Banking Report Index-Summary

IASB

See INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

ICELAND

– EU membership, overleveraged banks trigger concerns of risk to taxpayers, 93:206
– Nationalized banks, lawmakers to approve measure establishing independent administrative agency soon, 93:91
– OECD 2009 Economic Survey, government should correct weaknesses in banking supervision and allow foreign banks to participate in financial sector, 93:474

IDENTITY THEFT

– Counterfeit checks, group of 18 defendants charged with operating identity theft ring using information obtained from bank tellers (N.Y. Sup. Ct.), 92:1273
– Due process, financial harm and alleged damage to credit rating not protected by Constitutional right to privacy (U.S., rev den), 92:151
– For-profit service industry, CFA urges FTC to investigate misleading practices and security concerns, 92:700
– Gonzalez case raises stakes for U.S. firms, experts say, Special Report, 93:409
– Personal data breach notification national standard, FTC and DOJ call on Congress to enact legislation, 92:1425
– Phishing, FBI and DOJ charge 100 defendants in large Egyptian-U.S. operation (C.D. Cal.), 93:698
– Prevention rules, FTC releases guide to help businesses meet compliance deadline, 92:807; FTC releases online template to ease compliance for low-risk firms, 92:1163
– Red flag requirements

– – American Bar Ass'n files suit challenging FTC rule (D.D.C.), 93:392; plaintiff seeks summary judgment in suit, 93:643
– – Enforcement, FTC delays deadline for new rules again, 92:1058; FTC and banking regulators issue joint FAQ guide to clarify new rules, 92:1379; 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; FTC grants 3rd rule delay under pressure from House Appropriations Comm. and lobbying groups, 93:220
– – Lobbying groups opposing FTC rule could turn to courts as ultimate solution, Special Report, 93:302

– SQL injection attacks, Fla. man indicted in case involving more than 130M cardholders, 93:353

IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS)

See ACCOUNTING

ILLINOIS

– Credit cards, marketing activities targeting college students, state measure to put end to “gimmicks and trickery,” 93:342
– Failed banks

– – Bank of Lincolnwood, FDIC DIF to lose estimated $83M after state agency shutters institution, 92:1325
– – Corn Belt Bank and Trust, state 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
– – Elizabeth State Bank, state and federal regulators close member of business family, 93:71
– – First DuPage Bank, state regulators shutter Westmont institution, 93:780
– – First Natl. Bank of Danville, OCC closes institution, 93:71
– – First State Bank of Winchester, state and federal regulators close member of business family, 93:71
– – Founders Bank, state and federal regulators close member of business family, 93:71
– – Heritage Community Bank, FDIC named as receiver after state regulators close institution, 92:495
– – InBank, MB Financial Bank, Natl. Ass'n assumes all deposits except certain brokered deposits under agreement with FDIC, 93:425
– – John Warner Bank, state and federal regulators close member of business family, 93:71
– – Mutual Bank, collapse costs DIF $696M, 93:224
– – National Bank of Commerce opens under Republic Bank of Chicago banner, 92:185
– – Platinum Community Bank, FDIC pays out all insured deposits after OTS announces closure, 93:425
– – Rock River Bank, state and federal regulators close member of business family, 93:71
– – Strategic Capital Bank, Ill. shuts down institution and names FDIC as receiver, 92:1260

– Foreclosure prevention, state lawmakers pass measure including “grace period” for homeowners enrolled in approved mortgage counseling processes, 92:147
– Supervisory fees charged to state-chartered banks, state lawmakers pass measure to reduce certain regulatory fees, 92:147

IMF

See INTERNATIONAL MONETARY FUND (IMF)

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

– Automatic direct-deposit accounts, Pres. Obama “lays groundwork” for future in FY2010 budget proposal, 92:498; Treasury Dep't official outlines possible features of accounts, 92:1432
– Savers' Credit program, FY2010 budget proposal to use program to increase retirement security of low-income workers, 92:498
– Savings

