Banking Report Index-Summary

TAF (TERM AUCTION FACILITY)

TALF

See TERM ASSET-BACKED SECURITIES LOAN FACILITY (TALF)

TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

TAX HAVENS

– Abuse prevention

– – Hill Watch, 92:957; 93:478
– – House measure, Neal (D-Mass) to introduce bipartisan plan to crack down on offshore tax evasion, 92:818; further action, see LEGISLATION, FEDERAL, HR 1265
– – Pending measure would wrongly blacklist cooperating countries, Viewpoint, 92:772
– – Senate measure

See LEGISLATION, FEDERAL, S 506

– – White House unveils proposals to increase penalties and extend statutes of limitations, 92:1035

– Argentina bans stocks, bonds, and other financial instruments from operations with nations lacking cooperation and information exchange arrangements with watchdog agency, 92:1181
– Bank secrecy

– – Momentum building for action, but direction still unclear, Analysis and Perspective, 92:1026
– – OECD official warns information exchange signatories of phase-in deadline, 92:835
– – Switzerland appoints members of expert committee to advise on preservation effort, 92:583

– Beneficial ownership, three-pronged strategy needed to address lack of information, Treasury Dep't official tells conference, 93:523
– British Virgin Islands signs tax information exchange accord with U.S., 93:365
– Caribbean economies to sustain damage from U.S. efforts to address offshore tax abuses, officials say, 92:1288
– Compliance by high net worth individuals and financial institutions, OECD reports to be issued soon, 92:1070
– CRS comprehensive report outlines ongoing efforts to address corporate profit shifting and individual tax evasion, 92:1376; update includes jurisdictional status from OECD “white list,” 93:35; Isle of Man criticizes report, 93:36
– Enforcement policy

– – Enhanced coordination among nations necessary, U.S. tells OECD forum, 92:1253
– – IRS continues to make international tax administration major focus, Shulman tells National Press Club, 92:923
– – Offshore tax noncompliance

– – – DOJ cracking down on taxpayers continuing to evade taxes and their assisting banks, 93:620
– – – House Ways and Means Comm. plans hearing to examine variety of issues, 92:689
– – – IRS crackdown yielding increases in voluntary disclosures, official says, 92:1432
– – – Senate actions, Baucus (D-Mont) to introduce measure soon, 92:1057
– – – Statistics, Shulman announces amnesty program participation, 93:720
– – – Ten last-minute things to keep in mind as amnesty deadline nears, Viewpoint, 93:661
– – – Unilateral action may be necessary, senior Senate aide says, 92:1070

– – Pressure on U.S. investors hiding assets in offshore secrecy jurisdictions to continue, Shulman says, 92:474

– European Union

– – Bank secrecy, European Parliament calls for all member states to adopt information exchange system, 92:982
– – Sanctions on uncooperative countries and territories may be imposed, 92:586

– Facilitation of abuse, Schapiro to work to stop certain activities by financial institutions and broker-dealers, 92:275
– First Data, John Doe summons issued in IRS investigation of customer accounts (D. Colo.), 92:942
– Foreign banks, IRS to seek John Doe summonses against additional institutions soon, 92:981
– France 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
– France to require banks systematically to report transfers to uncooperative jurisdictions, 93:468
– G-20 framework for global finance restructuring, 5 EU nations insist on inclusion of tax haven sanctions, 92:456; Neal (D-Mass) praises leaders for action on bank secrecy and sanctions, 92:844; Switzerland objects to inclusion on OECD's tax “gray list,” 92:844; G-20 agrees to end era of banking secrecy rules and approves sanctions, 92:845; OECD says new tax cooperation commitments leave “black list” empty, 92:898; tensions erupt over list at ECOFIN, 92:1126; Lagarde says France and U.S. in agreement on implementation, 93:147; finance ministers and central bank governors to continue crackdown and focus on transparency, 93:462; Levin (D-Mich) calls on Obama administration to encourage sanctions, 93:524; leaders pledge to tighten crackdown and promote transparency, 93:557
– International withholding tax, Swiss Bankers Ass'n proposal to address tax evasion and client privacy concerns, 93:509
– Isle of Man

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

– Jersey, IMF finds in compliance with global standards of financial sector regulation, 93:752
– New Zealand signs tax information exchange accord with U.S., 93:365
– Outlook 2009, scrutiny of foreign taxpayers and banks to increase while Congress to consider limiting deferral, 92:108
– Panama, free trade agreement with U.S., lack of tax information exchange agreement should not preclude moving forward, Senate Finance Comm. members say, 92:1286
– Penalties

