Printable version (PDF) 

FACT ACT

See FAIR AND ACCURATE CREDIT TRANSACTIONS (FACT) ACT

FAILED BANKS

– Affinity Bank, Cal. 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
– American Sterling Bank, OTS shutters institution and FDIC sells to Metcalf Bank, 92:921
– American United Bank, state regulators close Ga. institution, 93:780
– Bank of Clark County opens under banner of Umpqua Bank, 92:185
– Bank of Elmwood, state regulators shutter Racine institution, 93:780
– Bank of Lincolnwood, FDIC DIF to lose estimated $83M after state agency shutters institution, 92:1325
– Bank of Wyoming closed by state regulators to become 53rd failure of 2009, FDIC says, 93:71
– BankFirst, S.D. closes down 2 offices and names FDIC receiver, 93:125
– Bradford Bank, OTS closes Md. thrift and names FDIC as receiver with buyer in place to reopen institution, 93:392
– Brickwell Community Bank, Minn. agency closes institution, 93:425
– Cape Fear Bank, N.C. officials close institution and name FDIC as receiver, 92:873
– CapitalSouth Bank, state regulators close Ala. institution, 93:313
– Citizens Natl. Bank, OCC closes institution and names FDIC as receiver, 92:1260
– Colonial Bank of Montgomery, state regulators close Ala. institution, 93:313
– Colorado Natl. Bank, FDIC enters into purchase and assumption agreement with Herring Bank, 92:694
– Columbian Bank and Trust, FDIC employee indicted on charge of disclosing confidential information (D. Kan.), 93:700; employee allegedly disclosed borrower's identity, income, and tax return, 93:744
– Community Bank of Ariz., FDIC takes control of troubled institution, 93:313
– Community Bank of Nev., FDIC takes control of troubled institution, 93:313
– Community Bank of W. Ga., state regulators close institution, 93:18
– Community First Bank, Or. officials close all 8 branches of Prineville institution, 93:284
– Community Natl. Bank, OCC shutters Fla. institution, 93:284
– Consumer protection, FDIC opens new ombudsman unit to assist customers with loans, 92:1111
– Cooperative Bank, N.C. regulators close institution, 92:1424
– Corn Belt Bank and Trust, Ill. regulators shutter bank, 92:431
– Corus Bank, Natl. Ass'n, OCC closes major construction and commercial real estate lender, 93:425; FDIC sells 40 percent stake to commercial REIT investment consortium, 93:685
– County Bank of Merced, Cal., FDIC enters into purchase and assumption agreement with Westamerica Bank, 92:332
– Deposit insurance, FDIC board approves proposed rule to clarify interest rate restrictions, 92:249
– Dwelling House S&L Assoc., FDIC takes control of troubled Pa. institution, 93:313
– eBank, OTS closes Ga. institution and names FDIC as receiver, 93:313
– Elizabeth State Bank, state and federal regulators close member of Ill. business family, 93:71
– First Bank of Kansas City, Great Am. Bank assumes all deposits under agreement with FDIC, 93:425
– First BankAmericano, N.J. closes institution, 93:224
– 1st Centennial Bank, Cal. regulators close bank and name FDIC as receiver, 92:185
– First Coweta, state regulators close Ga. institution, 93:313
– First DuPage Bank, state regulators shutter Westmont institution, 93:780
– First National Bank of Nevada

– – Construction loans, FDIC forms 2 private-public partnerships to handle assets, 92:495
– – Mortgages, PNMAC Capital Mgmt. (PennyMac) buys FDIC residential loan portfolio as receiver, 92:78