– – Accounts primarily benefit high-income earners and fail to contribute significantly to national saving, CRS report finds, 92:140
– – Balances declined up to 20 percent from end of 2007 to June 2009, EBRI says, 93:283

– Taxation, waived minimum distributions from tax-qualified IRAs, IRS issues notice providing reporting guidance to financial institutions, 92:76

INFRASTRUCTURE

– Sale-in/lease-out (SILO) transactions, tax-advantaged leases focus of debate following fatal subway collision, 92:1481

INSIDER TRADING

– CDS, SEC charges Deutsche Bank Securities portfolio manager and salesman (S.D.N.Y.), 92:1125
– Countrywide Financial, suit by class of shareholders against 3 former officials dismissed (C.D. Cal.), 92:891
– Hedge funds, Galleon and New Castle, 6 executives charged over alleged roles in largest case yet (S.D.N.Y.), 93:742
– Securities, former Citigroup banker and brother charged with $6M scheme (N.D. Cal.), 92:1066

INSURANCE

– Accounting, FASB to start new long-term joint effort with IASB to improve and make more consistent standards, 92:429
– AIG borrows 83% of total funds available under federal lending facilities, 92:264; Treasury Dep't extends $30B in TARP funding to restructure existing FRB loans, 92:472; senators press for more details on aid, 92:550; Frank (D-Mass) asks Geithner and Bernanke to determine whether or not AIG tries to avoid repayments, 92:794; Towns (D-NY) and Issa (R-Cal) ask DOJ and SEC to turn over confidential documents related to federal settlements, 92:800; Towns and Issa threaten to compel DOJ and SEC to comply with 2nd request for confidential documents, 92:1062; reconstituted board to select new leadership to replace outgoing CEO, 92:1260; GAO says firm making progress in restructuring and stabilization but prospects for repayment uncertain, 93:580; SIGTARP report says Treasury Dep't should work more closely with FRB N.Y. on compensation decisions, 93:718
– Asbestos, personal injury plaintiffs may not sue carriers with alleged knowledge of hazards (U.S., rev and rem), 92:1449
– Bond insurers, N.Y. governor asks for federal funding for firms to reduce counterparty risk and borrowing costs, 92:488
– China signs agreement allowing exchange of data with N.Y. state regulators, 93:238
– Community First Credit Union, expert testimony on sales of insurance products (E.D. Wis.), In Brief, 92:1068
– Credit-based scoring, FTC orders 9 firms to produce information on study on use and effect on consumers of homeowners insurance, 92:21
– Equity-indexed annuities, firms challenging SEC rule seek expedited review (D.C. Cir.), 92:287; court agrees to expedite review of controversial SEC rule, 92:350; SEC failed to consider economic impact properly, court rules, 93:192
– EU to establish new regulatory framework excluding system for sharing supervision of cross-border business, 92:769
– Flood insurance extension

See LEGISLATION, FEDERAL, HR 3139

– Life insurance

– – Contracts, IRS issues 2 rulings to provide tax guidance, 92:1057; industry representatives say rulings consistent with previous treatment, 92:1103
– – Reserves, state regulators approve model law to modernize rules, 93:581

– Monoline insurance firms still battling civil lawsuits, 93:646
– Mortgages

– – Capital reserve fund to decline below statutory requirement of 2 percent, FHA says, 93:502
– – Enforcement, FHA needs to increase oversight of rapidly growing share of U.S. loan insurance market, HUD auditor says, 92:69; HUD officials ask Senate panel for better computer technology and more staff, 92:811; further action, see LEGISLATION, FEDERAL, HR 3357
– – Fraud, CUNA Mutual offers first loan documentation coverage for retail credit unions, 93:288

– Optional federal regulatory agency

– – Cost estimate, charter could cost $700M annually, OCC report says, 92:421
– – Financial regulatory system overhaul, life insurers encourage White House to incorporate oversight mechanism, 92:1314
– – House measure