– – EU says sanctions needed against noncooperative countries, 92:1073
– – Offshore assets, new IRS structure designed to encourage voluntary disclosure, 92:746; IRS extends deadline, 93:570

– Reporting requirements, Shulman expresses support for provisions similar to proposed draft measure, 92:688
– San Marino officials expect to adopt transparency, tax evasion, and information exchange provisions recommended by OECD, 92:1182
– State and local government

– – Cal. FTB reminds taxpayers to report offshore bank income, 92:1488
– – Conn. launches voluntary offshore account disclosure program, 93:647
– – Haw. to waive penalties for taxpayers voluntarily disclosing previously undeclared offshore bank account income, 93:400

– Subpart F income partnership blockers, IRS designates deal as transaction of interest, 92:14
– Subsidiaries, majority of large publicly traded firms and federal contractors use multiple subsidiaries in offshore jurisdictions to conduct business, GAO report finds, 92:196
– Switzerland

See SWITZERLAND

– Taxpayer information exchange agreements, OECD working to establish peer review mechanism, 93:406
– Uncooperative jurisdictions

– – France names official to push agenda on G-20 commitments, 92:951
– – OECD removes Andorra, Liechtenstein, and Monaco from 2002 list, 92:1286

– Voluntary disclosure of offshore assets, tax practitioners urge IRS to provide penalty protection, 92:641; IRS offers more guidance to taxpayers, 92:925

TAX SHELTERS

– Bond linked issue premium structure (BLIPS) arrangement, bank loans made to 2 partnerships must be ignored for federal tax purposes (5th Cir.), 92:1272
– Defined benefit plans, former client's claims against Pacific Life Insurance and law firm dismissed (N.D. Tex.), 92:1276
– Lease-in/lease-out (LILO) transactions

– – Altria tax refund claim rejected (S.D.N.Y.), 93:82
– – Public access to information, IRS settlement strategies exempt from disclosure under FOIA (D.C. Cir.), 92:940

– Sale-in/lease-out (SILO) transactions

– – Altria tax refund claim rejected (S.D.N.Y.), 93:82
– – Reform, tax-advantaged leases focus of debate following fatal subway collision, 92:1481

TAXATION

– ARRA contains tax provisions specific to financial institutions, Viewpoint, 92:902
– Audits, 15 percent of large financial services firms received scrutiny in 2008, TRAC says, 92:868
– Bankruptcy court cannot hear tax claim after debtor has received discharge (D.R.I.), 93:293
– Business-related payment cards, credit card firms ask IRS for clarification on 3rd-party network information reporting rule, 92:994
– Cancellation of debt income under §108(i), government working on guidance how to make election for deferral, 2 senior officials say, 92:1324
– Carried interest, Hill Watch, 93:478
– CIT Group adopts Tax Benefits Preservation Plan in case of possible restructuring, 93:340
– Collection policy, IRS offers guidance to agents in working qualified intermediary cases in international field collection, 92:264
– College savings plans, investments in §529 accounts can be changed semiannually during 2009, IRS Notice 2009-1 says, 92:13
– Conformity election, overview for banks seeking to claim worthless-debt deductions on unrecoverable loans, Analysis and Perspective, 92:163
– Controlled foreign corporations, IRS extends both time for lending money to U.S. operations and relief from Subpart F inclusions for some securities, 92:139; White House unveils proposals to put significant new limits on deferrals, 92:1035
– County taxes

See STATE AND LOCAL TAXES

– Credit cards, IRS addresses reporting requirements of §6050W for transaction processors, 92:331
– Credit markets, loan association praises deferral of cancellation of indebtedness tax in stimulus package, 92:424
– Criminal tax evasion crackdown

See LEGISLATION, FEDERAL, S 386

– Currency gains and losses by foreign branches, IRS working on final rules to tighten use, 92:137
– Deductions for worthless stock of financial institutions, Viewpoint, 92:1399
– Deferred tax assets

– – Losses on certain debt securities, FASB to work on guidance to help Fannie Mae and Freddie Mac, 92:576
– – Wells Fargo allowed to count more assets as capital in connection with acquisition of Wachovia, 92:564

– Dishonored checks, weaknesses in IRS processing system puts millions of dollars at risk for issuance of erroneous refunds, IG report finds, 93:795
– Economic stimulus package

