Banking Report Index-Summary

RALs

REAL ESTATE

– Ameriprise Financial Servs. reaches settlement over alleged concealment of revenue-sharing with REITs (SEC), 93:146
– Bankruptcy, survey of large home builders shows one third in financial distress, 92:380
– Commercial market forecasts

– – Bank exposure report reveals broad and diverse array of institutions holding debt, 93:330
– – Indicators point to 35-40 percent correction for sector, panel of experts says, 92:1427
– – Ongoing weakness in activity likely to continue into 2010, National Ass'n of Realtors says, 93:330
– – Sentiment Index, Roundtable report, 3rd quarter 2009, 93:280
– – Texas, market may experience limited long-term damage because industry did not overbuild, FRB Dallas article says, 92:19

– Economic crisis

– – Little recovery likely until 2012, experts tell lawmakers at hearing, 93:56
– – TALF, interest group head hopeful that program will eventually have positive impact on market, 92:1426

– Investment trusts (REITs)

– – Equity instruments appear well positioned to take advantage of new TALF program, 93:331; REITs preparing to participate in program, 93:395
– – Mortgage instruments, new wave of products sets sights on expected demand for distressed debt, 93:394
– – Multiple stresses generating speculation of transformative consolidations, 92:1110
– – Unsecured debt offerings show industry beginning to regain footing, 93:432

– Mortgage loans

See MORTGAGES

– Weak commercial loans come home to roost at supervised banks, Analysis and Perspective, 93:658

REAL ESTATE MORTGAGE INVESTMENT CONDUITS (REMICs)

– Modification of commercial loans, industry advocates guidance as modest support, 92:179; IRS unveils guidance package, 93:515
– Treasury Dep't policy on rules on hold even as CMBS delinquencies rise, Analysis and Perspective, 93:304

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

See generally MORTGAGES

RECORDKEEPING AND REPORTING

– Accounting

See generally ACCOUNTING

– Credit card transaction reporting, expiration dates on receipts, online retailers not required to comply with FACT Act prohibitions (S.D. Fla.), 92:31
– Data security

See DATA SECURITY

– Derivatives, OTC market, Schumer (D-NY) announces plan to propose central repository for mandatory reporting of trades, 93:274
– Fair value reporting

See generally FAIR VALUE MEASUREMENT

– Foreign bank and financial account (FBAR) reporting requirements

See TAXATION

– International Financial Reporting Standards (IFRS) convergence

See ACCOUNTING

– Mortgages, transaction reporting requirements, FinCEN seeks comment on plans to expand rules to nonbank lenders and originators, 93:122
– TARP, executive compensation standards, interim final rule amends and clarifies standards and adds reporting and recordkeeping requirements, 92:182
– Tax havens, Shulman expresses support for reporting provisions similar to proposed draft measure, 92:688
– Taxation

See generally TAXATION

REFUND ANTICIPATION LOANS (RALs)

– Finance charges not interest under TILA and need not be refunded (9th Cir.), 92:27
– Fraud

– – H&R Block to pay $4.85M to settle state suit over allegedly deceptive marketing (Cal. Super. Ct.), 92:87
– – Republic Bank & Trust, FDIC places cease-and-desist order on program with condition of modifications to continue, 92:806

– TARP, consumer advocates attack Santa Barbara Bank & Trust for using funds to help make loans, 92:70

REGISTRATION

– Credit rating agencies, Schapiro endorses Treasury Dep't legislative proposals, 93:174; SEC says not enough data yet to evaluate impact on competition, 93:691
– EU, negotiations to finalize requirements for credit rating agencies launched, 92:766; regulatory framework requires uniform standards for mandatory registration, 93:85
– Hedge funds, registration as investment companies

See HEDGE FUNDS

– Senior unsecured debt guaranteed under TLGP, issuers do not have to register that debt with OCC, 92:269

