Bullard Says Fed Should Retain Authority to Extend Asset-Purchase Program Nov 23, 2009
Senate Banking Committee Chairman has proposed stripping bank-supervision authority from the Fed and its regional banks ... Bullard said there must be a substantial Fed role in regulation of banking and financial institutions. (Bloomberg -- US)
Dam plan for Valley a distant dream Nov 23, 2009
If the bond passes, the moribund California Water Commission will instantly get new life as the distributor of $3 billion for storage, including dams and underground water banking. The nine-member, governor-appointed commission has been around for decades and taken on various roles, including advising the state Department of Water Resources on the State Water Project, the largest state-built water system in the United States. (Fresno Bee -- Local)
Tax money processed in Portland Nov 22, 2009
U.S. Bank only handles the county s tax assessments, not all of its banking. (I Want to Know is a regular feature of The World, offering readers a chance to anonymously ask questions and have reporters pursue answers. (Coos Bay-North Bend The World, OR)
McAfee Warns about "12 Scams of Christmas" Nov 22, 2009
E-mail banking scams: A common type of phishing scam is sending out official looking e-mails that appear to come from your bank. Don't click on any links but type in your bank's Web address manually if you need to access your account. (CBS News)
Deal canceled, but $750 bank fee becomes issue Nov 22, 2009
A good night's sleep was all Allen Kovler needed to realize he'd spoken too quickly when he told a banking representative he wanted to go forward with refinancing the mortgage on his Catskill home. All the numbers and details they'd discussed on the telephone weren't quite adding up. (Albany Times Union)
Equatorial Guinea: Secret Documents Reveal Multi-million Dollar Shopping Spree by Dictator's Son [press release] Nov 22, 2009
"This was a spectacular moral failing by the banks, and reveals a disturbing chain of gaps in the design and implementation of the anti-money laundering laws. In 2004, the U.S. bank, Riggs, was fined $41 million and sold off at a discount after a Senate inquiry uncovered it was banking for the corrupt Obiang family. Have no lessons been learnt at all?" Ms Lawson said. The documents were written by investigators from the Justice Department and ICE to request information from French law... (allAfrica.com)
How the FHA Loan has come to rescue ... Nov 22, 2009
It was the era of the Great Depression when the banking industry failed, just as we have today ... The banking crisis of the 1930s scared so many lenders to recall their loans. (Ghana Web, Ghana)
Morocco -- Preliminary Findings of the 2009 Article IV Consultation Nov 22, 2009
The authorities have announced their intention to raise this ratio to 12 percent for certain banking institutions, based on their risk profile, while taking into account the overall economic situation. The authorities have also continued to strengthen their capacity in stress testing and macro-prudential analysis. (IMF News)
Green light for higher rates Nov 22, 2009
Addressing a banking conference in Sydney, Dr Debelle said ''margins on variable rate housing lending relative to bank funding costs have actually declined a little over the past two years. While acknowledging that the banks had increased the margin between their standard variable home rates and the Reserve Bank's cash rate, he said that was only part of the story. (Sydney Morning Herald -- Business)
Agency mergers in Barbour's proposal Nov 22, 2009
The Department of Banking and Consumer Finance ... In contrast, the merger of the secretary of state's office and the Department of Banking and Consumer Finance would save about $1 million, Hipp said ... The Banking and Consumer Finance Department, which regulates most financial institutions, employs 59 people; its budget is more than $6 million, said John Allison, banking commissioner. (The Clarion-Ledger)
Nigerian farms blossom as Zim farmers move on to the land Nov 22, 2009
They are producing large, so we are positioning ourselves to be able to move these large quantities of farm produce to anywhere in the world," said Razak Atunwa, the state commissioner for works and transport. Back seat Nigeria's agricultural sector has taken a back seat since the country started producing oil more than five decades ago. The Shonga farms are jointly financed by Nigerian banks, which have a 45 percent stake in the project, while the Zimbabwean farmers and the Kwara state... (Business Report, South Africa)
Alarm over bank's bid to sign up schoolkids Nov 22, 2009
A $40 MILLION attempt by the Commonwealth Bank to revive school banking is worrying principals, who believe it will be used to recruit cradle-to-the-grave customers ... The bank began operating school banking in primary schools 80 years ago when it was government-owned ... Mr Norris said reinvigorating school banking over the next five years would improve the financial literacy for 1 million children. (Sydney Morning Herald -- Australia)