See LEGISLATION, FEDERAL, HR 1

– EESA, ordinary treatment for Fannie Mae and Freddie Mac preferred stock, Viewpoint, 92:1079
– Enforcement, cracking down on offshore-based tax evasion to be IRS priority for 5 years, senior official says, 92:286
– Fannie Mae and Freddie Mac securities, ABA panelists discuss interest group questions regarding tax treatment after federal government buyout, 92:148
– Financial crisis, recent Treasury Dep't guidances complement other agency actions, senior official says, 92:144
– First-time home buyer tax credit

– – Extension

– – – House lawmakers continue discussions, 93:693; bipartisan group call on leadership to act on measure, 93:787
– – – Senate actions

See LEGISLATION, FEDERAL, S 1678

– – Fraud, IRS examines cases of possible fraudulent claims and identifies schemes, 93:788
– – N.Y. residents to be eligible for federal income tax credit under mortgage credit certificate program, 93:342
– – Statistics, IRS release of data, In Brief, 93:530

– Foreign bank and financial accounts report (FBAR)

– – Approval of FRB, law firm details foreign bank branch revisions, 93:183
– – Broker-dealer exception, law firm asks IRS to waive requirements, 93:183
– – Deadline extension, IRS grants additional time for certain taxpayers to file forms for 2008 and earlier calendar years, 93:259
– – Limited requirements, IRS should exempt pension plans and trusts, stakeholders say, 93:684
– – Neal (D-Mass) working on measure to require greater information reporting, 93:63
– – Nontraditional financial accounts, NYSBA seeks one-year moratorium for filers, 93:187
– – Offshore hedge funds, private foundations ask IRS to issue clarifying guidance on investments, 92:1498
– – Pension plan fiduciaries sort through confusion arising from recent ruling, 93:19
– – Retirement plans, IRS official says guidance to be available soon, 93:229
– – Revised version of form leads to additional guidance from IRS, Viewpoint, 92:1505
– – “U.S. person,” IRS temporarily allows filers to rely on old definition, 92:1314

– Foreign lenders, IRS memo on engagement in U.S. trade or business stands on shaky authority and demonstrates need for formal published guidance, Viewpoint, 93:755
– Havens

See TAX HAVENS

– HERA, guidance needed to inform taxpayers of tax consequences of Treasury Dep't actions, IRS officials say, 93:730
– Housing, refundable tax credit for first-time home buyers

See LEGISLATION, FEDERAL, S 312

– Interest income received by Bank of Guam on government obligations held taxable (Fed. Cir.), 93:358
– Investments in troubled firms, IRS examining accounting issues, 93:697
– Joint cross-border examinations, IRS begins talking with other countries about possible cooperative efforts, Shulman says, 92:1315
– Life insurance contracts, IRS issues 2 rulings to provide guidance to policyholders and investors, 92:1057; industry representatives say rulings consistent with previous treatment, 92:1103
– Loan origination by foreign corporations in U.S., recent IRS memo should not be considered broad guidance on issue, officials say, 93:644
– Local taxes

See STATE AND LOCAL TAXES

– Losses, Hill Watch, 92:957
– Losses or bad debts following ownership changes, Treasury Dep't Notice 2008-83

– – Cal. to discuss draft rule to uncouple state law from Treasury Notice 2008-83, 92:387; state board to go ahead with draft rules, 92:693; state lawmakers pass decoupling measure, 93:446
– – Embattled notice likely to be overturned in stimulus package, Analysis and Perspective, 92:305
– – Jones Day analysis shows cost initially overrated, 92:64
– – Lack of start date in notice intentional, IRS official says, 92:130
– – Language to overturn notice

See LEGISLATION, FEDERAL, HR 1

– – Revised estimate, Treasury Dep't news release, 92:64

– Making Home Affordable Program

– – Form 4506T-EZ revision issued, 93:801
– – Pay-for-performance success payments excludable from income, IRS says, 92:1485

– Mortgages

– – Interest deduction, IRS to expand compliance initiative program following IG investigation, 93:437
– – Priority over federal tax lien not carried (S.D. Miss.), 92:635

– Municipal taxes

See STATE AND LOCAL TAXES

– Mutual funds, IRS creates safe harbor allowing investment advisers to make payments to eligible money market funds to maintain $1 share value, 92:14
– Net operating loss carryback period, financial services industry expresses support for extension proposal, 92:1258
– New markets tax credit

– – CDFI Fund requests public comment on information collections, 93:232
– – Certification application form, OMB review, In Brief, 93:240