See LEGISLATION, FEDERAL, HR 1880

– Outlook 2009, regulation could take new shape, 92:235
– Regulatory reform

– – Consumer Financial Protection Agency, draft measure should be revised to keep insurance out of oversight scope, trade groups say, 93:123
– – House actions, Bean (D-Ill) and Royce (R-Cal) introduce measure to create optional federal charter and systemic risk accountability rules, 92:801; further action, see LEGISLATION, FEDERAL, HR 1880

– Single-premium annuities, debtor's annuity not property exempt from bankruptcy estate (9th Cir.), 92:510
– Systemic risk

See SYSTEMIC RISK

– TARP, Treasury Dep't approval of federal funds for 6 large firms may signal future help for other economic sectors, 92:1143
– Temporary Liquidity Guarantee Program (TLGP)

See LIQUIDITY

– UK, director and officer liability insurance, risk managers invest in large policies, 93:83
– Wrongful conduct by officers and directors, allegations do not trigger liability coverage when filing names only corporation (1st Cir.), 93:806

INTELLECTUAL PROPERTY

– AIG subsidiary to suffer significant harm if forced to stop using post-scandal name pending outcome of trademark infringement action (N.D. Ind.), 92:944
– Patents

– – Check fraud detection, claim against several Federal Reserve banks and contractor must be heard in different venue (Fed. Cir.), 93:647
– – PayPal internet billing method patent does not infringe patent on same function provided by Netcraft (Fed. Cir.), 92:28
– – Reform

See LEGISLATION, FEDERAL, S 515

– Trade secrets, Goldman Sachs computer programmer charged with stealing proprietary software code (S.D.N.Y.), 93:70

INTEREST RATES

See also MONETARY POLICY
– Credit cards, Dodd (D-Conn) and Schumer (D-NY) call on FRB to implement emergency freeze on existing balances, 92:991
– Derivatives, Nasdaq Group subsidiary launches OTC interest rate swap clearinghouse, 92:73
– Federal funds, FRB keeps rate target 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
– Mortgages

– – Freddie Mac survey, week ended Dec. 19, 2008, 92:26; week ended Jan. 2, 92:82; week ended Jan. 23, 92:285; week ended Jan. 30, 92:346; week ended Feb. 6, 92:389; week ended Feb. 13, 92:441; week ended Feb. 27, 92:578; week ended March 13, 92:705; week ended March 27, 92:824; week ended April 2, 92:889; week ended April 30, 92:1122; week ended May 7, 92:1170; week ended June 11, 92:1444; week ended June 18, 92:1494; week ended July 2, 93:77; week ended July 16, 93:77; week ended July 23, 93:243; week ended Aug. 20, 93:403; week ended Aug. 27, 93:450; week ended Oct. 9, 93:741
– – Pres. Obama urges struggling homeowners to take advantage of historically low rates, 92:865
– – Taxation, IRS to expand deduction compliance initiative program following IG investigation, 93:437

– Nonperforming loans, IRS updated issue paper on accrued interest, In Brief, 92:342
– Outlook 2009, forecasters predict very low rates amid FRB intervention attempts to stimulate economy, 92:45

INTERNAL REVENUE SERVICE (IRS)

– Enforcement policy, agency working to make international tax compliance top priority while addressing economic crisis, Shulman says, 92:493

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– Standards development and amendment

See ACCOUNTING

INTERNATIONAL BANKING AND FINANCE

– Aid for trade, IMF chief calls on banks to clean up balance sheets, ensure financial stability, and avoid protectionism, 93:87
– Buffers, development to ensure sufficient capital set-asides for crises difficult but necessary, BIS says, 93:10
– Central banks, some institutions have taken “significant risks,” BIS says, 92:1231
– Chinese banks not looking to buy U.S. banks in near future, regulator says, 92:494; Geithner says Chinese remain confident about massive investments in U.S. dollars, 92:1335
– Crisis assets, IMF urges governments to begin planning exit strategies, 93:539
– Cross-border lending by internationally active banks, BIS reports slight upturn in 3rd quarter 2008, 92:293; BIS says efforts to stabilize financial markets “gaining traction,” 92:513; latest preliminary figures for 4th quarter 2008, 92:1071; 2nd quarter 2009 shows continued decline in lending, 93:809
– Eastern Europe, World Bank and EBRD to provide over $31B to support banking sector, 92:517
– Economic recovery, BIS report cites “cautious optimism” about strong earnings among investors, 93:464
– EU to conduct bank stress tests despite concerns from member states about utility, 92:1176; lending rates fall after record ECB cash injection, 92:1500
– Foreign bank and financial account (FBAR) reporting requirements

