Starbucks alters loyalty card programs Nov 1, 2009
- Office of the Comptroller of the Currency. - AT&T. (Atlanta Business Chronicle, GA)
Bank of Miami names Prstamo new leader Oct 28, 2009
On Jan. 5, Bank of Miami signed a written agreement with the Office of the Comptroller of the Currency that declared it in troubled condition. It ordered the bank to take more aggressive steps to address its problem loans and reserve for potential losses. (South Florida Business Journal, FL)
FDIC frustrated with perception of bank failures Oct 27, 2009
Comptroller of the Currency , who also spoke to the ABA, warned that the pace of bank failures may have slowed but isn't yet close to ending. "We've got a ways to go to work through these failures," he said. (USA Today -- Money)
Capmark Files for Bankruptcy After Posting Quarterly Loss of $1.6 Billion Oct 26, 2009
Losses from commercial real-estate lending pose the biggest threat to U.S. banks as the loans deteriorate, leaders of Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and Office of Thrift Supervision told the Senate Banking Committee earlier this month. Capmark had its senior unsecured ratings lowered to C from Caa1 by Moodys Investors Service Inc. after the announcement of the potential sale, release of the operating results and restructuring efforts, according... (Bloomberg -- US)
Questions follow wealth advisers move from Wells Fargo Oct 26, 2009
- Office of the Comptroller of the Currency. . (Charlotte Business Journal, NC)
Business digest: Investors approve FNB, Panther deal Oct 24, 2009
First National Bank of the Gulf Coast has received conditional approval from the Office of the Comptroller of the Currency in connection with the proposed merger with Panther. The bank also has recently received preliminary approval from the Federal Deposit Insurance Corporation. (The News-Press -- Business)
Q&A About Bank Failures and the FDIC's Role Oct 24, 2009
That decision is made by the state banking regulator, the U.S. Office of the Comptroller of the Currency or the Office of Thrift Supervision, depending on what the bank or thrift's charter. Once an institution is shut down, the FDIC is appointed receiver and takes over the process of selling its deposits, loans and other assets, sometimes keeping a portion of the assets to be sold later. (ABC News -- Wire)
New president, new stock market, new agreement with regulators for First Chester County Oct 22, 2009
The memorandum of understanding with the Office of the Comptroller of the Currency addresses, among other things, matters in connection with the First Chester s protection of certain criticized assets, identification of problem loans, capital planning, information technology systems and Bank Secrecy Act compliance. Featherman said the bank has already initiated corrective actions to ensure compliance but would not disclose those actions. (Philadelphia Business Journal, PA)
Goldman Sachs Is Too Big to Tell It Straight Oct 22, 2009
Only two U.S. bank-holding companies, and held greater amounts of than Goldman as of June 30, according to the Office of the Comptroller of the Currency. Citigroup Inc., which would be dead already if it hadnt been too big, was No. 5 on that list. (Bloomberg -- Columnists)
Aarons Inc. profit jumps to $24.6 million Oct 22, 2009
Aarons Inc. profit jumps to $24. 6 million - Atlanta Business Chronicle. (Atlanta Business Chronicle, GA)
Exclusive Subscriber Content Oct 21, 2009
- Office of the Comptroller of the Currency. Use of, or registration on, this site constitutes acceptance of our and. (Atlanta Business Chronicle, GA)
Regulators: Executive National 'troubled' Oct 20, 2009
The order with the Office of the Comptroller of the Currency (OCC) was signed on Sept. 9, but only recently released on the regulator s Web site. The agreement stated that the OCC found unsafe and unsound banking practices relating to the credit risk management and a high level of credit risk at the bank. (South Florida Business Journal, FL)
Bank of America Was Told U.S. Merrill Aid Would Boost Shares, E-Mail Shows Oct 20, 2009
Fed and Office of the Comptroller of the Currency officials assign high probability the market will attack us after learning of the government assistance to us, Brown said in a Jan. 8 e-mail to Price. Brown reminded the regulators that 1) they forced us into this position and 2) they had provided every assurance of a positive market response to any action from their chairman to our chairman. (Bloomberg -- US)