– First Natl. Bank of Anthony, OCC closes institution, 92:1424
– First Natl. Bank of Danville, OCC closes Ill. institution, 93:71
– First Piedmont Bank, Ga. shutters 2 offices and names FDIC receiver, 93:125
– First State Bank, Fla. officials close all 9 branches of institution, 93:284
– First State Bank of Altus, Okla. authorities shutter institution, 93:224
– First State Bank of Flagstaff, Sunwest Bank assumes all deposits and essentially all assets after Ariz. agency closes institution, 93:425
– First State Bank of Winchester, state and federal regulators close member of Ill. business family, 93:71
– FirstBank Financial Servs., Regions Bank set to reopen 4 branches, 92:332
– FirstCity Bank, Ga. officials close entity and name FDIC as receiver, 92:694
– Flagship Natl. Bank, OCC closes Bradenton institution, 93:780
– Founders Bank, state and federal regulators close member of Ill. business family, 93:71
– Freedom Bank of Georgia, FDIC enters into purchase and assumption agreement with Northeast Georgia Bank, 92:565
– Georgian Bank becomes 95th federally insured bank to fail in 2009, 93:583
– Great Basin Bank of Nev., state officials close institution and FDIC sells to Nevada State Bank, 92:921
– Guaranty Bank, OTS closes Texas institution and names FDIC as receiver, 93:313
– Heritage Community Bank, FDIC named as receiver after Ill. regulators close institution, 92:495
– Hillcrest Bank Fla., state regulators close Naples institution, 93:780
– Horizon Bank, Minn. officials close institution and name FDIC as receiver, 93:18
– InBank, MB Financial Bank, Natl. Ass'n assumes all deposits except certain brokered deposits under agreement with FDIC, 93:425
– IndyMac Fed. 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; FDIC completes sale to OneWest Bank, 92:693
– Integrity Bank, Fla. regulators shutter single-office institution, 93:224
– Irwin Union Bank and Trust, state and federal regulators close thrift and state-chartered bank subsidiaries, 93:521
– Irwin Union Bank, FSB, state and federal regulators close thrift and state-chartered bank subsidiaries, 93:521
– Jennings State Bank reopens as Central Bank after Minn. regulators close both branches, 93:638
– John Warner Bank, state and federal regulators close member of Ill. business family, 93:71
– MagnetBank, FDIC to pay out insured deposits after failing to find buyer, 92:266
– Mainstreet Bank, Minn. state officials close institution and name FDIC as receiver with buyer in place, 93:392
– MetroPacific Bank, Cal. state regulators close institution, 93:18
– Millennium State Bank of Texas, state agency closes institution, 93:71
– Mirae Bank, Cal. state regulators close institution, 93:18
– Mutual Bank, collapse costs DIF $696M, 93:224
– National Bank of Commerce opens under Republic Bank of Chicago banner, 92:185
– Neighborhood Community Bank, Ga. state regulators close institution, 93:18
– New Frontier Bank, Colo. shutters institution and names FDIC as receiver, 92:873
– Ocala Natl. Bank, CenterState Bank set to reopen 3 branches, 92:266; Treasury Dep't IG says OCC acted too late to address problems at bank, 93:389
– Omni Natl. Bank to reopen under SunTrust Bank logo, 92:749
– Partners Bank, OTS closes Fla. institution, 93:780
– Peoples Community Bank, OTS closes institution and turns it over to FDIC, 93:224
– Pinnacle Bank, Ore. regulators close bank, 92:431
– Platinum Community Bank, FDIC pays out all insured deposits after OTS announces closure, 93:425
– Private investors' acquisition of entities, FDIC proposed policy sets criteria for bids, 93:5; FDIC proposed policy could cool investors, Analysis and Perspective, 93:152; rising tally of failures and costs to DIF could heighten importance of pending policy statement, 93:313; FDIC loosens terms in effort to attract private capital and ease public cost, 93:379
– Resolution of big banks, community banks question political will to use existing mechanisms, 92:1364
– Riverside Bank of Gulf Coast, Fla. regulators shutter bank, 92:431
– Riverview Community Bank, state regulators shutter Otsego institution, 93:780
– Rock River Bank, state and federal regulators close member of Ill. business family, 93:71
– Security Bank, Ga. authorities close 6 subsidiaries and name FDIC receiver, 93:186
– Security Savings Bank, FDIC named as receiver after Nev. regulators close institution, 92:495
– Sherman County Bank, Neb. regulators close bank, 92:431
– Silver Falls Bank branches open under banner of Citizens Bank, Ore., 92:432
– Silverton Bank, federal banking regulators seize commercial bank and appoint FDIC as receiver, 92:1049
– Southern Colo. Natl. Bank, OCC closes institution and FDIC enters into assumption agreement with Legacy Bank, 93:638
– Southern Community Bank, Ga. regulators close institution, 92:1424
– Statistics, number of failures likely to be duplicated in 2010, Bair tells Senate panel, 93:715
– Strategic Capital Bank, Ill. shuts down institution and names FDIC as receiver, 92:1260
– Suburban Fed. Savings Bank, Bank of Essex set to reopen all 7 branches, 92:266; Treasury IG finds OTS let thrift's high-risk behavior continue for 5 years, 93:525
– Sweep accounts, FDIC clarifies rule on requirements for certain accounts used during resolution, 93:65
– Teambank Natl. Ass'n reopens under Great S. Bank logo, 92:694
– Temecula Valley Bank, 11 offices reopen under banner of First Citizens Bank and Trust, N.C., 93:125
– Too big to fail institutions, FRB K.C. proposes alternative resolution process, 93:567
– UK proposes reforms enabling easier resolution of failing investment banks, 92:1179
– Union Bank, Natl. Ass'n, FDIC takes control of troubled Ariz. institution, 93:313
– Vantus Bank, Great S. Bank assumes all deposits after OTS closes institution, 93:425
– Venture Bank, Wash. agency closes institution, 93:425
– Vineyard Bank Natl. Ass'n, OCC closes 16 offices and FDIC signs purchase and assumption agreement with California Bank & Trust, 93:125
– Warren Bank, Mich. regulators close institution, 93:638
– Waterford Village Bank, N.Y. regulators close entity and name FDIC receiver, 93:186
– Westsound Bank, FDIC estimates failure to cost DIF $108M, 92:1119

FAIR AND ACCURATE CREDIT TRANSACTIONS (FACT) ACT

– Credit card receipts

– – Numerical brand identifiers not prohibited if same information included in word form (W.D. Mich.), 93:480
– – Online retailers not required to comply with act prohibitions of credit card expiration dates (S.D. Fla.), 92:31

– Credit report accuracy, FTC to propose nationwide assessment soon, 92:21

FAIR CREDIT REPORTING ACT (FCRA)

– Exclusions for certain businesses

See LEGISLATION, FEDERAL, HR 3763

– Preemption, Cal. financial information privacy statute, justices ask Obama administration to detail position on affiliate information sharing (U.S., brief invited), 92:636; (brief filed), 92:1328; (rev den), 93:27

FAIR LENDING

– Credit cards, Hill Watch, 92:957
– Enforcement policy, loan servicers should improve loss mitigation efforts to shield firms from extra scrutiny by federal regulators, speakers tell conference, 93:786
– Regulatory policy, FTC urges House panel to authorize use of APA to adopt financial services rules, 92:1116
– Regulatory reform, data collection problems argue for CFPA, Democratic leaders say, 93:338
– Retail banking lobby foresees Congress curbing new powers of state AGs and FTC, 92:612
– TARP, interest group asks special IG to review lending practices for minorities, 93:523