REGULATORY REFORM

– Broker-dealers in financial holding companies, FRB to seek supervisory authority, 92:912
– Consolidation of SEC and CFTC should not happen unless significantly helpful to revitalizing financial system, Gensler says, 92:334
– Credit cards

See CREDIT CARDS

– Cross-border regulation in banking sector key to improving market, EU official says, 92:1500
– European Union

– – Economic climate requires complementary roles from self-regulation and competition policy, Kroes says, 92:1280
– – Executive compensation, European 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; European 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

– Federal cooperation

– – Banking sector, Pres. Obama hosts executives for 2-hour discussion, 92:734
– – Germany, Pres. Obama and Chancellor Merkel pledge united action, 92:1484

– Financial regulatory system overhaul

– – AICPA endorses key legislative ideas, 92:1054
– – Banking and securities experts expect action soon, 92:611
– – Bicameral actions, Dodd (D-Conn) and Frank (D-Mass) pledge to cooperate in modernization effort, 92:800; Dodd says consumer protection agency critical to reform effort, 92:1354; scope of Dodd's role still uncertain after death of Kennedy (D-Mass), 93:396; Dodd pledges to push for comprehensive bipartisan approach while remaining Banking Comm. chair, 93:424
– – Bipartisanship should be determining factor in revamping system, Kanjorski (D-Pa) says, 92:1061
– – Capital, Greenspan calls for higher levels at banks to guard against repeat of crisis, 93:727; Bernanke calls for surcharge on large, complex firms, 93:777
– – Congressional Oversight Panel recommends 8 specific reforms, 92:253
– – Consolidation of banking system oversight

– – – Bair and other banking regulators continue to criticize aspects of Obama administration plan, 93:260
– – – Dodd (D-Conn) to push for single federal regulator, 93:614; Dodd says Obama administration proposal would remedy industry abuses, 93:669
– – – Dugan and Bair tell bankers to prepare for sweeping legislative and regulatory changes, 93:771

– – Consumer Financial Protection Agency

– – – Frank (D-Mass) promises that supporters will use August recess to counter industry lobbying efforts, 93:167
– – – Insurance, trade groups say insurance should not be included in scope of new agency, 93:123
– – – Pres. Obama urges support for plan while criticizing opponents, 93:669
– – – Summers calls for expeditious action on federal measure, 93:506
– – – Treasury Dep't to send Congress proposed legislative language 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

– – Contingency capital, federal regulators to consider imposing requirements to help troubled banks, FRB N.Y. president says, 93:727
– – Council on Foreign Relations favors discouraging cyclical booms and busts in credit markets, 92:732
– – Derivatives, Geithner introduces Obama administration plan based on minimizing custom derivatives, Special Report, 93:96; Gensler asks key legislators to “enhance” draft language, 93:322
– – Fair lending, data collection problems argue for CFPA, Democratic leaders say, 93:338
– – Framework still in flux with continued opposition to single-agency plan, 92:1248; creation of systemic risk regulator likely to be part of proposal, 92:1349; Summers defends handling of ongoing recession and financial turmoil, 92:1353; lawmakers, financial services sector, and analysts give Obama administration proposal restrained response, 92:1411; proposal concentrates many powers at FRB, 92:1413; proposal envisions significant expansion of SEC powers, 92:1417; White House urges FASB and IASB to make some accounting changes as part of proposal, 92:1418; FTC could lose many consumer protection functions under proposal, 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; FRB tells Congress to upgrade statutory mission to keep finance-oriented consumer protection with board, 93:109; Barr says new system must consolidate existing authority and cover poorly regulated sectors, 93:111; financial services sector supports plan but recommends clarifications, 93:113; Geithner says reform package needs to be passed this year, 93:161; Treasury Dep't publishes draft final piece of reform package, 93:324; Geithner says fixing rules quickly essential to protecting entire system, 93:619
– – Funding, Volker suggests study on taxes and fees on derivatives and other financial instruments, 93:566
– – GAO finds current setup not keeping pace with major developments in financial markets and products, 92:65; second report emphasizes need for major overhaul, 92:177
– – Havens from U.S. law will be barred from access to U.S. banking system, Frank (D-Mass) says, 93:161
– – House actions, Pelosi (D-Cal) praises recommendations, 92:255; House panel hears testimony on returning to community bank foundation of banking system, 92:545; witnesses describe regulatory gaps but differ on fixes, 92:739; 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; Frank releases tentative schedule for committee action, 93:504
– – ICI issues proposal, 92:574
– – Independence of IGs at federal agencies