Fifth Third adds Hoover, Brumback to board Oct 20, 2009
Hoover is a principal with Hoover and Associates, a bank consulting firm based in Charlotte, N.C. Prior to that, she spent 28 years with the Office of the Comptroller of the Currency, rising to CEO of the office s Western District. Brumback spent 30 years in the banking industry, retiring as president and chief operating officer of (NYSE: MTB) headquartered in Buffalo, N.Y.. (Cincinnati Business Courier, OH)
Georgia banks brace for big hit Oct 18, 2009
And last week, U.S. Comptroller of the Currency John Dugan told a Senate banking committee that "the greatest challenge facing many banks is the continued deterioration in commercial real estate loans.". Evidence of trouble in metro Atlanta's once high-flying commercial real estate market already abounds. (Atlanta Journal-Constitution -- Metro)
CBC Bank cited for 'unsound practices' Oct 17, 2009
The written agreement made by the Office of the Comptroller of the Currency was announced Friday but CBC has been under the agreement since Aug. 26. A formal written agreement is among the least severe enforcement actions by the OCC.. (Jacksonville Business Journal, FL)
Real estate's next crisis Oct 17, 2009
And last week, U.S. Comptroller of the Currency John Dugan told a Senate banking committee that the greatest challenge facing many banks is the continued deterioration in commercial real estate loans. Evidence of trouble in metro Atlanta s once high-flying commercial real estate market already abounds. (Atlanta Journal-Constitution -- Business)
Bank regulators: Real estate loans biggest concern Oct 16, 2009
chided Bair and U.S. Comptroller of the Currency John Dugan for supporting bailout funds for banks under their authority. Reflecting a common opposition among Republican lawmakers to the Troubled Asset Relief Program, Corker told the regulators, "I just hate to hear us moving to that mode. I think we should end TARP at the end of the year.". (San Francisco Chronicle -- Business)
More banks will fail, say regulators Oct 16, 2009
is the continued deterioration in commercial real estate loans, U.S. Comptroller of the Currency John Dugan said in prepared remarks. Apartment complex vacancy rates, for instance, hit a 23-year high in September, according to federal officials. (Atlanta Journal-Constitution -- Business)
Vystars Envy condom hits the market Oct 16, 2009
Vystars Envy condom hits the market - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
U.S. Bank Regulators Predict Continuing Woes Oct 15, 2009
Officials from the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and other regulators said industry woes are expected to continue, exacerbated by ongoing and expected problems in the commercial real estate sector ... Comptroller of the Currency John Dugan, whose agency oversees large national banks, said the problems seen in construction and development portfolios could extend to the rest of the commercial real-estate universe. (SmartMoney)
Lockheed Martin to tap ocean waves for electricity generation Oct 15, 2009
for free extra services. Subscribe to Washington Business Journal. (Washington Business Journal, DC)
FDIC: Commercial real estate a challenge Oct 15, 2009
Bair and U.S. Comptroller of the Currency John Dugan disputed accusations that regulators have been telling banks to restrain lending in the high-risk climate. Also in msnbc. (MSNBC -- Business)
Study: Far fewer deaths at best hospitals Oct 14, 2009
HealthGrades: Patients half as likely to die at best hospitals - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
Congress moves to regulate OTC derivatives trading Oct 14, 2009
Source: Comptroller of the Currency. By Paul Wiseman and Pallavi Gogoi, USA TODAY For more than a decade before derivatives brought down insurance giant and caused a global financial panic last fall, law professor Lynn Stout was one of the lonely voices warning that disaster was looming. (USA Today -- Money)
Calendar of Major Business Events for Wednesday Oct 13, 2009
WASHINGTON Senate Banking, Housing and Urban Affairs Committee hearing on the banking industry, with witnesses including Sheila Bair, head of the Federal Deposit Insurance Corp., and John Dugan, comptroller of the currency. WASHINGTON Senate Judiciary Committee hearing on prohibiting price fixing and other anticompetitive conduct in the health insurance industry. (ABC News -- Wire)
Writedowns on Mortgage-Collection Servicing Make Even JPMorgan Vulnerable Oct 12, 2009
