borrowing costs, 92:488
– European Union

– – Registration, negotiations to finalize requirements launched, 92:766; regulatory framework requires uniform standards for mandatory registration, 93:85
– – Voluntary code of conduct still not compliant with key recommendations on conflict of interest and transparency, panel says, 92:1284

– G-20 members must support regulatory proposals, EU leaders say, 92:447
– Hybrid securities, Standard & Poor's lowers ratings on instruments held by certain institutions, 92:480

CREDIT UNIONS

– Alternative capital, 2 trade groups submit proposal to NCUA, 93:732
– Central Liquidity Facility (CLF), NAFCU and CUNA urge Congress to extend increase in loan cap, 92:440
– Community development institutions disproportionately affected by higher unemployment, foreclosure rates, and loss of businesses in underserved areas, NFCDCU study finds, 93:285
– Community First Credit Union, expert testimony on sales of insurance products (E.D. Wis.), In Brief, 92:1068
– Conservatorship, early NCUA analyses results show high corporate exposure to risky mortgage-backed securities, 92:887
– Corporate credit unions

– – Stabilization Fund, NCUA supports proposal to absorb losses and give entities 7 years to rebuild, 92:758
– – Streamlined system, 2 main trade associations to offer blueprint for restructuring, 93:449

– Credit rating agencies, corporate entities must do more rigorous due diligence and risk management on their own, NCUA says, 92:1220
– Data security, NCUA warns of bogus letter with fraudulent training CDs, 93:400
– Failed entities

– – Center Valley Credit Union, NCUA places institution into liquidation and plans to mail checks to cover insured deposits, 92:441
– – Clearstar Financial Credit Union, Nev. regulators shutter institution, 93:583
– – Community One Federal Credit Union reopens under banner of America First Federal Credit Union, 93:347
– – Comunidades Federal Credit Union, NCUA closes institution, 93:583
– – First Delta Fed. Credit Union, NCUA closes Miss. institution, 93:780
– – Members' Own Federal Credit Union, NCUA handles purchase and assumption agreement after directly liquidating institution, 93:639
– – New Hope Community Development Federal Credit Union reopens normally after being placed into conservatorship by NCUA, 93:186
– – Oakland Credit Union, NCUA liquidates institution on closure by Cal. financial regulators, 93:449
– – PIMCO review of corporate institutions, NCUA releases report, 92:915
– – Rouge Employees Credit Union being served by Chief Financial Fed. Credit Union following liquidation by Mich. officials, 92:1166
– – Valley Credit Union placed in receivership and NCUA sells assets, 92:81
– – Watts United Credit Union, Cal. shutters institution and appoints NCUA as liquidator, 93:77
– – West Texas Credit Union, Texas officials liquidate institution, 93:639

– Federal institutions should develop alternative payday loan products for members, NCUA guidance says, 93:286
– Financial crisis, lawmakers hail institutions as key part of solution, 92:504
– High Desert FCU, NCUA approves offer by Alaska USA FCU to purchase certain assets and assume shares and some liabilities, 92:1442
– Investment program (CU SIP), NCUA to fund $4.9B in advances, 92:80; NCUA adds $2.9B to program, 92:440
– Lending cap increase

See LEGISLATION, FEDERAL, HR 3380

– Loan growth outpaces deposits driven by lending freeze by banks, CUNA finds, 92:81
– Mergers and acquisitions, more institutions to merge in next few years, study predicts, 93:346
– Mortgages

– – Delinquency trends offer guidance for future lending, Filene Research Inst. says, 92:937
– – Fraud insurance, CUNA Mutual offers first loan documentation coverage available to retail institutions, 93:288

– National Credit Union Share Insurance Fund (NCUSIF)

– – Restoration period

See LEGISLATION, FEDERAL, HR 786

– – Temporary rescue fund

See LEGISLATION, FEDERAL, HR 2351

– Statistics, NCUA reports strong member and share growth but fewer loans and increased defaults in first half of 2009, 93:401
– TARP, NCUA asks Geithner to revisit purchase of illiquid assets and participation guidelines for cooperative financial institutions, 92:282
– Temporary Corporate Credit Union Liquidity Guarantee Program (TCCULGP), NCUA board of directors extends debt guarantee program, 92:1220
– Temporary Corporate Credit Union Stabilization Fund, NCUA launches recapitalization effort, 92:1478
– Unrelated business income tax (UBIT), government denied summary judgment in tax-exempt credit union's action seeking refund (D. Colo.), 92:352
– U.S. Central Corporate Credit Union, NCUA approves capital infusion, 92:281; NAFCU presents alternative plan, 92:343; NCUA places firm into conservatorship, 92:685
– Western Corporate Fed. Credit Union, NCUA places into conservatorship, 92:685; institution announces layoffs as part of initiative to reduce expenses, 93:77

CRIMINAL LAW AND PROCEDURE

– Economic crimes, Dorgan (D-ND) and Cantwell (D-Wash) urge DOJ to create interagency task force, 92:688
– Fraud

See FRAUD

CURRENCY

– Fair value measurement, foreign currency rights, IFRIC calls for IASB to act on issues, 93:148
– South Korea eyes thin capitalization reform to help ease risks for foreign banks, 93:368
– Taxation, currency gains and losses by foreign branches, IRS working on final rules to tighten use, 92:137

CYBERSECURITY

See generally DATA SECURITY

CZECH REPUBLIC

– Failed banks, finance ministry presents proposal to make transfers of ownership to healthy private banks or government banks easier, 92:1020