FAIR VALUE MEASUREMENT

– Agricultural discount rate assumptions, IFRIC confirms decision not to add IAS 41 proposal to active agenda, 92:1129
– Alternative instruments, FASB to issue draft guidance for holders of interests, 92:1119; FASB to resume rulemaking on proposal for “practical expedient,” 93:227; FASB issues new guidance, 93:637
– Audits, banking and business groups urge PCAOB to ensure auditors to be not too strict, 92:622; business groups point to actions by FASB and SEC for application of rules, 92:622; advisory group tells PCAOB to avoid automatically calling uncertain measurements fraud risks, 93:737
– Controversy to color major accounting issues in 2009, Analysis and Perspective, 92:401
– Customer loyalty programs, IASB publishes compendium of amendments to IFRIC 13 for public comment, 93:405
– Definition, banking groups criticize accounting standard in letter to lawmakers, 92:1159
– Disclosure

– – FASB proposes fast-tracking staff guidance on expanding financial instrument requirements, 92:17; FASB to propose substitute language and to set aside tabular format requirement, 92:178; FASB plans to conduct informal trials of proposals while delaying release of final standard, 92:1259
– – IASB amends and releases updated version of IFRS 7, 92:586; IASB publishes compendium of amendments for public comment, 93:405
– – Interim disclosures, FASB revises draft guidance, 92:260; Herz defends expedited process in issuing FAS 107-1, 92:1055
– – “Other than temporary impairment” guidance, FAS 124-2 receives criticism from analyst community, 92:862; Herz defends expedited process in issuing guidance, 92:1055; EU accounting official criticizes FASB move, 93:32
– – Sensitivity analysis, FASB does not plan to call for stress tests in draft guidance, 93:228; FASB decides to include sensitivity analysis in list of proposals, 93:271

– Distressed assets, FASB Valuation Resource Group asks for further guidance, 92:330; IASB members voice concerns over FASB guidance, 92:710
– European Union

– – Financial instruments, securities regulators offer comments on treatment, 92:160
– – IAS 39, Tweedie tells finance ministers that revision work should be completed soon, 93:810
– – 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

– Financial crisis, trade groups strongly criticize response by federal regulators and FASB, 92:603; FASB-IASB advisory group asks for public input on key issues, 92:621
– Financial services sector rescue plan, trade groups urge Geithner to preserve standards, 92:420
– Foreign currency rights, IFRIC calls for IASB to act on issues, 93:148
– G-20 leaders agree to pursue range of reforms, 92:843
– Gauging liabilities, FASB to revise proposed guidance, 92:496
– Hedge funds, FASB issues new guidance on estimation, 93:637
– House Financial Servs. Comm. panel to hold hearing, 92:563
– IASB agrees to publish exposure draft for public comment, 92:208; poll of advisory council shows little support for full plan, 92:587; IASB solicits views from interested parties, 92:715; IASB and FASB members tentatively agree on details of simplification approach, 92:766
– Impaired assets, IASB chairman defends recent proposals to European Parliament, 93:650
– Impaired securities, FASB issues final staff positions, 92:861; U.S. Chamber of Commerce reiterates request for PCAOB clarification of decision, 92:927; IASB declines to amend IFRS to match FASB changes on other-than-temporary impairments and fair value, 92:1016; Leisenring warns about retrospective application of IASB proposals, 92:1331
– “Inactive” market presents challenges, Viewpoint, 92:593
– Interim financial reporting, IFRIC set to publish agenda rejections on IAS 34, 92:1129; IASB publishes compendium of amendments for public comment, 93:405
– Liabilities, FASB issues draft guidance aimed at improving consistency in use of FAS 157, 92:1047; FASB plans to issue final staff guidance soon, 93:67
– Liquidity, IASB amends and releases updated version of IFRS 7, 92:586; IASB publishes compendium of amendments for public comment, 93:405
– Mark-to-market

– – FASB to provide additional guidance, Herz announces, 92:428; FASB issues final staff positions, 92:861; U.S. Chamber of Commerce reiterates request for PCAOB clarification of decision, 92:927
– – House actions, Bachus (R-Ala) asks Frank (D-Mass) for hearing on effectiveness of practice, 92:1116
– – Impact of recent events, Analysis and Perspective, 93:41
– – SEC impact study recommends improving practice, 92:68; U.S. Chamber of Commerce asks Treasury Dep't to implement SEC findings, 92:383; GOP lawmakers urge SEC to act on report, 92:621

– Off-balance-sheet activities more important factor in global financial crisis, FCAG advisers say, 92:555
– Recognition of “other than temporary” impairments, Herz defends expedited process in issuing FAS 115-2, 92:1055; EU accounting official criticizes FASB move, 93:32
– Reporting standard, IASB seeks public comment on exposure draft IFRS, 92:1281
– Roundtables, IASB announces meeting schedules, 93:540
– Securitizations and off-balance-sheet activities, interest group urges policymakers to delay effective date of final standards, 92:1320
– Significant decreases in volume and level of activity for assets or liabilities, FAS 157-4 guidance receives mixed reaction from analyst community, 92:862; Herz defends expedited process in issuing final guidance, 92:1055
– Single source of guidance, IASB staff support measure to decrease complexity and increase consistency, 93:809
– Unquoted equity instruments and related derivatives, IASB agrees to limited-scope exception, 93:595
– Valuing financial assets in illiquid and inactive markets, FASB promises new guidance soon, 92:601; FASB issues draft guidance, 92:681; FASB approves 2 fast-track staff positions, 92:781; interest groups criticize allegedly hasty rulemaking, 92:783
– “Visibility” necessary for federal regulators vital part of program, Goldman Sachs CEO says, 93:445