– NOL Carryback Act, Hill Watch, 93:478
– Offshore loan origination, controversial memo based on unique facts and not broad guidance, IRS officials say, 93:731
– OTC derivatives transactions tax

See LEGISLATION, FEDERAL, HR 3153

– Outlook 2009, IRS work on financial products changed by economic turmoil, Larson says, 92:94
– Overseas accounts, Hochman warns of strong enforcement for failure to disclose, 92:150
– Portugal releases annual report on tax fraud enforcement actions, 92:591
– PPIP, IRS says vehicles created by government as part of program not taxable mortgage pools, 93:388
– Purchases of equity interests in financial institutions by Treasury Dep't not considered change-in-control event under §409A, IRS notice says, 92:1314
– Qualified debt rules, exempt borrowers and banks to benefit from state efforts to encourage lending, 92:330
– Qualified intermediaries, IRS soon to issue 2nd set of guidance to combat problems with program, 92:138; IRS offers interim guidance on international field collection, 92:264; IRS to continue to focus on compliance issues, 92:562; White House unveils proposals to strengthen program, 92:1035; IRS to focus on tracking and possible changes, 92:1126; NYSBA Tax Section urges Obama administration to reshape some proposals, 93:440
– Qualified mortgage bonds and mortgage certificates

– – Housing cost/income ratio, IRS updates guidance for issuers, 92:1057
– – Purchase prices, IRS updates tables for U.S. homes in nationwide metropolitan statistical areas, 92:380

– Rebuilding of retirement and educational savings accounts, Boehner (R-Ohio) announces highlights of GOP proposal, 92:756
– Reform, Pres. Obama proposes changes to close loopholes in life insurance income, securities trading income, and accounting rules, 92:1155; international tax proposals caught in debates over revenue priorities, 92:1430
– Refund anticipation loans

See REFUND ANTICIPATION LOANS (RALs)

– Retirement savings rate

– – CRS finds tax incentives generally are ineffective in generating new saving, 92:436
– – Hill Watch, 92:957; 93:478

– Schedule K-1, banks likely to seek changes and delays in rules shortening return filing extension, 92:67
– Section 529 college savings plans, IRS seeks public comment, In Brief, 93:239
– Securities

See SECURITIES

– State and local taxes

See STATE AND LOCAL TAXES

– Subchapter S corporations

See SUBCHAPTER S CORPORATIONS

– TARP

– – Indebtedness and warrants, IRS Notice 2009-14 provides guidance, 92:247; IRS offers more guidance on §382 treatment of assets acquired by government, 92:925
– – Regulatory policy, guidance needed to inform taxpayers of tax consequences of Treasury Dep't actions, IRS officials say, 93:730

– Three-step calculation, IRS final rules change for foreign corporations determining interest expense allocable to income, 93:560
– UBS, DOJ asks court to enforce summons for disclosure to IRS of thousands of U.S. customers with secret Swiss bank accounts (S.D. Fla.), 92:442; Swiss temporary injunction bars handover of client data to U.S. authorities, 92:449; Switzerland accuses U.S. of violating bilateral tax treaty, 92:1065; Swiss leader expects investigation to be resolved before new treaty approved, 92:1069; DOJ files memorandum supporting summons seeking U.S. taxpayer identities, 93:28; U.S. and UBS reach agreement in principle to resolve John Doe summons issues, 93:215; U.S. and UBS still working on final set of issues, 93:290; IRS and DOJ announce agreement with Switzerland on taxpayer names, 93:316; Baucus (D-Mont) and Grassley (R-Iowa) give measured reception to agreement, 93:318; Conn. AG seeks names turned over to U.S., 93:388; Swiss judge orders UBS to inform clients before turning account details over to U.S., 93:593
– Uncertainty in income tax accounting, FASB defers effective date for certain nonpublic enterprises to apply FIN 48 rules, 92:17; FASB expects to issue final GAAP guidance for passthrough exempt entities soon, 92:928; FASB to draft final ballot for passthrough entities and tax exempt not-for-profits, 93:68
– Uncertainty in income taxes, FASB final guidance includes rules for passthrough entities and tax-exempt nonprofit organization, 93:436; FASB clarifies effective date for deferrals, 93:637
– Waived minimum distributions from tax-qualified IRAs, IRS issues notice providing reporting guidance to financial institutions, 92:76
– Withholding, IRS to continue multidimensional focus on compliance issues, Musher says, 92:562