State smoking ban not an ‘equal opportunity' impact Nov 22, 2009
He's banking on the recent remodeling at the Squire to draw a good crowd, both smokers and nonsmokers. "We're really excited about it," he said. (Montana Standard, MT)
Stocks may face abnormal swings Nov 22, 2009
They can easily create market volatility but not necessarily a bubble, said Nipun Mehta, executive director and head of India at SG Private Banking. More such funds are coming in, which may increase volatility. (India Times)
Troubled assets grow more than capital Nov 22, 2009
The Texas Ratio is a formula created by banking analyst Gerard Cassidy during the savings and loan crisis of the early 1990s by calculating a bank s nonperforming assets against its loan loss reserves and tangible equity, or capital. It s a simple measure of credit risk exposure facing a bank relative to the size of the bank s ability to bear this credit risk, said Tony Plath, associate professor of finance at the University of North Carolina at Charlotte. (Jacksonville Business Journal, FL)
Store cards booming Nov 22, 2009
Measured by number, more than 87 percent of all new credit facility agreements made in the second quarter were for store cards, known as 'white plastic' in the banking industry, which grant credit with low limits to people who don't qualify for credit cards. Store credit is generally more expensive than credit cards. (iAfrica.com)
US Fed officials step up asset bubble-watch Nov 21, 2009
The Fed is already under pressure from Dodd, chairman of the Senate Banking Committee, who proposed legislation Nov. 10 to strip the central bank of its supervisory authority ... Liu Mingkang, chairman of the China Banking Regulatory Commission, warned Nov. 15 of ``new, real and insurmountable risks to the recovery of the global economy ... 59 billion, the highest since the 2007 collapse of the subprime-mortgage market, as investment-banking revenue helped it overcome losses on consumer loans. (Sydney Morning Herald -- Business)
Japan wants yen to be the anchor of Asia Nov 21, 2009
"At 109 it is over-valued. It should be at 125 to 130. Big companies have no real problems because they have global production, but the smaller companies do have problems. The market is not working in favour of a cheaper yen." He dismissed market rumours that the intervention in the currency markets was being "sterilised" by the authorities in an attempt to prevent too much liquidity building up in Japan's banking system. The senior official expressed some surprise that policy makers in the... (Yahoo News -- Asian Economy)
Smaller, local banks looking good Nov 21, 2009
If you listen to personal money management experts like Clark Howard or Dave Ramsey, you will think the people in the banking business are bad ... Three new credit unions have opened in the Hill Country and I will join in with Ramsey and Howard if you are interested in consumer banking: stick with a credit union or find you a nice little bank. (Cedar Park Hill Country News Weekender, TX)
Chase drops arbitration from card contracts Nov 21, 2009
Chase's policy change comes three months after another major card issuer, Bank of America Corp., said it would stop requiring that disputes with its card holders and banking and lending customers be settled through arbitration. Many consumers are unaware that card agreements typically include a clause that waives a card holder's right to sue. (WCAX.com, VT)
Online Payday Loans Lending practices spark nationwide concerns Nov 21, 2009
Chris Romano of the Montana Division of Banking said the same. We are familiar with PDL Ventures, Romano said. (Havre Daily News, MT)
5 comments Nov 21, 2009
China's top banking regulator said the Federal Reserve's money-creating binge was the main cause of "massive speculation." Similar sentiments came from top officials in Hong Kong, Singapore and Japan. And while Ben Bernanke tried to calm dollar worries during his recent speech at the New York Economics Club, it was clear that the greenback's value ranks low on his priority list. (Human Events Online)
Use common sense Nov 21, 2009
Are all the banking employees veterans and are all the state agency employees veterans. The many vterans that I know and have met very seldom are able to have the day off from their jobs of employment, unless they work for the above-listed agencies. (Longview Daily News, WA)
Should you feel guilty? Nov 21, 2009
" But I mean, good for you. Sitting at the on ramp in bad weather looks like more work than an actual job. It's too bad tax cuts for the rich and deregulating the banking industry didn't help. That made so much sense. ". Dovey wrote on Nov 20, 2009 1:43 AM:" The story reminds of the song "What if Jesus comes back like that. (Longview Daily News, WA)
Tewksbury bank sponsors essay contest Nov 21, 2009
Metro is also a leader in workplace banking, serving over 1,800 companies throughout the state. GET UPDATED. (Tewksbury Advocate, MA)
Prudential Bank now offers MoneyGram service Nov 21, 2009