FANNIE MAE

– Losses, $16B may be needed from Treasury Dep't because of expected 4th quarter 2008 losses, 92:263; Fannie Mae asks Treasury Dep't for additional $19B in capital after first quarter 2009 losses, 92:1121; Fannie Mae asks Treasury Dep't for additional $10.7B in capital after 2nd quarter 2009 losses, 93:285

FARM CREDIT SYSTEM

– Guaranteed Loan Program, USDA announces increase in loan limit, 93:695

FASB

See FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

FCRA

See FAIR CREDIT REPORTING ACT (FCRA)

FDIC

See FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

– Audits by GAO

See LEGISLATION, FEDERAL, HR 1207

– Budget, FY2010 appropriations, Obama administration proposes increasing borrowing authority to $100B, 92:1151; further action, see LEGISLATION, FEDERAL, HR 3170
– Failed entity office, temporary satellite in Fla., In Brief, 92:1170
– Increased borrowing authority and other new powers

See LEGISLATION, FEDERAL, S 896

– Nash named as special deputy for external affairs, 92:750

FEDERAL HOME LOAN BANKS

– Community development financial institutions that are not federally insured may participate in system under FHFA proposed rule, 92:1147
– Finance Office, FHFA extends comment period on proposed rule to expand board of directors and empower auditors, 93:683
– GSEs, classifications for member institutions, FHFA announces interim final rules, 92:262
– Private-label securities, declining value causes capital shortfall at FHLBank Seattle, 92:148
– Quarterly combined financial report, March 2009, profits drop 50 percent, 93:78

FEDERAL HOUSING ADMINISTRATION (FHA)

– Capital reserves, agency will not need extraordinary taxpayer assistance, Stevens tells House panel, 93:672
– Mortgage insurance guaranty authority

See LEGISLATION, FEDERAL, HR 3357

FEDERAL HOUSING FINANCE AGENCY (FHFA)

– Lockhart to be replaced as director by DeMarco, 93:266

FEDERAL RESERVE BOARD (FRB)

– Appointments and personnel changes

– – Bernanke renominated to another 4-year term, 93:381
– – Kroszner to depart from board one year into unconfirmed 2nd term, 92:143
– – Tarullo nomination as Bd. of Governors member, bailout hard to avoid last fall, Senate panel hears, 92:127

– Emergency loans, Frank (D-Mass) opens policy debate on powers under §13(3) of Federal Reserve Act, 92:365

FEDERAL RESERVE SYSTEM

– Annual reports, FRB N.Y. releases audited financial statements for calendar year 2008, 93:283
– Appointments and personnel changes

– – FRB Minneapolis president Stern to retire soon, 92:1115
– – FRB N.Y. reelects 2 board directors while continuing to search for new president, 92:21; board of directors likely to consider Geithner replacement at next meeting, 92:76; board of directors names Dudley as president and CEO, 92:277; board of directors appoints Sack to lead markets group, 92:931; 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; Board of Governors announces Hughes appointment as chair, 93:396

– Credit and Liquidity Programs and Balance Sheet, FRB debuts monthly report on central bank assets and liabilities, 92:1362
– Excess balance accounts at reserve banks, FRB seeking public comment on proposed rule, 92:269; FRB finalizes changes to Regulation D, 92:1200
– Financial results report, banks earned $38.8B in net income in 2008, 92:134
– Independence, significant challenges to regaining prior status exist as crisis abates, FRB K.C. president says, 92:1044
– Internet, FRB St. Louis launches website dedicated to tracking financial crisis, 92:21; FRB St. Louis launches updated version of website, 92:438
– Liquidity boosting programs, FRB to end some programs in shift to handle downturn response differently, 93:790
– Oversight, Lewis (D-Ga) recommends giving GAO new authority to supervise emergency spending, 92:665
– Term Securities Lending Facility (TSLF)

See MONETARY POLICY

– Transparency

– – Paul (R-Texas) measures

See LEGISLATION, FEDERAL, HR 1207, HR 1348

– – Sanders (I-Vt) measures

See LEGISLATION, FEDERAL, S 513, S 604

FEDERAL TRADE COMMISSION (FTC)

– Enforcement, new chairman likely to push more aggressive agenda, observers say, 93:137
– Fair lending, retail banking lobby foresees Congress curbing new powers of agency, 92:612
– Financial products oversight

See generally REGULATORY REFORM

FEES AND COSTS

– Consumer Financial Protection Agency creation measure, car dealership fees

See LEGISLATION, FEDERAL, HR 3126

– Credit cards

– – 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

– – Regulatory reform, Dodd (D-Conn) introduces measure, 92:379

– Deposit insurance

– – FDIC asks Congress for expanded credit and fee authority, 92:317
– – House measure

See LEGISLATION, FEDERAL, HR 786

– – Senate measure, Dodd (D-Conn) developing plan to cut special fee in half, 92:535

– Foreclosure prevention, borrower must pay lender's legal fees in exchange for stopping pending foreclosure (Ohio), 92:391
– 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