TECHNOLOGY

– Remote deposit capture (RDC) systems, FFIEC issues guidance to help identify risks, evaluate controls, and assess risk management practices, 92:145; guidance discusses responsibilities of senior managers, 92:194

TERM ASSET-BACKED SECURITIES LOAN FACILITY (TALF)

– Applications, FRB N.Y. expands acceptance period, 92:625; FRB N.Y. says lending off to “good start” after initial $4.7B borrowing activity, 92:663
– Commercial mortgage-backed securities

– – FRB to authorize loans with maturities of up to 5 years, 92:1036; interest groups question effects of effort, 92:613; FRB N.Y. issues revised and new guidance documents, 92:615; FRB and Treasury Dep't announce limited extension of program, 93:319; equity REITs appear well positioned to take advantage of new program, 93:331; REITs preparing to participate in program, 93:395
– – Revitalization of secondary markets, BNA Audioconference, 92:706
– – S&P proposes ratings change after FRB announcement, Special Report, 92:1338

– Credit-rating agencies, Conn. AG calls on Geithner to urge FRB to change rules of program, 92:1158; FRB proposes rule to allow more agencies to participate, 93:679
– FRB N.Y. issues master loan and security agreement to explains terms and conditions of fund, 92:434
– Implementation, practitioners discuss procedures while FRB issues more guidance for borrowers, 92:431
– Launch, FRB begins consumer and small business loan program, 92:545
– Participation increases in May 2009 and appears likely to be sustained, 92:1105
– Real estate, interest group head hopeful that program will eventually have positive impact on market, 92:1426
– Scope expansion, FRB amends program to revive market for consumer and small business loans, 92:322; Geithner says fund to encompass legacy assets, 92:742; FRB continuing to discuss extension and expansion, 92:1310; FRB and Treasury Dep't announce limited extension of program, 93:319
– Securitization, program could eventually extend far reach to restore markets, FRB N.Y. president says, 92:554
– SIFMA and others prepare standardized documents to assist loan applicants, 92:425
– Supervisory panel cannot yet determine effectiveness of initiative or consumer benefits, 92:1098

TERM AUCTION FACILITY (TAF)

See MONETARY POLICY

TERM SECURITIES LENDING FACILITY (TSLF)

See MONETARY POLICY

TERRORISM

– Financing, banks filed more SARs in 2008, FinCEN says, 93:122
– Liability for international terrorist acts, parents of victim of drive-by shooting in Israel may recover damages from charitable donors to Hamas (7th Cir.), 92:27

TEXAS

– Credit unions, West Texas Credit Union, state officials liquidate institution, 93:639
– Failed banks

– – Franklin Bank, FDIC IG faults agency for timid oversight of failed risk-taking Houston bank, 93:57
– – Guaranty Bank, OTS closes institution and names FDIC as receiver, 93:313
– – Millennium State Bank of Texas, state agency closes institution, 93:71

– Heartland Payment Sys. data breach, credit unions and banks file class action seeking damages and cost reimbursement (S.D. Tex.), 93:697
– Mergers and acquisitions, Huntsman reaches $1.7B settlement in leveraged buyout suit against Credit Suisse and Deutsche Bank (Tex. Dist. Ct.), 92:1496
– Modification of mortgage loans, Countrywide Financial agrees to set up foreclosed homeowner program and pay restitution for certain residents (Tex. Dist. Ct.), 92:390
– Securities, governor signs measure to change franchise tax treatment of securities sold by lending institutions, 92:1490
– Stanford Fondos, Mexico to investigate bank for possible violations of national law, 92:455

TEXTS

– Federal Open Market Comm. statement, March 18, 92:663

THRIFT SUPERVISION OFFICE (OTS)

– Appointments and personnel changes

– – Barnes named assistant deputy director for large bank program, 92:888
– – Polakoff placed on leave as acting director pending review of post-period contributions, 92:740; Polakoff retires, 92:1422
– – Reich to step down from director post soon, 92:374

– Regions restructured and oversight positions created during major reorganization of agency, 92:633

THRIFTS

See SAVINGS AND LOAN ASSOCIATIONS (S&Ls)

TILA

See TRUTH IN LENDING ACT (TILA)

