Banking Report Index-Summary

EARNINGS

– Quarterly banking profile, FDIC report, 4th quarter 2008, 92:470; 2nd quarter 2009, 93:385
– S&Ls, OTS report, 4th quarter 2008, 92:471; first quarter 2009, 92:1306

ECONOMIC OUTLOOK

– ARRA, business economists divided over extent and impacts of stimulus efforts, 92:568
– Bank consolidations likely to continue despite valuation issues, specialist says, 92:501
– BEA analysis of GDP, 2nd quarter drop signals growth ahead, 93:640
– Beige Book on current economic conditions, FRB report, Jan. 14 update, 92:146; July 24 update, 93:237; Oct. 21 update, 93:796
– Blue Chip analysts foresee real GDP down 1.5 percent in 2009, 92:75; survey foresees end to recession but higher unemployment, 93:72
– CEO Survey, Business Roundtable, 2d quarter 2009, 92:1487
– Chicago Fed Natl. Activity Index (CFNAI) shows improvement in June 2009, 93:185
– Construction spending, Census Bureau statistics, Aug. 2009, 93:642
– Consumer confidence index, Conference Bd. survey, Dec. 2008, 92:20; May 2009, 92:1263; June 2009, 93:23
– Consumer spending

– – Bureau of Economic Analysis report, Feb. 2009, 92:753
– – Summers says stabilization may be beginning and makes case for long-term benefits of stimulus plan, 92:626

– Credit contraction more subdued than expected, Duke tells meeting, 92:1428
– Deficit forecasts, Wall Street more upbeat in latest Treasury Dep't survey, 93:281
– Developing countries face huge financing gap due to global recession, World Bank warns, 92:642
– Employment statistics

– – Budget projections from OMB paint grim picture for 2010, 93:397
– – Romer warns of weak job creation before Congressional Joint Econ. Comm., 93:796
– – Slower pace of monthly job losses in July point to possible turnaround, Pres. Obama says, 93:279

– Federal interest rate, FRB maintains target range near zero while noting signs of recovery, 92:1059; FOMC members agree to hold steady on interest rates and asset purchases, 92:1489; FOMC members vote to maintain low target interest rate, 93:736
– Federal Open Market Comm., members vote to maintain low target interest rate, 93:736
– FRB policymakers predict gradual recovery period, 92:433
– Global GDP could drop by 1 percent with recovery possible in 2010, IMF says, 92:704
– Growth forecasts

– – First half of 2009, output to shrink and job losses to persist, FRB Philadelphia report says, 92:385
– – Second half, expected growth stunted by present problems, economists say, 92:197
– – Unemployment likely to be higher in light of worsening labor markets, FRB policymakers predict, 93:133

– Housing

– – Home prices continued to slide in Oct. 2008 while consumer confidence also plunged, 92:20
– – Positive indicators reinforce expectations of emerging market stabilization, 92:813
– – Positive indicators reinforce expectations that sector beginning to reach bottom, some analysts say, 92:813
– – States hardest hit by bust but likely to recover better and sooner than manufacturing centers, 92:338