bank's strategy to bring convenience in banking to its customers. Mr Afrane said the bank appreciated the relationship between it and customers and would. (Ghana Web, Ghana)
Keen for a trip to Iceland? Nov 21, 2009
Icelands overextended banking industry collapsed late last year and the country had declared bankruptcy. This led to a free fall of its currency, down by almost 50% to the US dollar this year. (The Star Online, Malaysia -- Business)
Bank of America CEO Lewis May Delay Retiring: Report Nov 21, 2009
The list of prospects has been narrowed to two Bank of America executives, consumer and small-business banking chief Brian Moynihan and Chief Risk Officer Gregory Curl, and at least two outsiders, the report said. (Reporting by Steve James; Editing by Sugita Katyal). (ABC News -- Business)
Time Warner, News Corp Reported Interested in MGM Nov 21, 2009
85 billion by a group including private equity firms Providence Equity Partners; TPG; DLJ Merchant Banking Partners, a unit of Credit Suisse; and Quadrangle Group; and media firms Sony and Comcast Corp. The group also assumed a debt of $2 billion. (Reporting by Steve James; Editing by David Fox). (ABC News -- Business)
Your 10 questions Nov 21, 2009
What made you decide to give up your banking career for a little start-up. Presna Nair, KL. (The Star Online, Malaysia -- Business)
Bank's profit to top 6bn Nov 21, 2009
As well as retail banking, RBS owns the Direct Line insurance business, and private bank Coutts, which caters for 70,000 wealthy clients ... Gordon Brown, the Chancellor, took steps to cut the cost of business banking two years ago, after accusing the high street banks of making 2. (Yahoo News -- Banking & Financial Services)
North Fork Agrees to Buy GreenPoint for $6.3 Billion Nov 21, 2009
Betting that consumer banking will remain a fast-growing business, even after several years of expansion, the North Fork Bancorporation said yesterday that it had agreed to acquire the GreenPoint Financial Corporation for $6 ... "There is no question the consumer model works,'' the chief executive of North Fork, John A. Kanas, said in an interview yesterday. He said that his bank was eager to acquire GreenPoint, which is based on Park Avenue in Manhattan, because of the "scarcity value" of... (Yahoo News -- Banking & Financial Services)
White House at odds with bishops over abortion Nov 21, 2009
is at left, Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. (Atlanta Journal-Constitution -- Health)
Dayton SBA lending drops in '09 Nov 21, 2009
Local banking officials point to decreased demand for SBA loans, as fewer businesses were expanding in the past 12 months. The main areas SBA loans are used in are new facilities and new equipment, two types of capital purchases that most businesses put on hold because of the recession. (Dayton Business Journal, OH)
Small Florida Bank Shuttered, 124th This Year Nov 21, 2009
Florida banking regulators on Friday shut down Commerce Bank of Southwest Florida, marking the 124th U.S. bank to succumb this year to the struggling economy and rising loan defaults ... The banking crisis has grown so intense that it has started to capture banks that regulators deemed healthy only months ago. (ABC News -- Wire)
Nigeria: Swiss Authorities Convict Abacha's Son of Graft Nov 21, 2009
In a 2002 report, the Swiss Federal Banking Commission said 19 banks had dealings with Abacha and did not report suspicions of money laundering to the Swiss authorities ... "The mere fact that significant assets of dubious origin, from people close to former Nigerian President Sani Abacha, were deposited at Swiss banks is highly unsatisfactory and damages the image of Switzerland as a financial centre," Banking Commission chairman Kurt Hauri said in 2002 after a 10-month investigation. (allAfrica.com)
How Asterix melted Swiss cheese and hearts Nov 21, 2009
As expected, the 16th of 34 adventures pokes gentle fun at national stereotypes, from banking secrecy and an obsession with cleanliness to fondues and military service ... Swiss banking security - those were the days. (SwissInfo.org, Switzerland)
Dutch govt to inject further US$4.5bil into ABN Amro Nov 21, 2009
For Deutsche it marks yet another opportunistic acquisition to diversify its revenues away from investment banking, after buying a stake in Deutsche Postbank AG and an agreement to buy wealth manager Sal. Oppenheim. (The Star Online, Malaysia -- Business)
YESTERYEARS FOR SATURDAY, NOVEMBER 21, 2009 Nov 21, 2009
He makes Backyard Banking work. For you. (Pine Bluff Commercial, AR)
Americans Save More but Earn Less as Rates Fall Nov 21, 2009
"Savers are getting killed by these low rates," banking analyst Bert Ely said. "They're getting next to nothing.". (ABC News -- Wire)
Need an app for that? Nov 21, 2009
There are apps for banking, phony conversations, and apps pinpointing the closest restaurant or gas station from where a user is located. Mindgrub Technologies is another local firm putting some skin in the game and joining the craze behind the app explosion. (San Jose Business Journal, CA)