TREASURY DEPARTMENT

– Appointments and personnel changes

– – Allison nominated to assistant secretary for financial stability post in order to oversee TARP, 92:918
– – Cohen confirmed as assistant secretary for terrorist financing, 92:1116
– – Geithner gives glimpse of policy preferences during Senate Finance Comm. confirmation hearing, 92:173
– – Goldstein nominated as undersecretary for domestic finance, 93:176
– – High-level posts, recent withdrawals underscore challenges for Geithner absent senior-level help, 92:547
– – Krueger confirmed as assistant secretary for economic policy, 92:1115
– – Lago nominated to be assistant secretary for international markets and development, 93:581
– – Lebryk to head Financial Mgmt. Serv., 92:1491

– Budget, FY2010 appropriations, Obama administration proposal includes contingent reserve for bailouts, 92:490; further action, see LEGISLATION, FEDERAL, HR 3170

TROUBLED ASSET RELIEF PROGRAM (TARP)

– Access to remaining $350B

See LEGISLATION, FEDERAL, HJRes 3, SJRes 5

– Accountability and transparency

– – Auditors criticize lack of cooperation from Treasury Dep't in efforts to track federal aid, 92:792
– – House measures, Pelosi (D-Cal) asks Frank (D-Mass) to craft measure to tighten standards before more funds released, 92:12; further action, see LEGISLATION, FEDERAL, HR 384
– – Immediate objective accomplished but program still poses worries, Special Report, 93:655
– – Public access to information, Geithner claims to have improved public communications about bank bailout programs, 92:914
– – SIGTARP audit calls for federal officials to characterize objectives better to improve credibility, 93:618

– Aggregator banks, FDIC considering plan to create new government-backed institutions to remove bad assets from balance sheets of ailing banks, 92:177
– AIG bailout, Treasury Dep't extends $30B in funding to restructure existing FRB loans, 92:472; senators press for more details on aid, 92:550; House panel hears testimony on bonuses paid to holdover employees, 92:674; CFO of Goldman Sachs says AIG bankruptcy should not lead to financial or material loss , 92:695; Barofsky begins audit of counterparty payments, 92:872
– Allison assures Senate Banking Comm. that he has no intention of turning program into permanent revolving fund, 92:1308; Senate confirms choice to lead program, 92:1428
– Asset managers for government holdings selected, 92:985
– Bank lending practices benefiting from Treasury Dep't financing, Financial Servs. Roundtable official says, 92:328
– Bear Stearns assets continued to lose value in 4th quarter 2008, FRB reports, 92:272; holdings declined in 2nd quarter 2009, 93:230
– Big bank model failure means banking system needs to rebuild on community bank foundation, House panel told, 92:545
– Budget outlook, program could cost about $184B in 2009, CBO annual report says, 92:60; CBO reports projected net cost totaled $64B through 2008, 92:178; CBO says net cost of program totaled $159B through mid-June, 92:1483
– Capital Purchase Program

See CAPITAL PURCHASE PROGRAM (CPP)

– Chrysler Financial to get $1.5B to help automaker affiliate make new car loans to consumers, 92:184
– CIT Group allegedly close to funding deal with bondholders after collapse of negotiations for additional federal money, 93:118; CIT Group announces $3B loan from creditors and initiates debt tender and recapitalization plan, 93:187
– Citigroup bailout, federal guarantee finalized for $301B in assets, 92:184; Treasury Dep't to convert 56 percent of preferred stock holdings to common shares, 92:485
– Colonial BancGroup to cooperate with federal investigation into alleged accounting irregularities, 93:264
– Community Development Financial Institutions Fund announces steps for awarding additional New Markets Tax Credits, 92:695
– Comprehensive rescue package to be released soon, Geithner promises, 92:256
– Conflict of interest, Treasury Dep't issues rule for contractors and financial agents, 92:182
– Cost-benefit analysis, net cost of initial phase of bailout $4.6B on cash basis, OMB says, 92:9
– Credit markets, large beneficiaries curb loan volume in first 3 months following start of bailout, 92:420; Treasury Dep't finds new lending and outstanding loan balance continued to fall in July, 93:503; Treasury Dep't finds significant drop in new lending activity in Aug., 93:719
– Credit unions, NCUA asks Geithner to revisit purchase of illiquid assets and participation guidelines for cooperative financial institutions, 92:280
– Executive compensation

– – AIG, Treasury Dep't should work more closely with FRB N.Y. in making decisions, SIGTARP report says, 93:718
– – ARRA provisions for assistance recipients, Analysis and Perspective, 92:645
– – Authority to regulate

See LEGISLATION, FEDERAL, HR 1

– – Avoidance of restrictions, Towns (D-NY) voices concern over alleged actions by Treasury Dep't, 92:872
– – Bonuses