– Interest rates, FRB should not wait until normal economy returns to raise rates, Warsh says, 93:575
– Leading businesses have low expectations for next 6 months, survey finds, 92:880
– Monetary policy, recent actions helping stabilize key financial markets, Bernanke says, 93:337; officials say challenges include making adjustments without triggering inflation, 93:694
– Multi-pronged approach needed to turn economy around, Bernanke says, 92:417
– National strategy, Pres. Obama predicts hard times ahead in progress report, 92:924
– Nationalization of banks, Bernanke paints gloomy near-term economic picture during Humphrey-Hawkins hearing, 92:482
– Nonfarm employers shed 345,000 payroll jobs in May 2009, BLS says, 92:1321
– Optimism index, CFO survey jumps during 3rd quarter 2009, 93:640
– Outlook 2009, world in recession in wake of financial sector crisis, 92:48
– Recession likely to continue through first half of 2009 before slow turnaround begins, economists say, 92:502; analysts say recovery may begin in 3rd quarter 2009 with passage of economic stimulus package, 92:278; top economists differ on likely path of recovery, 92:878; IMF finds recoveries that follow financial crises weak and drawn out, 92:953; economists say worst of recession over but recovery likely slow, 92:1165; Geithner says recovery likely to be slow and unemployment likely to continue to rise, 92:1439; Bernanke says recession likely over but unemployment will slow recovery, 93:527; Dudley says continuing negative factors lead to “mixed” assessment of recovery, 93:685
– Regulatory reform, “brute force” will push rebalancing of economies of U.S. and China, Volcker says, 92:1375
– Small community bank exposures to commercial real estate troubles may be addressed by TALF, Tarullo tells convention, 92:1428
– Stimulus package added 2.3 percentage points to real GDP growth in 2nd quarter 2009, CEA says, 93:443
– Unemployment, FRB Richmond president Lacker encouraged by slowing job losses in April 2009, 92:1117

ECONOMIC POLICY

– Bad bank, Rivlin endorses plan to establish facility to house illiquid holdings, 92:271
– Bailouts uncomfortable but necessary for economic rescue, Bernanke says, 92:797
– Bank supervision, Obama administration broadens support for banking system as institutions eye stress tests by regulators, 92:411; Bernanke says early signs of stress test success emerging, 92:1148
– Big banks could jeopardize functioning of global financial system and therefore should be subject to very strict standards, Volcker tells Joint Econ. Comm., 92:490
– Bush administration's lending policy led to subprime lending crisis, OECD says, 92:159
– China, financial services groups call on Obama administration to continue high-level dialogue, 92:454
– European Union

– – Bailouts, Eastern European member states will not collapse but will not be supported with major rescue packages, Barroso says, 92:589
– – Macroeconomics, Trichet calls for better oversight of global policies, 92:452
– – Troubled assets, finance ministers set principles for guidelines in controlling assets faltering due to bad loans and declining shares, 92:394

– Fair value accounting, proper valuation of assets would have reduced exposures to systemic risk, head of Goldman Sachs says, 92:868
– Fast-moving international crisis quickly moved beyond existing theories, predictions, and controls, Volcker says, 92:413
– Federal debt levels may turn off investors and slow recovery, experts say, 92:375; Treasury Dep't to offer record $71B in government securities in 2nd quarter 2009, 92:1049
– Financial Stability Plan

See FINANCIAL STABILITY PLAN

– G-20 countries agree to boost global economy with $1.1T in support to IMF, World Bank, MDBs, and trade finance agencies, 92:842; FSB welcomes progress in implementing reforms, 93:10
– Germany becomes first EU member to take advantage of newly relaxed state aid rules, 92:35
– Global financial crisis

– – Better analysis and information collection needed to respond well to crisis, OECD says, 92:897
– – Countries need to do much more to set stage for economic recovery, IMF says, 92:353
– – Sustained global response necessary for recovery from ongoing recession and financial crisis, Geithner says, 92:988

– Gramm denies that 2 measures were catalysts for recent economic meltdown, 92:269
– Japanese government and Bank of Japan considering resumption of bad loan, stock, and commercial paper purchases, 92:93
– President-elect Obama's designees for key administration positions, Dodd (D-Conn) schedules hearing, 92:72
– Public-private investment fund

See PUBLIC PRIVATE INVESTMENT PROGRAM (PPIP)

– Recovery plans, Summers defends Obama administration actions, 93:115
– “Too big to fail” institutions aren't, FRB Kansas City president says, 92:551; Bernanke says government support key to economic recovery, 92:618

ECONOMIC STIMULUS PACKAGES

– ARRA

– – Energy, federal loan guarantee programs, Chu unveils plans for dispensing 70 percent of stimulus package allocation for DOE, 92:435
– – Federal debt ceiling raised, In Brief, 92:439
– – First-time home buyer tax credit expansion