– Italy, fees attached to checks, antitrust officials suggest rescission of bank policies, 92:1077
– Mortgages

– – Advance fees for loan modification and foreclosure rescue services, FTC considering federal ban, 93:522
– – N.Y. AG announces 2 settlement agreements and launch of another suit involving allegedly higher fees for minority borrowers, 92:84
– – Regulation Z under TILA, FRB proposes changes to bar yield spread premiums that reward brokers for steering clients to higher cost loans, 93:171

– Notary fees, court asks Ga. whether state law allows private lawsuits to address violations by lenders (11th Cir.), 93:644
– Overdraft fees, bad economy sees fewer consumers paying fees, ABA survey says, 93:442
– Payment systems, BoA to pay $35M to settle overdraft fees class action suit (Cal. Super. Ct.), 92:392
– Russia clarifies issues including deductibility of letter of credit fees, 92:37
– Supervisory fees charged to state-chartered banks, Ill. lawmakers pass measure to reduce certain regulatory fees, 92:147

FHA

See FEDERAL HOUSING ADMINISTRATION (FHA)

FHFA

See FEDERAL HOUSING FINANCE AGENCY (FHFA)

FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

– Autonomy, advisory panel of analyst-accountants and investor advocates expresses concern about “erosion” of independence, 92:1434
– FIN 48 on uncertainty in income taxes

See TAXATION

– Standards development and amendment

See ACCOUNTING

FINANCIAL PRODUCTS SAFETY COMMISSION (FPSC)

– Geithner still considering agency but noncommittal during Senate hearing, 92:1200
– House actions, Delahunt (D-Mass) introduces measure to create, 92:736
– Senate actions, Schumer (D-NY) and Durbin (D-Ill) to introduce creation measure soon, 92:565

FINANCIAL STABILITY BOARD (FSB)

– Economic policy, board welcomes progress in implementing reforms, 93:500
– Executive compensation, board to present new guidelines for banking supervisors at G-20 Pittsburgh meeting, 93:500

FINANCIAL STABILITY PLAN

– AIG bonus controversy dims outlook for further funding from Congress, 92:679
– Capital Assistance Plan (CAP), initiative gives weak banks 6 months to raise private capital before seeking government help, 92:478; industry group CEO claims foreign-owned bank subsidiaries in U.S. should be eligible for funding, 92:478; legal experts warn financial institutions of possible strings, 92:500; Bernanke expects private backers to meet most capital needs of largest U.S. banks, 92:1096
– Commercial mortgage-backed securities market, FRB to authorize TALF loans with maturities of up to 5 years, 92:1036
– Crisis underscores importance of FRB in regulatory framework, Rosengren says, 92:1309
– Economic recovery, Geithner credits Obama administration policies for playing large role, 93:423; Treasury Dep't moving to next phase of stabilization and repair policies, 93:505
– GMAC likely to need more federal funds from Treasury Dep't, Geithner says, 92:1099
– Government response to financial crisis shows lack of political courage, Calomiris says, 92:573
– Improvements visible but need more time, Geithner tells Senate Finance Comm., 92:548; oversight committee hears range of suggestions at public hearing, 92:1255
– Legacy Loan Program (LLP)

See PUBLIC PRIVATE INVESTMENT PROGRAM (PPIP)

– Overview, Treasury Dep't strategy includes housing element and changes to TARP, 92:315
– Stress tests, Pres. Obama discusses hopeful signs of economic recovery after briefing, 92:866; debate continues over disclosure of results, 92:914; expectations low for some after release of methods used in analysis, 92:975; results for 19 largest banks to be released soon, 92:1046; results may have significant long-term impacts on bank stakeholders, 92:1087; results show increased equity capital needs for 10 large banks, 92:1088; AEI policy analyst calls tests “political theater,” 92:1106; Bernanke says early signs of stress test success emerging, 92:1148; TARP oversight panel calls for additional testing, 92:1360
– TARP, revamped rescue agenda needs deliberative approach for using remaining funds, Geithner tells Senate Budget Comm., 92:368; Baucus (D-Mont) seeks IG audit of Treasury Dep't involvement in beneficiary companies, 92:1361

FINLAND

– Economic stimulus package, government requires participating banks to pass some capital to households and small businesses, 92:354

FLORIDA

– Credit cards, expiration dates on receipts, online retailers not required to comply with FACT Act prohibitions (S.D. Fla.), 92:31
– Electronic commerce, expiration dates on credit card receipts, online retailers not required to comply with FACT Act prohibitions (S.D. Fla.), 92:31
– Failed banks

– – Community Natl. Bank, OCC shutters Venice institution, 93:284
– – First State Bank, state officials close all 9 branches of Sarasota institution, 93:284
– – Flagship Natl. Bank, OCC closes Bradenton institution, 93:780
– – Hillcrest Bank Fla., state regulators close Naples institution, 93:780
– – Integrity Bank, state regulators shutter single-office institution, 93:224
– – Ocala Natl. Bank, CenterState Bank set to reopen 3 branches, 92:266; Treasury Dep't IG says OCC acted too late to address problems at bank, 93:389
– – Partners Bank, OTS closes Naples institution, 93:780
– – Riverside Bank of Gulf Coast, state regulators shutter bank, 92:431

– 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
– – Credit cards, Chase Bank USA to release debt of some customers duped by group of defunct debt management service firms (Fla. Cir. Ct.), 93:146
– – Foreclosure rescue companies, state AG closes Attorney Debt Servs. under new state law, 92:387