– – – BoA, Frank (D-Mass) and N.Y. AG urge CEO to name million-dollar bonus recipients, 92:551; BoA agrees to pay $33M to settle SEC charges (S.D.N.Y.), 93:213; judge rejects settlement agreement, 93:290; court takes special exception to SEC failure to bring charges against individual executives, 93:383; SEC defends decision not to charge individual executives, 93:457; Kotz to investigate $33M settlement, 93:511
– – – Dodd (D-Conn) to press Treasury Dep't to confiscate bonuses from executives at recipient institutions, 92:272
– – – Merrill Lynch acquisition by Bank of America

See MERGERS AND ACQUISITIONS

– – Clawback measures

See LEGISLATION, FEDERAL, HR 1586, S 651

– – Hill Watch, 92:957
– – House actions, Towns (D-NY) to hold hearing to examine reform efforts, 93:213
– – Interim final rule likely to have impact on all financial institutions, Tackney says, 93:634
– – Lobbying activities, labor unions ask Barofsky to determine whether financial institutions used bailout funds to oppose punitive legislation, 92:920
– – Pay czar, Obama administration announces appointment to new position, 92:1356
– – Pay limits

– – – American Bankers Ass'n asks Treasury Dep't for guidance, 92:419
– – – Congressional representatives still anxious about excessive pay, Pelosi (D-Cal) and Frank (D-Mass) warn, 93:333
– – – Federal restrictions raise questions relating to types of compensation and covered employees, 92:564
– – – Practitioners critique rules designed to curb excessive executive pay, 92:319
– – – Pres. Obama outlines new caps for companies receiving assistance, 92:317
– – – Prohibition of excessive compensation and bonuses

See LEGISLATION, FEDERAL, HR 1664

– – Regulatory policy, Obama administration issues rule for firms receiving assistance, 92:1356
– – Review of proposed pay plans to begin upon complete submissions, Treasury Dep't says, 93:333
– – Say-on-pay provision of ARRA, fund recipients ask for clarification and guidance on shareholder approval provisions, 92:418; SEC issues guidance while attorney calls for more interpretations, 92:499; Treasury Dep't officials work on more guidance, 92:620; think tank calls on Congress to give SEC flexibility in implementation, 92:628
– – Special Master appointed to review packages for certain firms, 92:1356; Special Master to complete and release compensation packages for certain firms soon, 93:578; Feinberg cuts pay at select firms as FRB proposes broader probe of bonuses, 93:775; Feinberg calls difference between Wall Street and Main Street perceptions challenging, 93:797
– – Standards

– – – Hill Watch, 92:957
– – – Interim final rule amends and clarifies standards and adds reporting and recordkeeping requirements, 92:182

– Exit strategy

See LEGISLATION, FEDERAL, HR 3594

– Extension, financial conditions and looming problems mean Treasury Dep't undecided on issue, Allison tells Senate panel, 93:568
– Financial Stability Oversight Bd. members concede difficulties in tracking banks' use of funds, 92:6
– Financial Stability Plan, revamped rescue agenda needs deliberative approach for using remaining TARP funds, Geithner tells Senate Budget Comm., 92:368; Baucus (D-Mont) seeks IG audit of Treasury Dep't involvement in beneficiary companies, 92:1361
– Foreclosure prevention

– – Lack of hard mortgage data impedes program, Congressional Oversight Panel says, 92:544
– – Treasury Dep't to launch new homeowner assistance initiative for borrowers who do not qualify for loan modifications, official tells Congress, 93:781

– Foreign-owned bank subsidiaries in U.S. should be eligible for funding, industry group CEO says, 92:493; Kashkari says Treasury Dep't should not micromanage activities of funding recipients, 92:620
– Fraud, 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
– GMAC Financial Servs., Treasury Dep't purchases $5B of preferred stock and warrants to help conversion to bank holding company, 92:5
– H-1B workers, DHS outlines new requirements for funding recipients seeking to hire new foreign workers, 92:702
– Lavish spending by banks receiving funds, Kerry (D-Mass) to sponsor ban bill, 92:494
– Legacy loans and legacy securities, action likely to take longer until economy improves, analysts say, 92:662
– Lobbying, Treasury Dep't seeks to limit outside influence on program, 92:248; Treasury Dep't issues detailed guidelines to fulfill limited contacts promise, 93:504
– Nasdaq OMX Group launches investor index tracking publicly traded companies that have received government assistance from fund, 92:72
– Oversight