See LEGISLATION, FEDERAL, HR 2562, HR 2606, HR 2619

– – Fraud, firms receiving U.S. funds may also receive false claims scrutiny, Analysis and Perspective, 92:716
– – Incentives to broker-dealers and private surety bond firms to help unlock credit and promote liquidity, 92:554
– – Indebtedness tax, loan association praises language deferring cancellation, 92:424
– – Oversight, prevention and detection could head off $300B in losses, Analysis and Perspective, 92:1459
– – TARP executive compensation say-on-pay provision, fund recipients ask for clarification and guidance on shareholder approval provisions, 92:418; SEC issues guidance while attorney calls for more interpretations, 92:499

– Community reinvestment, package should include incentives for firms investing in depressed areas, white paper says, 92:145
– Financing, Treasury Dep't debt managers revive 7-year note and double annual sales of 30-year bonds, 92:329
– House measure

See LEGISLATION, FEDERAL, HR 1

– Qualified debt rules, exempt borrowers and banks to benefit from state efforts to encourage lending, 92:330
– Senate measure

See LEGISLATION, FEDERAL, S 1

– “Timing and speed of exit” challenge for governments, BIS chief says, 93:34

ECUADOR

– Bank of South, 7 nations reach agreement on new regional development bank, 92:1182

EDUCATION

– College savings plans

– – Access to §529 plans, Treasury Dep't report recommends 5 approaches to help middle-class families, 93:444
– – Taxation, investments in §529 accounts can be changed semiannually during 2009, IRS Notice 2009-1 says, 92:13

– Student loans

See STUDENT LOANS

EESA (EMERGENCY ECONOMIC STABILIZATION ACT)

See TROUBLED ASSET RELIEF PROGRAM (TARP)

EGYPT

– Phishing, FBI and DOJ charge 100 defendants in large Egyptian-U.S. operation (C.D. Cal.), 93:698

ELECTRONIC COMMERCE

– Credit card expiration dates on receipts, online retailers not required to comply with FACT Act prohibitions (S.D. Fla.), 92:31
– Cybersecurity, Hill Watch, 93:478
– International internet payday lender to pay fine to settle FTC charges of failure to disclose key loan terms (D. Nev.), 93:589
– Internet gambling

See GAMBLING

– Mobile banking, consumers wary of costs and security, KPMG survey says, 92:885
– Mystery credit card charges, Rockefeller (D-WVa) announces investigation into 2 firm allegedly generating many consumer complaints, 92:1261
– Online raffles, home sellers face patchwork of state rules and restrictions, 92:154
– PayPal internet billing method patent does not infringe patent on same function provided by Netcraft (Fed. Cir.), 92:28
– Statutes of limitations, EFTA violation occurs when first funds transfer takes place (6th Cir.), 92:1329

EMERGENCY ECONOMIC STABILIZATION ACT (EESA)

See TROUBLED ASSET RELIEF PROGRAM (TARP)

EMPLOYEE RETIREMENT INCOME SECURITY ACT

See ERISA

EMPLOYMENT

– Class actions, discretion abused in certifying overtime pay suit on behalf of current and former Wells Fargo mortgage consultants (9th Cir.), 93:81
– Economic outlook

– – Budget projections from OMB paint grim picture for 2010, 93:397
– – Slower pace of monthly job losses in July point to possible turnaround, Pres. Obama says, 93:279

– Global financial services industry can expect permanent job losses and stagnating incomes as result of current economic crisis, ILO warns, 92:448
– Job loss statistics, BLS report, May 2009, 92:1321; July 2009, 93:279
– Legal services industry, job growth outpaced that of law offices during 2002-2007, Census Bureau says, 92:1278
– Nonfarm employers shed 345,000 payroll jobs in May 2009, BLS says, 92:1321
– Washington Mutual takeover by JPMorgan Chase, integration of operations to result in projected workforce reduction of about 12,000 jobs, 92:495

ENERGY

– Federal loan guarantee programs

– – Chu unveils plans for dispensing 70 percent of stimulus package allocation for DOE, 92:435
– – Senate actions