– Taylor, Bean & Whitaker Mortgage ceasing loan origination operations after temporary suspension from FHA and Ginnie Mae programs, 93:270
– Tousa, lenders to bankrupt builder must disgorge liens and interest from fraudulent transfers (Bankr. S.D. Fla.), 93:742

FORECLOSURE

– Australia, legal documents may be served via Facebook accounts, supreme court rules, 92:30
– Deferral, Colo. governor likely to sign measure allowing eligible borrowers to defer sale of residential property for 90 days, 92:1265
– 80/20 loans, Or. lawmakers approve measure to prevent lenders from pursuing further action against 2d mortgages after house sold, 92:1490; governor signs measure, 93:239
– Homeowner Affordability and Stability Plan, Pres. Obama announces plans to use federal funds to address crisis, 92:414; plan to standardize asset values and make workouts routine and attractive to lenders, 92:424; mortgage industry expresses concern about ability to handle surge in applications for loan refinancing and modifications, 92:484; investors in mortgage-backed bonds express concerns about plan, 92:627; Treasury Dep't announces contracts with 6 mortgage servicers to begin modifying loans, 92:922
– Legal services, Conn. AG requests information from Freddie Mac, Fannie Mae, and Lender Processing Servs. on law firm selection process, 92:1389
– Modification of mortgage loans

See LOAN MODIFICATION

– Moratorium

– – Cal. lenders must stop proceedings for 90 days under measure signed by governor, 92:426
– – Fannie Mae and Freddie Mac announce extension to allow implementation of loan modification programs, 92:79

– Option ARMs likely to trigger next wave of cases, Durbin (D-Ill) tells think tank, 93:273
– Outlook 2009, Obama administration vows to move quickly on “sweeping” plan, 92:221
– Predatory lending, states with stringent laws had lower home foreclosure rates, study finds, 93:690
– 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
– Prevention

– – Civil disobedience part of push to stop foreclosures and evictions in U.S. cities, Special Report, 92:398
– – CRA, updated guidance recognizes lender efforts to help low- and moderate-income homeowners, 92:65
– – Data about housing crisis

– – – Lack of hard mortgage data impedes Obama administration plan and other programs, Congressional Oversight Panel says, 92:544
– – – National working group criticizes federal banking regulators for lack of cooperation, 92:250

– – Fees, borrower must pay lender's legal fees in exchange for stopping pending foreclosure (Ohio), 92:391
– – FHFA report, 2nd quarter 2009, data reveals large increases in delinquencies and new foreclosures among Fannie Mae and Freddie Mac loans, 93:624
– – FRB governor calls for additional action to save avoidable foreclosures, 92:379
– – Ill. lawmakers pass measure including “grace period” for homeowners enrolled in approved mortgage counseling processes, 92:147
– – N.C. governor signs measure aimed at protecting homeowners, 93:446
– – Or. lawmakers pass measure establishing notice and loan modification request procedures, 93:22
– – President Obama prepares to release details about Treasury-backed plan, 92:372
– – Senate Banking Comm. demands HUD and Treasury Dep't speed up efforts to help homeowners, 93:121
– – State laws that impede homeowners in avoiding proceedings once initiated contributing to U.S. crisis, consumer group report says, 92:491

– Rental of homes by foreclosed borrowers

See LEGISLATION, FEDERAL, HR 2529

– Rescue companies

– – Fraud

See FRAUD

– – Money laundering, FinCEN making referrals to law enforcement agencies on scams, Geithner says, 92:1147
– – Upfront fees, 4 firms allegedly collected $8M in improper fees for purported loan modification services (Fla. Cir. Ct.), 93:195

– State and local government, cities using laws and purchase power to pressure banks to address crisis, Special Report, 93:39
– Statistics, RealtyTrac report, 3rd quarter 2009, 93:739
– Subprime mortgages, Supremacy Clause preempts Cleveland's suit against national banks over allegedly destructive cycle of lending and securitization, OCC brief says (N.D. Ohio), 92:84
– TARP, Treasury Dep't to launch new homeowner assistance initiative for borrowers who do not qualify for loan modifications, official tells Congress, 93:781
– Tax consequences must be considered, Viewpoint, 92:522

FOREIGN INVESTMENT

– Hartford Financial Servs. Group, Allianz Se may keep stake in firm after conversion to savings and loan holding company, FRB says, 92:140
– Mandatory quarterly survey, potential changes could alter reporting requirements for foreign-owned banks and other businesses, 93:435
– Russia drops investments in Freddie Mac and Fannie Mae debt instruments, central bank official says, 92:295; government bans investment in similar institutions, 92:590
– Sovereign wealth funds to assume greater importance in future, researchers say, 92:834

401(k) PLANS

– AmEx target of ERISA class action suit alleging material misrepresentations and omissions regarding health of stock (S.D.N.Y.), 92:87
– Bankruptcy, loan payments not secured debts or necessary expenses for purposes of calculating disposable monthly income (9th Cir.), 92:1271
– Huntington Natl. Bank, 401(k) plan and participants may continue with ERISA claims for allegedly improper liquidation of plan assets (N.D.W.Va.), 92:288
– Identity theft red flag requirements, FTC says rules don't apply to 401(k)s based only on participant loans, 93:73; attorneys want formal guidance on 401(k) plans, 93:139

FPSC

See FINANCIAL PRODUCTS SAFETY COMMISSION (FPSC)