See TAXATION

– G-20 must support cross-border banking supervision proposal, EU leaders say, 92:447
– Higher regulatory capital and liquidity standards for global banking firms, Treasury Dep't lays out policy goals, 93:422
– Japan, BOJ-NET payment and settlement system, bank to introduce new system in 2013, 93:150
– Lending, BIS report cites further decline in activity by internationally active banks in first quarter 2009, 93:199
– London meeting, UK invites Japan, U.S., and EU to summit of global bankers, 92:643
– Public-private infrastructure projects, international lenders more likely than U.S. institutions to make longer-term loans, attorney says, 92:709
– Restoration of long-term viability should be focus of financial system efforts, Kroes tells conference, 93:33
– Russia

– – Bailouts, lawmakers adopt measures to prop up ailing banking sector, 93:87
– – Capital, government to allow use of federal treasury bills to raise capital for banks up to 100 percent, 93:38; Medvedev signs measures into law, 93:203
– – Minimum capital standards, government approves amendments to banking laws, 92:520

– South America, 7 nations reach agreement on new regional development bank, 92:1182
– SWIFT transfers, U.S. compliance with privacy guarantees, French judge concludes safeguards respected, 92:449; European Comm'n aims to negotiate new pact with U.S., 93:148; EU to incorporate data protection recommendations into agreement, 93:467; European Parliament adopts guidelines for new interim agreement with U.S., 93:542
– Swiss bank advises clients to dump U.S. securities holdings due to concerns about further overseas crackdown by tax authorities, 93:407
– Tax distortions may have contributed to financial crisis, IMF paper finds, 92:1457
– World Bank, Frank (D-Mass) wants improved transparency before providing more capital next year, 93:469

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

See ACCOUNTING

INTERNATIONAL MONETARY FUND (IMF)

– EU loans fund 100B euros to shore up lending capacity, 92:714; fund forecasts need for more proactive approach to help recovery, 92:1176
– Flexible Credit Line, officials unveil new lending framework, 92:768
– G-20 members must support proposals for increased funding, EU leaders say, 92:447

INTERNATIONAL TAX

– Brazil plans to tax savings accounts and reduce taxes on investment funds, 92:1180
– Canada, draft rules align tax treatment of foreign bank branches with domestic banks, 93:364
– Havens

See TAX HAVENS

– Regulatory reform, House and Senate support for White House proposals may vary, aides say, 92:1177
– Russia clarifies issues including deductibility of letter of credit fees, 92:37
– Russia, Supreme Arbitration Court issues guidance on legal obligations of banks, 93:300
– Section 382 losses, banking group urges Rangel (D-NY) to support beneficial use, 93:295
– Spain publishes new rules on tax payments made by direct debit methods, 92:1504
– Switzerland confirms entry into new set of partial treaty negotiations with U.S., 93:202
– United Kingdom

– – Code of conduct for banks, draft seeks to close down tax avoidance move, 93:37; tax attorneys voice concerns about draft code of conduct, 93:89
– – Concessions, government to legislate for banking sector hit by economic crisis, 92:642

INTERNATIONAL TRADE

– Global liquidity pool, WTO working with IMF and World Bank to create fund to cover shortfall in trade financing, 92:521
– Internet gambling