8 percent on March 31 and 3 percent a year earlier, the Office of the Comptroller of the Currency and the said in a Sept. 30 report. Contacting and working with borrowers who fall behind on their mortgages is time consuming and costly. (Bloomberg)
Unemployment fuels Gotham mortgage mess Oct 11, 2009
According to bank regulator the Office of the Comptroller of the Currency, 56 percent of loans modified in the second quarter of 2008 had re-defaulted a year later ... According to bank regulator the Office of the Comptroller of the Currency, 56 percent of loans modified in the second quarter of 2008 had re-defaulted a year later. (New York Post -- News)
Executive National Bank to close branch Oct 10, 2009
The Miami-based bank notified the Office of the Comptroller of the Currency on Oct. 2 that it would close its branch at 8009 N.W. 36th St., but did not note when. That would leave the bank with four branches in Miami-Dade County. (South Florida Business Journal, FL)
Bremer recognized by office of comptroller Oct 9, 2009
Bremer, part of , said Thursday that the U.S. Treasury Department s Office of the Comptroller of the Currency has given it an outstanding rating for community reninvestment. Bremer received recognition for meeting credit needs in the community, including with loan programs for low- and moderate-income borrowers. (Twin Cities Business Journal, MN)
Every 13 seconds there is a foreclosures filing in US Oct 9, 2009
The Office of the Comptroller of the Currency, which regulates US banks, said in a Sept 30 report that banks and loan services stepped up efforts to help distressed homeowners in the second quarter, more than tripling the loan modifications that reduced principal. This trend represents a significant shift from earlier quarters, when the vast majority of loan modifications either did not change monthly payments or increased them, it said. (The Star Online, Malaysia -- Business)
Spire's $118M construction loan is sold Oct 9, 2009
The federal Office of the Comptroller of the Currency shut down Corus Bank of Chicago on Sept. 11, after the lender was unable to raise enough capital to stay viable. Corus was plagued by problem loans in states hit hard by the residential real estate downturn, including Florida, Arizona and California. (Denver Business Journal, CO)
Pandit Is Said to Get Positive Rating From Citigroup Reviewer Egon Zehnder Oct 8, 2009
Citigroup was told by the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and other banking regulators to get the review to address concern Pandits team might not be fit to turn around the $1. 85 trillion-asset company. (Bloomberg -- US)
Buckhead Life expands offerings at Philips Oct 8, 2009
Buckhead Life Group expands offerings at Philips Arena - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
New Newton bank seeks to thrive in bad economy Oct 8, 2009
They also managed to convince both a national bank regulator, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp., which both regulates and insures banks, along with local city officials, that opening their bank and their timing was a great idea. About a year after the idea first sparked in Nuzzo s mind, he had the necessary approvals. (Newton Tab, MA)
Financial overseers opposing overhaul Oct 7, 2009
In addition to the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve are all fighting key elements of the plan ... The Comptroller of the Currency was established during the Civil War to shore up the financial system ... Furthermore, Eugene Ludwig, who was comptroller of the currency during the Clinton administration and is now a critic of the regulatory system, said that since the agencies are funded by the assessments charged on... (Boston Globe)
Starwood, TPG Make Winning Corus Bid in Jostle for Cheap Real Estate Loans Oct 7, 2009
Corus was seized by the Office of the Comptroller of the Currency on Sept. 11 and the FDIC was named receiver. As part of the transaction, MB Financial Bank, which has more than 80 branches in the Chicago area, agreed to acquire Coruss $7 billion deposits and take over its 11 branches. (Bloomberg -- US)
Reverse mortgages may be next crisis Oct 7, 2009
Risks that contributed to the collapse of the subprime- mortgage market also are a concern in the sale of reverse mortgages, said John Dugan, head of the Office of the Comptroller of the Currency, at an American Bankers Association conference in June. While reverse mortgages can provide real benefit, they also have some of the same characteristics as the riskiest types of subprime mortgages - and that should set off alarm bells, Dugan said. (Boston Globe)