See LEGISLATION, FEDERAL, S 949

ERISA

– Citigroup did not breach fiduciary duties by offering stock as retirement plan investment option (S.D.N.Y.), 93:453
– Financial crisis, plan fiduciaries take aim at each other as investment losses rise, Analysis and Perspective, 92:524
– “Stock drop” litigation, AmEx target of class action suit alleging material misrepresentations and omissions regarding health of stock (S.D.N.Y.), 92:87

See EUROPEAN UNION (EU)

EUROPE

See also specific countries
– CDS clearinghouse to address transparency and counterparty-risk concerns, NYSE Euronext says, 92:33
– Global finance restructuring, Europe wants to work with U.S. in positive manner, Sarkozy and Merkel say, 92:92

EUROPEAN UNION (EU)

– Accounting, fair value measurement

– – IASB response to rule changes, Comm'n assessing options, 92:161; EU asks Tweedie to answer questions about not accommodating demands for changes, 92:1332
– – Securities regulators offer comments on treatment of financial instruments, 92:160

– Antitrust, Visa Europe target of competition complaint over bank fees, 92:833
– Bailouts for banks, Comm'n outlines criteria for determining long-term survivability, 93:197
– CDS, Parliament should support regulation after failure to launch voluntary clearinghouse, McCreevy says, 92:353; Comm'n to delay plans to impose regulatory framework while industry begins voluntary participation, 92:450
– Credit cards, commissioner urges banking sector to shoulder responsibility, 92:639
– Credit rating agencies

– – 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

– Derivatives, OTC market

– – Counterparty clearing of credit contracts, Comm'n to propose regulatory framework, 92:157
– – Risk management, Comm'n outlines 4 available options, 93:86

– Economic policy

– – Bailouts

– – – Eastern European member states will not collapse but will not be supported with major rescue packages, Barroso says, 92:589
– – – State aid, member states authorize $4T in guarantees, risk shields, and recapitalization measures, 92:864

– – Macroeconomics, Trichet calls for better oversight of global policies, 92:452
– – Troubled assets, finance ministers set principles for guidelines in controlling faltering assets due to bad loans and declining shares, 92:394

– Economic stimulus packages, Comm'n must coordinate plans among member countries and create bad banks for toxic assets, Almunia says, 92:293
– Executive compensation, Comm'n proposes recommendations to avoid scandals over bonuses and severance packages, 92:1075
– Global finance restructuring, G-20 framework, 5 member nations insist on inclusion of tax haven sanctions, 92:456
– Hedge funds, Comm'n to seek authority to regulate despite industry commitment to self-regulatory schemes, 92:517; Comm'n proposes measure to impose rules on alternative investment capital pools, 92:1074; study finds proposal could cost funds billions, 93:599
– Lending, loans to businesses and households dropped in first quarter 2009, ECB survey says, 93:249
– Regulatory reform

– – Banking sector, 6 lobbying groups urge member states to adopt new supervisory measures, 93:198
– – Economic climate requires complementary roles from self-regulation and competition policy, Kroes says, 92:1280
– – Executive compensation, Comm'n proposes first legally binding rules for banking sector, 93:147
– – Streamlined decisionmaking, European Comm'n seeks to strengthen financial market supervision, 92:291
– – Supervision of financial sector, euro area needs single authority, OECD says, 92:157; Comm'n outlines plan for systemic risk oversight body and stronger regulatory oversight of financial sector, 92:1280; leaders express broad support for plan, 92:1419; Sweden outlines legislative priorities, 93:85; IIF says reform needed but measures should not deter economic growth, 93:198; Comm'n proposes new banking and financial service regulatory structure, 93:591
– – Two-tired overhaul plan hits roadblocks, 92:895

