Community Banks Concerned About Dwindling Funds in Capital Purchase Program
Banks Ready to Lend, Says ABA President
NCUA to Temporarily Guarantee Liquidity of Corporate Credit Unions
Bair Expects Bank to Use Capital Purchase Program Assistance to Make Loans
Lending Will Not Resume Quickly, Despite Capital Purchase Program, Says Paulson
Bernanke Describes Plan to Shore Up Money Market Mutual Funds
Agencies Issue Final Rule Implementing Internet Gambling Act
ABA Recommends Phased-In Increase to Insurance Premium Rates
Treasury Issues CPP Participation Terms for Privately-Held Institutions
OCC Allows National Banks Affected by California Fires to Close
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As ABA Calls for Decriminalization of AML Deficiencies, Justice Gears Up for Subprime Investigations
Well, it’s already happening. The New York Post reported today that a dozen Lehman executives had been subpoenaed in conjunction with three grand jury hearings. They are likely to be “quizzed” – don’t think Jeopardy, think inquisition – about how they represented the health of the company and the value of its assets in the run-up to its demise.
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The Financial Crimes Enforcement Network proposed changes to simplify Bank Secrecy Act regulations by centralizing them in a new chapter of the Code of Federal Regulations that would be organized by financial industry.
The Federal Deposit Insurance Corporation issued an interim rule that will implement and govern the agency's Temporary Liquidity Guarantee Program. All eligible institutions are automatically enrolled in the program for the first 30 days at no cost.
The Board of Governors of the Federal Reserve System adopted a final rule to amend Regulation C by requiring banks to report data on first-lien loans with annual percentage rates that are more than 1.5 percent higher than a survey-based estimate of the price of similar prime mortgage loans.
The Department of the Treasury issued an interim rule requiring participating institutions to meet executive compensation and corporate governance standards before the department agreed to purchase their substandard securities through the Troubled Assets Relief Program.
The Federal Reserve Board announced that it will amend Regulation D to direct the Federal Reserve Banks to begin paying interest on depository institutions' required reserve balances and excess reserve balances.
The Office of the Comptroller of the Currency issued a stipulation and consent order against Vernon W. Hill, former Chief Executive Officer of Commerce Bank, to pay $4 million to TD bank, as an offset to an agreed-upon sum that TD bank will pay Hill as part of a settlement agreement.
The National Futures Association found Universal Commodity Corp., Comtrust, Inc., and certain persons associated with both firms to have acted in violation of NFA regulations, and ordered them to withdraw from NFA membership. The Treasury Department's Office of Thrift Supervision issued an order to cease and desist against the Houston, Texas bank holding company, which owns FBC Holdings LLC, which in turn owns the Franklin Bank of Texas. Franklin Bank was closed by its state regulator on November 7, 2008. The Federal Reserve Board issued a cease and desist order against Dresdner Bank AG of Frankfurt, Germany, and its New York branch, requiring that the New York branch correct violations related to compliance with federal and state ant-money laundering law. The State of New York Banking Department suspended Travelers Mortgage’s broker license due to the company's failure to maintain the required corporate surety bond or to place adequate assets on deposit.
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Following EU, Russia Set to Adopt AML ConventionThe Russian Federation is set to approve a European-based proposal that would bolster the country’s ability to seize the assets of suspected money launderers and terrorists, according to a Russian news report. November 18, 2008
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