– – Allison nominated to assistant secretary for financial stability post in Treasury Dep't, 92:918
– – Audits, special IG outlines plans for initiative to monitor use of funds and compliance with executive compensation restrictions, 92:175; senior executives must certify information sought by special IG, 92:247
– – BoA investigation launched on use of funds, guarantees, and lobbying, special IG says, 92:320
– – Case study by IG finds Treasury Dep't and bank regulators follwed award process properly, 93:389
– – Continued risks, conditions could worsen quickly due to large volume of assets unlikely to realize face value, study finds, 93:323
– – FDIC preparing detailed guidance for examiners on how to assess use of taxpayer funds, 92:128
– – Further funds likely needed for stabilization, panel member indicates, 92:605
– – House Oversight and Gov't Reform Comm. chair vows to continue trying to determine use of initial $350B in funds, 92:144
– – Implementation, Congressional Oversight Panel issues report with divided opinions on Treasury Dep't strategy, 92:871
– – Public access to information, Towns (D-NY) calls on Treasury Dep't to release more data on use of funds, 93:168; Barofsky voices continued opposition to Treasury Dep't decision not to require disclosure of fund use, 93:217; Treasury Dep't withdraws request for DOJ opinion on Barofsky's independence, 93:428
– – Staffing measure

See LEGISLATION, FEDERAL, S 383

– – Ten largest investments subsidized weaker institutions, Congressional Oversight Panel says, 92:316
– – Transparency, Barofsky releases first official report on program, 92:320; Barofsky criticizes Treasury Dep't for lack of transparency and threatens subpoenas, 93:773

– Preemption, NAAG warns Obama administration that notice rules may supersede state laws, 92:183
– RALs, consumer advocates attack Santa Barbara Bank & Trust for using funds to help make loans, 92:70
– Recapitalizing bank system likely to require several billion dollars in addition to amounts already provided, Elmendorf says, 92:259
– Recycling of dividend payments into borrower assistance and community development

See LEGISLATION, FEDERAL, HR 3068

– Refunding questionnaire focuses on increased borrowing requirements, 92:935
– Removal of problem assets from balance sheets must happen quickly, FRB Boston president says, 92:481
– Repayments

– – AmEx fully repays loan by making $340M warrant payment, 93:227
– – Chrysler Financial repays $1.5B in loans, 93:131
– – Funds, Hatch (R-Utah), Lincoln (D-Ark), and Corker (R-Tenn) push to block Treasury Dep't from recycling monies

See LEGISLATION, FEDERAL, S 1023

– – Geithner welcomes return of funds under certain conditions, 92:984
– – Morgan Stanley to pay Treasury Dep't $950M for warrants, 93:267

– Small businesses

– – Community banks to receive funds to help spur lending under new White House initiative, 93:774
– – Frank (D-Mass) warns banking industry to begin loaning out funds, 92:703
– – Special IG investigation

See LEGISLATION, FEDERAL, HR 3179

– Spending activities, detailed Treasury Dep't report, Dec. 2008, 92:58
– State nonmember banks should monitor and disclose use of capital injection funds better, FDIC says, 92:59
– Subchapter S corporations, bankers ask Geithner to eliminate “inequitable treatment” over Tier 1 standards and exit fees, 92:913
– Suspicious Activity Reports, FinCEN advisory calls for financial institutions to help with identification of possible scams, 93:719
– Taxation

– Tier 1 capital funds, FRB approves bank holding companies to include funds from preferred stock sold to Treasury Dep't, 92:1211
– Valuation of stock warrants, Treasury Dep't committed to obtaining best price when selling back to banks leaving program, Allison says, 93:170

TRUSTS

– ERISA, firm's use of deposit accounts of banking affiliate for investment of cash of certain bank collective investment funds not prohibited transaction, DOL says, 92:201
– National banks, OCC letters affirm broad preemption of state laws imposing conditions on fiduciary services, 92:85
– Wachovia units to pay FINRA fine for violations in sales, 92:381

TRUTH IN LENDING ACT (TILA)

– Consumer credit

See CONSUMER CREDIT

– Duty of care standard revisions

See LEGISLATION, FEDERAL, HR 1728

– Independent mortgage broker regulation

See LEGISLATION, FEDERAL, HR 1105

– Regulation Z

See generally DISCLOSURE

TSLF (TERM SECURITIES LENDING FACILITY)

See MONETARY POLICY