Low rates may fuel boom then bust:Ludwig Oct 7, 2009
But Eugene Ludwig, who was Comptroller of the Currency during the Clinton Administration, said he was hopeful the world's central banks would be able to quickly rebalance monetary policy, as the Reserve Bank of Australia (RBA) had started to do, before problems emerged. Overregulation in individual countries, which could hamper the flow of cash between nations, was another potential risk that could create an aftershock in a post-global financial crisis world, Mr Ludwig told AAP in an interview... (Sydney Morning Herald -- Business)
Unemployment Rising to 9.8% Means More Economic Pain as Consumption Falls Oct 6, 2009
8 percent on March 31 and 3 percent a year earlier, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said on Sept. 30. First-time foreclosure filings fell 0. (Bloomberg)
Signs of hope housing market may be stabilizing Oct 6, 2009
According to the U.S. Comptroller of the currency, 53 percent of loans modified by lenders during the first half of 2008 are again in arrears. Now is a good time to make a long-term purchase if you can afford to and you have job security. (San Francisco Chronicle -- Business)
The Risks and Rewards of Reverse Mortgages Oct 4, 2009
In a June speech, Comptroller of the Currency John Dugan said: "I am struck by some of the similarities to the risks of subprime mortgages: a vulnerable customer class; complex product features that can be difficult to explain and can be susceptible to deceptive marketing; nontraditional, asset-based underwriting; and the potential for skewed incentives for key distributors of the product." To help consumers better understand the product, U.S. News spoke with a number of reverse mortgage experts... (Yahoo News -- Top Stories)
Feds close 3rd Colo. bank of 2009 Oct 4, 2009
The bank was ordered closed by the Office of the Comptroller of the Currency; the was appointed receiver. Accounts at SCNB have been transferred to of Wiley, Colo. (Denver Business Journal, CO)
Goldman Sachs Should Have More Sensitivity About Bonus Impact, Warner Says Oct 3, 2009
The banking panel will consider creating a single bank regulator by merging the oversight powers of the Federal Reserve and the Federal Deposit Insurance Corp., with the Office of the Comptroller of the Currency and the Office of Thrift Supervision, Warner said. The committee plans to take into account the concerns of community bankers, who say merging the four bank regulators would make them a stepchild to larger banks, Warner said. (Bloomberg -- US)
Three More U.S. Banks Are Shuttered, Bringing Failure Toll This Year to 98 Oct 3, 2009
Southern Colorado National Bank of Pueblo was closed by the Office of the Comptroller of the Currency, the FDIC said. Deposits will continue to be insured by the FDIC, the agency said. (Bloomberg -- US)
More Than Half of Modified Loans Back in Default Oct 2, 2009
REALTOR Magazine Online: The real estate professional's business support tool. YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag. (Realtor Magazine Online)
READ: Text of Bernanke's prepared remarks Oct 2, 2009
Information about the proposed guidance is available at Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration (2009), "," joint press release, June 30. For more information about the SCAP, see Ben S. Bernanke (2009), "," speech delivered at the Federal Reserve Bank of Atlanta 2009 Financial Markets Conference, held in Jekyll Island, Ga. (USA Today -- Money)
Bernanke May Compromise on Regulatory Powers Oct 1, 2009
Two weeks ago, Dodd offered his own proposal for beefing up financial regulation: merging the Fed with the Office of Thrift Supervision, the FDIC and the Comptroller of the Currency to create one superagency. Dodd said one of his goals is to prevent shopping for the most lenient regulator by financial institutions, something critics say helped bring about the financial crisis. (Fox News)
Many still can't make payments after mortgage modifications Oct 1, 2009
More than 50% of homeowners with loans modified in the first half of last year had missed at least two months of payments a year later, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision said Wednesday. RELATED. (USA Today -- Money)
Exclusive Subscriber Content Oct 1, 2009
- Office of the Comptroller of the Currency. Use of, or registration on, this site constitutes acceptance of our and. (Atlanta Business Chronicle, GA)
FDIC expected to require banks to prepay fees Sep 30, 2009