See LEGISLATION, FEDERAL, HR 885

– – International agreements, Bachus (R-Ala) calls for coordination of reform efforts, 92:756; federal officials report progress in increasing international cooperation, 93:635
– – Internet, web-based organization launched to give investors voice in process, 93:16
– – Key principles, Pres. Obama lists plans for reform, 92:486; Pres. Obama urges lawmakers to approve package while challenging industry to enact voluntary remedies, 93:421
– – Life insurers encourage White House to include optional federal insurance charter, 92:1314
– – National Bank Supervisor, Treasury Dep't sends legislative proposal to Congress, 93:163
– – New Democrat Coalition unveils 21-point plan, 92:488
– – Pace Univ. forum, Geithner and Summers reveal latest thinking concerning Obama administration plans, 93:716
– – Preemption of state bank laws, Dugan defends national banking system and criticizes Obama administration plan, 93:559
– – Privacy, new agency to enforce Gramm-Leach-Bliley rules under draft Obama administration measure, 93:12
– – “Process of failure,” Levitt tells lawmakers to move toward management regime, 93:566
– – Recovery signs does not lessen need for reform, Wolin tells industry group, 93:566
– – Research groups says U.S. only needs 3 regulatory agencies to watch over financial sector, 92:1257
– – Resolution authority for bank holding companies

See LEGISLATION, FEDERAL, S 1540

– – Securities

– – – Investor protection, Obama administration delivers proposed measure to strengthen SEC powers, Special Report, 93:97
– – – Kanjorski (D-Pa) draft measure to reform SEC, lawmakers question whether approach sufficiently aggressive, 93:732
– – – Need to pursue reform still strong, Schapiro tells conference, 93:526
– – – Obama administration plan would mean big changes in existing law, Special Report, 93:93
– – – Regulation under Obama administration's plan pushes “change” agenda, Analysis and Perspective, 93:99

– – Senate actions, measure could go to floor vote soon, Dodd (D-Conn) says, 93:675
– – Single risk regulator, Schapiro pushes for hybrid approach, 93:735
– – State and local pension fund executives urge Geithner to maintain SEC independence, 92:1258
– – Systemically vital firms, FRB Cleveland analyst proposes identifying criteria, 93:336
– – Timeline website, FRB St. Louis launches new tracking website, 93:236
– – “Too big to fail” institutions, Treasury Dep't sends proposal to Congress to establish resolution regime for federal regulators, 93:163; Barr stresses need for global cooperation, 93:616; Tarullo says problems must remain “front and center” during legislative phase, 93:791; House panel focuses on role of bankruptcy and antitrust law in reform package, 93:792
– – Unintended consequences

– – – Industry lobbyist warns against creating broad regulatory system, 92:1100
– – – Sununu urges government to avoid, 92:254

– Fraud reduction, Congress needs to close regulatory gaps to make enforcement feasible, regulators say, 92:671
– Global finance restructuring

– – Europe wants to work with U.S. in positive manner, Sarkozy and Merkel say, 92:92
– – G-20 framework, 5 EU nations insist on inclusion of tax haven sanctions, 92:456; Levin (D-Mich) calls on Obama administration to encourage sanctions, 93:524; leaders pledge to tighten crackdown and promote transparency, 93:557
– – G-30 calls for fundamental changes to financial industry regulations, 92:136
– – Italy to use G-7 presidency to seek regulatory and financial reform of financial system, 92:397
– – Stimulus will not resolve crisis without addressing banking sector, IMF says, 92:291