See GAMBLING

INTERNET

– Accounting, GAAP, FASB launches codification project with new online reference system, 93:11
– Australia, foreclosure documents may be served via Facebook accounts, supreme court rules, 92:30
– Cybersecurity, Rockefeller (D-WVa) and Snowe (R-Maine) measure likely to direct NIST to establish enforceable standards, 92:698
– E-mail acceptable alternative means of serving process in legal dispute, several federal courts rule, 92:30
– Financial crisis, FRB St. Louis launches website outlining events in financial markets from early 2007 to present, 92:21; FRB St. Louis launches updated version of website, 92:438
– Financial regulatory system overhaul, web-based organization launched to give investors voice in process, 93:16
– Gambling

See GAMBLING

– Mortgages, search engine providers must refuse placement of misleading relief ads (D.D.C.), 92:1215
– Payday loans, licenses for lenders, Kans. statute applies to instate loans and does not violate Commerce Clause (10th Cir.), 92:31
– PayPal billing method patent does not infringe patent on same function provided by Netcraft (Fed. Cir.), 92:28
– Securities, BrokerCheck service, FINRA proposes that disciplinary histories of brokers remain online permanently, 92:1058

INVESTIGATIONS

– Executive compensation, N.Y. AG investigation of Merrill Lynch acquisition by Bank of America

See MERGERS AND ACQUISITIONS

– Financial crisis, Congress to create 21st-century version of Roosevelt-era commission to investigate causes, Pelosi (D-Cal) says, 92:918
– Illegal campaign contributions, FEC dismisses complaint against Pres. Obama for Northern Trust mortgage loan, 92:572
– IndyMac Bank, Treasury Dep't IG review finds OTS approval of backdating of capital infusion, 92:8
– Mexico to investigate Stanford Fondos for possible violations of national law, 92:455
– Misled stockholders, Kucinich (D-Ohio) asks SEC to expand investigation into possible BoA violations of federal securities laws, 93:263
– National banks and operating subsidiaries shielded by federal regulations from investigation and enforcement actions by N.Y. authorities (U.S., rev grant), 92:200; (oral arg), 92:1044; strategy and tactics state AGs will use to seek documents from banks to change in aftermath of decision, 93:25; (aff and rev), 93:25
– SEC enforcement policy, more investigations to open following self-analysis, Walter tells conference, 92:569
– Senate select committee to investigate causes of financial crisis, McCain (R-Ariz) and Dorgan (D-ND) propose measure to create bipartisan panel, 92:566
– TARP, BoA investigation launched on use of funds, guarantees, and lobbying, special IG says, 92:320

INVESTING

– Financial advisers, interest groups urge Congress to impose fiduciary standard regardless of charter, 92:757
– Proxy access, Schapiro urges lawmakers to craft legislation enabling shareholders to include limited number of director nominees in public company materials, 93:136
– Quality of investor information, financial advisors call for improvements, 92:1077

IOWA

– Vantus Bank, Great S. Bank assumes all deposits after OTS closes institution, 93:425

IRAs

See INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

IRELAND

– Anglo Irish Bank, European Comm'n approves emergency recapitalization under state aid rules, 92:162; government nationalizes bank and drops emergency recapitalization plan, 92:207; government pledges to inject over $5B into bank, 92:1285; European Comm'n approves emergency recapitalization, 92:1503
– Recapitalization package, government injects initial $7.65B into 3 major banks, 92:37

IRS

See INTERNAL REVENUE SERVICE (IRS)

ISLE OF MAN

– IMF evaluation finds financial sector in compliance with global standards, 93:704
– Tax havens, government publicly disputes label, 92:949

ITALY

– Antitrust, regulators call for greater levels of oversight into corporate governance of financial sector firms, 92:162
– Automotive industry, European Comm'n voices concerns about legality of bailout plan, 92:454
– 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
– Global finance restructuring, G-7 presidency to be used to seek regulatory and financial reform of financial system, officials say, 92:397
– Recapitalization of commercial banks, European Comm'n approves government plan, 92:36; European Comm'n agrees to allow government to modify plan, 92:454
– Taxation, banks involved in international currency transactions must soon begin calculating owed amounts based on daily values, 92:899