Congress Rips Obama on Slow Recovery Nov 21, 2009
Dodd, chairman of the Senate Banking Committee, chose the marbled Caucus Room in the Russell Senate Office Building -- site of past hearings on Watergate, Pearl Harbor and the Wall Street abuses during the Great Depression -- to open debate on a massive draft bill designed to achieve the most ambitious reworking of the financial system in decades. "This is one of those moments in our nation's history that compels us to be bold," Dodd said. (CBS News -- US)
UK police make 2 Trojan computer virus arrests Nov 21, 2009
The viruses are commonly known as Trojans because they sneak onto computers and attack it from the inside, harvesting millions of lines of data including banking information, credit card numbers and social networking passwords. The viruses spread by sending e-mails or other messages from infected computers, impersonating banks, tax officials, credit card companies or even friends and enticing potential victims to click on a link. (Yahoo News -- Technology)
Credit card Catch-22 Nov 21, 2009
My suggestion is to look into your local Credit Union/s for fair and honest banking services. sally. (Atlanta Journal-Constitution -- Business)
Bank's profit to top 6bn Nov 20, 2009
As well as retail banking, RBS owns the Direct Line insurance business, and private bank Coutts, which caters for 70,000 wealthy clients ... Gordon Brown, the Chancellor, took steps to cut the cost of business banking two years ago, after accusing the high street banks of making 2. (Yahoo News -- Banking & Financial Services)
UTI spreads its wings across overseas markets Nov 20, 2009
Plans include new funds based in Luxembourg and Singapore, to add to its existing palette of focused, generic and feeder funds, managing T Rowe Prices existing $2-billion investments into India, and a thrust into the private banking and wealth management arena. UK Sinha, chairman of UTI, said, The skys the limit for growth. (India Times)
Citigroup CEO Pandit vows Boston growth Nov 20, 2009
He said Citigroup is back to banking basics, though its problems stem, in part, from grand designs on being a global financial supermarket. Pandit swears those days are over. (Boston Business Journal, MA)
Smaller, local banks looking good Nov 20, 2009
If you listen to personal money management experts like Clark Howard or Dave Ramsey, you will think the people in the banking business are bad ... Three new credit unions have opened in the Hill Country and I will join in with Ramsey and Howard if you are interested in consumer banking: stick with a credit union or find you a nice little bank. (Cedar Park Hill Country News Weekender, TX)
House committee approves fees for financial institutions Nov 20, 2009
The Senate Banking Committee began its own rewrite of the rules that govern Wall Street on Thursday, and Treasury Secretary Timothy Geithner prodded Congress to move quickly on the measures. In seeking to have large firms pay up-front fees for dismantling failing non-bank financial institutions, the money would be paid into a $150 billion "dissolution fund" by firms with assets of more than $50 billion. (AZCentral -- Business)
White House at Odds With Bishops Over Abortion Nov 20, 2009
is at left, Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. (ABC News -- Business)
President Zero Sum Goes to Asia Nov 20, 2009
China's top banking regulator said the Federal Reserve's money-creating binge was the main cause of "massive speculation." Similar sentiments came from top officials in Hong Kong, Singapore and Japan. And while Ben Bernanke tried to calm dollar worries during his recent speech at the New York Economics Club, it was clear that the greenback's value ranks low on his priority list. (Human Events Online)
Mammography Debate Puzzles Many Nov 20, 2009
This latest 'expert' recommendation is just another way for the insurance companies/banking industry to use a third party agencyto validate a reduction in health care spending ... haha The banking and insurance industry lobbyists are the ones who are taking care of business ... I worry when the government and banking/insurance industry makes that decision for us, especially when it is based on profit margin, nothing more. (CBS News)
Getting more out of ATM machines Nov 20, 2009
Social value to extending ATM services, it may help narrow the "digital divide RELATED TOPICS (CNN) -- When reading this article, you will most likely fall into one of two groups. Either you are surprised to hear that bank ATMs are used as multi function kiosks all over the world, where customers can book train tickets, top up their cell phone credit and pay bills; or you are someone for whom these services are an everyday reality already. This split arises because, when it comes to ATM use the... (CNN -- International)
Economy showing signs of sustained growth Nov 20, 2009
He urged Congress to pass a financial regulation overhaul intended to strengthen the banking system and guard against market-driven excess, to avoid a repeat of the worst crisis since the Great Depression. Congress is considering a plan that includes changes to oversight of large banks, consumer protection, and derivatives. (Boston Globe)