– Hill Watch, 92:957
– Housing bubble, central banks not cause problem but should have heeded warning signs, IMF says, 93:595
– Lehman Bros. failure, need for significant reform still urgent, specialists say, Analysis and Perspective, 93:475
– Money market funds, Geithner proposes SEC strengthen framework to make industry “less susceptible to funds,” 92:730
– Municipal bonds, MSRB seeking comment on proposed rules to clarify prioritization of orders by issuers and underwriters, 93:339
– Mutual funds, ICI reform proposal calls for federal regulators to oversee systemic risk and capital markets, 92:574
– Nonbank subsidiaries of bank holding companies and foreign banking organizations, FRB expands consumer protection role, 93:497
– Outlook 2009

– – Congress expected to revamp system to prevent and minimize financial crises, 92:213
– – Landscape to be more transparent and uniform, Ludwig says, 92:217

– Oversight of financial markets

– – Early read on reform sees mounting opposition and slower pace, Analysis and Perspective, 93:251
– – House actions, Frank (D-Mass) names designation of federal agency to monitor risks as priority, 92:323; Frank to begin drafting measure to implement consolidated regulatory system soon, 92:670; Delahunt (D-Mass) introduces measure to create Financial Product Safety Comm'n, 92:736; Frank calls for strong framework for private credit and investment markets, 92:930
– – Risk management, banking and securities regulators identified weaknesses but failed to take action, GAO says, 92:672
– – Senate actions, Lieberman (I-Conn) cedes power to Banking Comm. but pledges to play role in debate, 92:189; Dodd (D-Conn) to focus on designation of federal systemic risk regulator, 92:325; Schumer (D-NY) and Durbin (D-Ill) to introduce measure creating Financial Product Safety Comm'n soon, 92:565; Dodd says several banking agencies could share authority for monitoring and regulating systemic risk, 92:738
– – Uber regulator needed to be responsible for everything except monetary policy and systemic risk management, former SEC chair says, 92:748

– Preemption, Dugan challenges Congressional Oversight Panel recommendation to roll back some federal supersession of state laws on national banks, 92:374
– Proxy process, SEC eliminates broker voting and proposes rule changes, 93:21
– Registration of hedge funds and other private investment funds with SEC, Geithner outlines framework, 92:730; venture capitalists oppose idea while some private funds voice agreement, 92:1416; Obama administration delivers draft measure to Congress, 93:127
– Resolution authority for nonbank firms, Geithner unveils risk management plan, 92:728
– Securities, SEC review needed to help rebuild investor confidence, Reed (D-RI) says, 92:274
– Switzerland approves financial market regulator plan for increased oversight of banks and improved client protection, 93:652
– Systemic risk

See SYSTEMIC RISK

– UK must avoid making changes to financial system in isolation, banking lobby warns, 92:1456; government releases white paper to reform financial markets further, 93:89

REMICs

See REAL ESTATE MORTGAGE INVESTMENT CONDUITS (REMICs)

REMITTANCES

– Latin America, recession likely to lead to fall in flow of cash from migrant workers in U.S., IDB predicts, 92:713
– Medieval system still plays active role in 40 percent of international transfers, FRB Kansas City report finds, 92:141
– Money services businesses, Maloney (D-NY) measure likely to be marked up soon, 92:1311
– Statistics, IADB Multilateral Investment Fund report, 93:362

REPORTING

See RECORDKEEPING AND REPORTING

RESERVES

– Accounting, FCAG panel seeks to force withholding by banks but with regulatory supervision, 92:421
– Excess balance accounts at reserve banks, FRB seeking public comment on proposed rule, 92:269; FRB finalizes changes to Regulation D, 92:1200
– Financial crisis, U.S. banks “hoarded” and resisted lending at outset of financial downturn in 2007, FRB N.Y. report says, 92:1153
– S&Ls, OTS report, 4th quarter 2008, 92:471; first quarter 2009, 92:1306