– Securities, private equity industry seeks to distinguish inherent risks from hedge fund risks as regulators call for tougher rules, 92:500
– Stress tests, banking supervisory officials announce tests despite member state questions about utility, 92:1176; lending rates fall after record ECB cash injection, 92:1500; finance ministers say major banks now appear sufficiently capitalized, 93:649
– SWIFT transfers, U.S. compliance with privacy guarantees, French judge concludes safeguards respected, 92:449; Comm'n aims to negotiate new pact with U.S., 93:148; EU to incorporate data protection recommendations into agreement, 93:467
– Systemic risk, member states agree to establish macroeconomic supervision body, 93:778
– Tax havens, EU may impose sanctions on uncooperative countries and territories, 92:586; EU says sanctions needed against noncooperative countries, 92:1073
– Troubled bank assets, Comm'n outlines plan to help banks, 92:515

EX-IM BANK

See EXPORT-IMPORT BANK, U.S. (EX-IM BANK)

EXECUTIVE COMPENSATION

– Bonus clawback, Hill Watch, 93:478
– Conference Bd. Task Force issues recommendations for restoring public trust in corporate pay practices, 93:577
– Disclosure

– – Best practices, alternative summary compensation tables making comeback in proxy statements, 92:503
– – SEC proposal, companies need to start planning for final rules likely to take effect for 2010 proxy season, speakers tell conference, 93:334

– European Comm'n proposes recommendations to avoid scandals over bonuses and severance packages, 92:1075; European Comm'n proposes first legally binding rules for banking sector, 93:147; antitrust official set to examine bonus structure of banks seeking state aid, 93:536
– Fannie Mae and Freddie Mac, Lockhart defends bonuses but Grassley (R-Iowa) remains unconvinced, 92:823
– France, banks to implement rules on calculation of bonuses paid to stock market traders, 92:396; government reminds banks of commitments, 93:299
– G-20, Sarkozy promises to fight for tougher international commitments on limiting bankers' bonuses, 93:404; Merkel says leaders should limit bonus payments for bankers, 93:467; EU member states increase pressure on U.S. to agree to legally binding measures, 93:499; FSB to present new guidelines for banking supervisors at Pittsburgh meeting, 93:500
– Limitations

– – Alteration of competitive balances could damage companies, interest groups warn, 93:687
– – Transparency and risk assessment need to be brought to financial services industry, Tarullo says, 92:1359

– Merrill Lynch acquisition by Bank of America

See MERGERS AND ACQUISITIONS

– Performance-based standards, Hill Watch, 93:478
– Reform

– – Compensation structures, financial services industry moving to address issues, IIF study finds, 92:831
– – Focus on excessive pay could distract policymakers from necessary regulatory and legal reform, Kanjorski (D-Pa) says, 92:1322
– – Geithner proposals, Senate Banking Comm. and House Financial Servs. Comm. welcome ideas but plan to push further, 92:1357

– Risk management, firms need to improve practices by better aligning pay with goals, report finds, 93:786
– Say-on-pay

– – Federal officials push proposals and ask for more pay, and oversight, 92:1359
– – Hill Watch, 93:478

– Shareholder input

– – Durbin (D-Ill) measure

See LEGISLATION, FEDERAL, S 1006

– – Frank (D-Mass) circulates draft measure, 93:117; further action, see LEGISLATION, FEDERAL, HR 3269
– – Schumer (D-NY) soon to introduce measure on nomination of corporate directors and compensation packages, 92:1151

– Switzerland

– – Bonuses, new proposal gets mixed reaction from banking groups, 92:1335; financial market regulator sets out proposed restrictions, 92:1336
– – UBS, financial regulators outline conditions under which institution may meet commitments on promised bonus payments, 92:395

– TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

– United Kingdom

– – Reporting, top executives of banks and other big financial institutions should disclose renumeration packages and face deferred bonuses, report says, 93:149
– – Voluntary curbs on bonus payments, government issues proposal, 92:518; financial regulator unveils final policy, 93:367

EXPORT-IMPORT BANK, U.S. (EX-IM BANK)

– Global financial crisis, bank has expanded programs to respond, IG says, 93:751