FRANCE

– Antitrust, European Comm'n closes infringement procedure after government opens saving book market, 93:750
– Commercial credit, government extends program helping businesses get credit from lenders, 93:300
– Executive compensation

– – G-20, Sarkozy promises to fight for tougher international commitments on limiting bankers' bonuses, 93:404
– – Stock market traders, banks to implement rules on calculation of bonuses, 92:396; government reminds banks of commitments, 93:299

– Green goods, European Comm'n approves scheme to provide low-interest loans for manufacturers, 92:355
– Mergers and acquisitions, Banque Populaire and Caisse d'Epargne may merge, antitrust agency says, 92:1503
– Money laundering, government calls for comments on draft changes to transposition of EU terrorist financing directive, 93:652
– Regulatory reform, Lagarde presents plan for combining national banking and insurance regulators into one authority, 93:249
– Tax havens, government to battle tax evasion on country-by-country basis, 92:1127; banks propose EU-wide transparency with respect to operations in uncooperative jurisdictions, 92:1287; BNP-Paribas to halt all operations in countries appearing on OECD gray list, 93:653
– Taxation, lawmakers to levy corporate tax on bank profits in 2010, 93:813

FRAUD

– Accounting

– – AIG, former General Re executive sentenced for alleged role in scheme to manipulate firm's 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

– Appraisals, Colo. governor signs measure toughening criminal penalties, 92:1265
– ARRA, FBI and other government agencies anticipate possible “next wave” of financial crimes, 92:1328
– Auction rate securities

– – Credit Suisse Securities to pay damages to institutional investor for unauthorized purchases (FINRA), 92:452
– – Sales practices, nationwide investigations expand to include broker-dealers and investment advisers, 92:1160
– – 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 fraud, Nemazee charged with defrauding BoA, Citibank, and HSBC Holdings (S.D.N.Y.), 93:589
– Corporate Fraud and Accountability Act

See SARBANES-OXLEY ACT

– Counterfeit checks, group of 18 defendants charged with operating identity theft ring using information obtained from bank tellers (N.Y. Sup. Ct.), 92:1273
– Credit cards, Chase Bank USA to release debt of some customers duped by group of defunct debt management service firms (Fla. Cir. Ct.), 93:146
– Credit rating, CalPERS alleges $1B loss due to faulty ratings on investments (Cal. Super. Ct.), 93:142
– Enforcement policy

See LEGISLATION, FEDERAL, HR 1748, S 331, S 386; LEGISLATION, FEDERAL, S 331, S 386

– False Claims Act amendments, FERA puts many unwary companies at risk of DOJ investigation, legal experts say, 92:1446
– First-time home buyer tax credit, IRS examines cases of possible fraudulent claims and identifies schemes, 93:788
– Foreclosure rescue companies

– – Attorney Debt Servs., Fla. AG closes firm under new state fraud law, 92:387
– – Consumer protection, FTC seeking public comment on crafting rules, 92:1252
– – Homes R Us USA founders sentenced for engaging in illegal scheme (S.D.N.Y.), 93:145
– – Money laundering, FinCEN making referrals to law enforcement agencies on scams, Geithner says, 92:1147
– – Safe Harbour Found. of Fla. employees settle FTC charges of deceiving homeowners (N.D. Ill.), 92:1123
– – United Home Savers, operation to be barred from misrepresenting facts material to consumer purchase decisions (M.D. Fla.), 93:393

– Futures trading, former BoA trader agrees to pay civil penalty for allegedly submitting phony reports on Treasury bond position risks (CFTC), 92:393
– Hedge fund investors may go forward with claim that Banc of Am. Securities aided and abetted breach of fiduciary duties committed by fund managers (2d Cir.), 92:1385
– Intellectual property, check fraud detection patent, claim against several Federal Reserve banks and contractor must be heard in different venue (Fed. Cir.), 93:647
– International Economic Emergency Powers Act, Lloyds TSB Bank to pay $350M to resolve charges of covering up prohibited transactions by Iranian and Sudanese clients, 92:83
– Loan modification

– – Advertising, 2 firms must stop false advertising implying membership in government-endorsed network (D.N.J.), 92:763
– – Consumer protection, FTC seeking public comment on crafting rules, 92:1252
– – Coordinated enforcement effort yields 189 actions so far, federal and state officials say, 93:134

– Madoff Ponzi scheme

– – Banco Santander, investors rebuff inadequate settlement offer (S.D. Fla.), 92:350
– – Disgraced financier pleas guilty as prosecutors begin search for accomplices (S.D.N.Y.), 92:634
– – DOL statement addresses fiduciary duties under ERISA, 92:351
– – Luxembourg censures UBS over losses related to scandal, 92:519
– – MAXAM Capital Mgmt. fund of funds sues auditors for relying on false account statements, 92:350
– – Related fiduciary breach cases could take years to resolve and leave big mark on law, Analysis and Perspective, 92:1401
– – Trustee announces recovery of $1.2B in missing assets on behalf of harmed investors (S.D.N.Y.), 92:1274

– Merrill Lynch acquisition by Bank of America

See MERGERS AND ACQUISITIONS

– Misled stockholders, Kucinich (D-Ohio) asks SEC to expand investigation into possible BoA violations of federal securities laws, 93:263
– Money laundering conspiracy, British national pleads guilty of using counterfeit foreign passports to bilk banks (M.D. Fla.), 92:511
– Mortgages