Capping credit card rates would benefit banks and consumers Nov 20, 2009
That would be the same government that saved the banking industry with unprecedented market intervention. Credit card debt wasn t the economy s only problem, or even its biggest. (Boston Globe)
New CEO may position Associated for acquisitions Nov 20, 2009
Not only are bank analysts and banking competitors speculating about Associated Bank s plans, but retiring CEO Paul Beideman also raised the issue at an investment conference last week. He said executives are considering acquisitions, possibly of a bank being closed by the Federal Deposit Insurance Corp.. (Milwaukee Business Journal, WI)
Geithner, Under Fire, Defends AIG Bailout Nov 20, 2009
The U.S. House of Representatives Financial Services Committee has been working on a bill for weeks, and the Senate Banking Committee kicked off a similar effort on Thursday. Senator Richard Shelby, the top Republican on the Senate panel, said he would not support a bill put forward by Senator Christopher Dodd, the Democrat who chairs the committee, and called for a "complete rewrite. PRESSURE ON BAILOUTS, CHINA Geithner said because the United States had no authority to seize and wind down... (ABC News -- Wire)
US Panel Sets Fees for Big Firms, Aims to Slow Fed Nov 20, 2009
The votes were the final brush strokes to the House Financial Services Committee's response to last year's banking meltdown ... The Senate Banking Committee began its own rewrite of the rules that govern Wall Street on Thursday, but the committee's top Republican panned the bill proposed by its chairman, Democrat Christopher Dodd. (ABC News -- Wire)
Tax offers Pakistanescape from poverty Nov 20, 2009
In parallel, the banking industry that has been swimming in profits - with takings of 123. 6 billion rupees in 2006 alone - yet have had their tax rate reduced to 35% from 38. (Asia Times Online)
Rahm Emanuel: Obama Will Cut Deficit Nov 20, 2009
The deficit has soared as the recession depressed tax revenue, the $787 billion stimulus package increased government spending and bailouts in the banking and auto industries did the same. The Obama administration may have a rocky path to achieve its goals of boosting employment and cutting deficits at the same time. (Newsmax)
Financial Regulation Overhaul Proposals in U.S.: Side-by-Side Comparison Nov 20, 2009
Companies would not have to offer low-cost, plain vanilla products or assess a consumers ability to understand them -- two Obama provisions the banking industry lobbied to block ... INDUSTRY -- Bankers argue that a single regulator would undermine the two-tiered, federal-state banking system and would focus more on big banks to the detriment of community banks. (Bloomberg -- US)
Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Nov 20, 2009
The Fed is already under pressure from Dodd, chairman of the Senate Banking Committee, who proposed legislation Nov. 10 to strip the central bank of its supervisory authority ... chairman of the China Banking Regulatory Commission, warned Nov. 15 of new, real and insurmountable risks to the recovery of the global economy ... 59 billion, the highest since the 2007 collapse of the subprime-mortgage market, as investment-banking revenue helped it overcome losses on consumer loans. (Bloomberg -- US)
North Fork Agrees to Buy GreenPoint for $6.3 Billion Nov 20, 2009
Betting that consumer banking will remain a fast-growing business, even after several years of expansion, the North Fork Bancorporation said yesterday that it had agreed to acquire the GreenPoint Financial Corporation for $6 ... "There is no question the consumer model works,'' the chief executive of North Fork, John A. Kanas, said in an interview yesterday. He said that his bank was eager to acquire GreenPoint, which is based on Park Avenue in Manhattan, because of the "scarcity value" of... (Yahoo News -- Banking & Financial Services)
Carney Shows How Canada Controls Risk So Central Banks Worldwide Can Too Nov 20, 2009
He played his cards well, said , a fixed- income strategist at RBC Capital Markets, who was chief strategist at Goldman Sachs in Toronto when Carney ran the firms Canadian investment-banking operations ... He coaches his daughter at soccer, which is kind of remarkable if you think about that: the governor of the Bank of Canada standing on the side of a soccer field, said , 44, who used to work at Goldman Sachs and is now head of global investment banking for RBC Capital Markets ... In... (Bloomberg -- Canada)
China Banks Filling Syndicated Loan Void as Royal Bank, Citigroup Retreat Nov 20, 2009
The Banking Regulatory Commission told city banks last month to avoid the blind pursuit of size after surged to a record 8 ... The geographic footprint of Chinese banks is such that if, for example, we had banking requirements in the Middle East, they would be there too, he said. (Bloomberg)