RESPA (REAL ESTATE SETTLEMENT PROCEDURES ACT)

See generally MORTGAGES

RETIREMENT

– Individual retirement accounts

See INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

– Pensions

See PENSIONS

– Regulation Z amendment exempts employer-sponsored plan loans from TILA disclosure requirements, 92:559
– Rescue of distressed assets, N.Y.C. pension funds open to role in government plan, comptroller says, 92:386
– Savings rate

– – CRS finds tax incentives generally are ineffective in generating new saving, 92:436
– – Pomeroy (D-ND) measure

See LEGISLATION, FEDERAL, HR 1961

RISK MANAGEMENT

– Bank supervision

– – Operational risk, U.S. shows largest bank losses in Basel Comm. survey, 93:218
– – Stress testing, Basel Comm. recommends improvements, 92:91

– Best practices, IIF and GARP launch joint program to train boards of directors in financial industry, 92:1078
– Cal. registered warrants, financial institutions should exercise “prudent judgment” in accepting IOUs, federal regulators warn, 93:64
– Chinese banks face global challenges but likely to continue buying U.S. Treasuries, 92:395
– Community banks, FRB S.F. president urges bankers to start planning for stress tests, 93:225
– Correspondent concentration risks, federal banking regulators issue proposed supplemental guidance, 93:629
– Credit risk primary focus for federal bank regulators, Dugan tells conference, 92:1158
– European Union, OTC derivatives, European Comm'n outlines 4 available options, 93:86
– Leverage ratios at broker-dealers, SEC official defends agency against charges of removing important restrictions, 92:869
– Liquidity

– – FDIC board approves publication of proposed interagency guidance, 92:1477
– – Harmonization of standards, federal regulators seek comment on guidelines for requirements to align with Basel Comm. rules, 93:14

– OTC derivatives, central counterparty clearing facilities should have policies in place, Overdahl says, 93:274
– Remote deposit capture (RDC) systems, FFIEC issues guidance to help identify risks, evaluate controls, and assess risk management practices, 92:145
– Securitization, need for product regulation depends on use by market, SEC official says, 92:382

RUSSIA

– Accounting, PricewaterhouseCooper's appeal in legal dispute with federal tax service over deduction of consultancy fees upheld, 92:204
– Bailouts, lawmakers adopt measures to prop up ailing banking sector, 93:90
– Banking taxes, finance ministry clarifies issues including deductibility of letter of credit fees, 92:37
– Capital, government to allow use of federal treasury bills to raise capital for banks up to 100 percent, 93:38
– Derivatives, lawmakers approve measure to amend tax legislation to support markets, 92:1289
– Executive compensation, guidance releases rules for international firms, 93:545
– Foreign investment, government drops investments in Freddie Mac and Fannie Mae debt instruments, central bank official says, 92:295; government bans investment in similar agencies, 92:590
– International banking and finance

– – Capital, government approves amendments to banking laws that include new minimum capital standards, 92:520
– – Legal obligations of banks in bankruptcy and tax cases, Supreme Arbitration Court issues guidance, 93:300
– – Overseas subsidiaries of domestic credit organizations, central bank amends rules, 93:472

– Monetary policy, central bank to limit holdings in U.S. Treasury bonds, 92:1395
– Money laundering, customs agency pursuing case against Bank of N.Y. Mellon despite earlier suggestions of out-of-court settlement, 92:294; customs agency allegedly seeking out-of-court settlement, 92:591; court adjourns hearing to allow more discussions of out-of-court settlement, 92:1279; Russian officials support out-of-court settlement, 93:545
– Securitization, lawmakers adopt measure on financial assets, 93:816