– – AFG Financial Group, indictment alleges conspiracy exceeding $100M (N.Y. Sup. Ct.), 93:80
– – Conn., federal agencies establish task force to investigate and prosecute crimes in state, 93:238
– – Enforcement, Bair calls for coordinated federal and state crackdown, 92:538; federal and state agencies coordinate efforts with private sector participants in crackdown, 92:812
– – Essien & Co. Realty, Colo. jury convicts ringleader in connection with complex scheme involving falsified invoices and shell corporations, 93:22; ringleader sentenced, 93:459
– – FHA vulnerable due to surge in loan volume and new lenders, HUD IG says, 92:1420
– – Fla. crackdown nets 41 defendants, officials announce, 93:245
– – Housing downturn contributing to spike in suspicious activity reports, FBI says, 93:66
– – Ideal Mortgage Bankers, DOJ and HUD seek injunction and launch civil complaint for alleged schemes involving FHA-insured loans (E.D. N.Y.), 93:802
– – Insurance, CUNA Mutual offers first loan documentation coverage available to retail credit unions, 93:288
– – Loan officer sentenced on conspiracy, money laundering, wire fraud, and false statements charges (D. Colo.), 93:294
– – Money laundering, FinCEN making referrals to law enforcement agencies on loan modification scams, Geithner says, 92:1147
– – President's Corporate Fraud Task Force expands to include 6 new agencies, 92:88
– – Senate actions, Reid (D-Nev) notifies lawmakers of heavy legislative agenda following spring recess, 92:867
– – Stolen commercial property, federal prosecutors charge man with sale to unsuspecting out-of-state purchaser (S.D.N.Y.), 93:354
– – Straw buyers, 6 state residents arrested after grand jury indictment (W. Wash.), 92:828

– Mutual funds

– – Reserve Fund, state regulators claim failure to redeem investments made by local government at $1/share (Colo. Dist. Ct.), 92:152
– – Reserve Mgmt., state officials charge firm with making false statements about supporting net asset value of fund (Mass. Sec. Div.), 92:152

– Overdraft charges, Chase Bank USA failed to meet burden of proving checking account fees nondischargeable because incurred by fraud (E.D. Wis.), 92:1063
– Payment systems

– – 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
– – Computer payment processing companies' operator charged with running firms as front for handling internet gambling transactions (S.D.N.Y.), 93:292

– Pensions, State Street allegedly falsified foreign currency exchange prices for state employee funds (Cal. Super. Ct.), 93:802
– Portugal releases annual report on tax fraud enforcement actions, 92:591
– RALs, H&R Block to pay $4.85M to settle state suit over allegedly deceptive marketing (Cal. Super. Ct.), 92:87
– Securities

– – Bernard L. Madoff Investment Securities scheme

See Madoff Ponzi scheme, this heading

– – Boilermaker-Blacksmith Natl. Pension Trust files action on behalf of investors in mortgage-backed certificates issued by Wells Fargo Asset Securities (S.D.N.Y.), 92:348
– – Carlyle Group allegedly misled former Congressman about safety of fund whose primary assets were mortgage-backed securities (Mass. Super. Ct.), 93:144
– – Countrywide Financial, SEC brings charges against former CEO and 2 other former executives (C.D. Cal.), 92:1319
– – New Orleans Employees' Retirement System files class claims against UBS for alleged tax evasion scheme (S.D.N.Y.), 92:347
– – Orders freezing assets raise questions, SEC webcast participants say, 92:990
– – R. Allen Stanford case highlights need to fill regulatory gaps, FINRA official tells Senate Banking Comm., 93:399
– – Refco scheme, class action against Mayer Brown over alleged role dismissed (S.D.N.Y.), 92:761
– – Regions Bank agree to pay fine to settle SEC charges over role in Latin American scam (S.D. Fla.), 93:588
– – Scheme liability, courts extending Stoneridge ruling more than anticipated, report finds, 92:445

– Subprime mortgages, Countrywide Financial

– – Deceptive marketing, firm agrees to pay settlement (Colo. Dist. Ct.), 92:393
– – Unfair and deceptive practices, D.C. agrees to join settlement reached by 40 states, 93:445

– TARP, Barofsky warns of significant risk to funds aimed at helping economy, 92:377; Barofsky estimates $300B in potential criminal schemes related to program, 92:537; FBI and other government agencies anticipate possible “next wave” of financial crimes, 92:1328; Puvalowski says IG using broad brush to define and investigate financial wrongdoing, 92:1419; Barofsky outlines types of fraud his office actively looks to detect, 93:226
– Terrorism financing, banks filed more SARs in 2008, FinCEN says, 93:122
– TJX data breaches, firm agrees to pay fine to group of state AGs to end investigation (Mass. Super. Ct.), 92:1496

FREDDIE MAC

– Capital infusion, enterprise asks Treasury Dep't for additional $30.8B after posting record net losses in 4th quarter 2008, 92:632
– High risk loans, new workout strategy uses 3rd-party servicers that specialize in servicing Alt A and other loans, 92:345

FSB

See FINANCIAL STABILITY BOARD (FSB)

FTC

See FEDERAL TRADE COMMISSION (FTC)

FUTURES TRADING

– Fraud, former BoA trader agrees to pay civil penalty for allegedly submitting phony reports on Treasury bond position risks (CFTC), 92:393

Contact the Webmaster at webmaster@bna.com
1801 S. Bell Street, Arlington, VA 22202 - Phone: 1-800-372-1033

Copyright © The Bureau of National Affairs, Inc. All Rights Reserved.