U.S. Comptroller of the Currency John Dugan, who with Bair is a member of the FDIC board, has said another emergency levy could cause more stressful conditions. . (MSNBC -- Business)
Regulators Close Ga. Bank; 95th US Failure in '09 Sep 26, 2009
But U.S. Comptroller of the Currency John Dugan said Thursday he was "very concerned" about the effect of such an upfront levy on the strained banking industry. 1. (ABC News -- Wire)
Large-loan bank losses triple old record, hit $53B Sep 26, 2009
The report, called the Shared National Credits Review program, is prepared and jointly released by the , the , the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The report defines a "shared national credit" as any loan or formal loan commitment of at least $20 million that was financed by three or more banks. (USA Today -- Money)
Large-loan bank losses triple to $53 billion... Sep 26, 2009
The report, called the Shared National Credits Review program, is prepared and jointly released by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The report defines a "shared national credit" as any loan or formal loan commitment of at least $20 million that was financed by three or more banks. (The Drudge Report)
Location, financial support are issues for College Hall of Fame Sep 25, 2009
Questions to answer about College Hall of Fame - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
Zillow: Tax credit would boost sales Sep 25, 2009
Zillow: Tax credit extension could grow sales by 334,000 - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
GeoVax lauds Thailand study results Sep 25, 2009
for free extra services. Thursday, September 24, 2009, 10:56am EDT. (Atlanta Business Chronicle, GA)
U.S. Large-Loan Bank Losses Triple to $53 Billion: Regulators Sep 25, 2009
The SNC review is prepared by the Federal Reserve Board of Governors, Federal Deposit Insurance Corp (FDIC), Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). (Reporting by Biswarup Gooptu in Bangalore; Editing by Greg Mahlich). (ABC News -- Business)
Barney Frank Rebuffs Regulators' Power Pleas Sep 25, 2009
Bair testified alongside the heads of the Office of the Comptroller of the Currency and the Office of Thrift Supervision. All three regulators said they did not support the Consumer Financial Protection Agency in the form the Obama administration proposes. (Newsmax)
Duke, ENN of China ink clean-energy deal Sep 24, 2009
- Office of the Comptroller of the Currency. . (Charlotte Business Journal, NC)
Treasury banks on EDS to upgrade computer services Sep 24, 2009
The award from Treasurys Office of the Comptroller of the Currency calls for the Hewlett-Packard Co. subsidiary to improve the connectivity, collaboration, performance and overall user experience for the OCC workforce by providing and maintaining end-user computing resources as well as mobility services. Under the agreement, EDS will provide comprehensive workplace services support, deploy HP desktops, workstations, notebooks, wireless products, portable printers and scanners to help OCC meet... (FCW.com)
FDIC's Bair Seeks Alternatives to Second Special Fee, Lauds Prepayments Sep 24, 2009
Comptroller of the Currency , who oversees national banks and is an FDIC board member, said regulators must avoid something thats pro-cyclical -- that is, having additional special assessments rather than spread the cost out with the industry repaying. . (Bloomberg)
Consumer watchdog's 'draconian' powers scaled back Sep 24, 2009
But Frank wouldn't budge, saying the , comptroller of the currency and had an "abysmal" record on protecting consumers: "They never cared about consumer affairs. ... They regard consumer affairs as a kind of nuisance.". Posted. (USA Today -- Money)
Financial overhaul islosing momentum Sep 23, 2009
Dodd also is moving toward the creation of a single banking regulator, combining the authorities now spread across the Fed, the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Comptroller of the Currency. The administrations plan did not envision such a sweeping consolidation. (MSNBC -- Business)
NYT: FDIC may borrow cash from banks Sep 23, 2009
There is no consensus among the five board members, consisting of Ms. Bair, two other F.D.I.C. officials, and the heads of the Office of Thrift Supervision and the Office of the Comptroller of the Currency. Others may propose novel ways to replenish the fund, for example, by asking the banks to prepay the premiums that they were planning to make next year. (MSNBC -- Politics)
