'Wall Street tax must be international' Nov 20, 2009
Funding for these initiatives could come from a transaction tax or by using leftover money from last year's $700 billion Troubled Asset Relief Program, a federal government program to buy assets and equity from financial institutions. Lawmakers could also pay for the package over a five-year time period to avoid imposing tax increases or spending cuts that may hurt the nation's fragile economy. (India Times)
ID theft scam hunt goes global Nov 20, 2009
They have gone on to get in touch with banks to alert them that particular account numbers have been compromised, so financial institutions have the information they need to contact customers directly. Meanwhile, the Metropolitan Police's Computer Crime Unit is working with Interpol to trace the hackers behind the scam. (Yahoo News -- Online Privacy)
Privacy Tips Nov 20, 2009
A new law requires financial institutions to clearly communicate their privacy policies to their customers. This means your banks, credit card companies and other financial institutions are sending you their policies on privacy and information sharing. (Yahoo News -- Online Privacy)
Getting more out of ATM machines Nov 20, 2009
" Financial institutions are relying on multi-service ATMs to bring banking and government services to individuals not easily reached otherwise--Sharon Dickie Early adopters getting more It may be that the U.S. and UK are more conservative simply because they have had access to ATMs for longer than other countries where rapid change may have made consumers more willing to be early adopters. "In Asia overall economic development has been rather sudden, and the technology that provides consumers... (CNN -- International)
Banks borrow less from emergency Fed program Nov 20, 2009
The identities of the financial institutions are not released. They pay just 0. (KGW Northwest NewsChannel 8, OR -- Business)
Panel sets fees for large firms Nov 20, 2009
In seeking to have large firms pay upfront fees for dismantling failing nonbank financial institutions, the House committee rejected warnings from the Obama administration. Treasury Secretary Timothy Geithner and Wall Street prefer that the fee be assessed after a failed firm has been dismantled. (Boston Globe)
The old Allco gang band together Nov 20, 2009
The company lists its potential clients as ''financial service providers, financial institutions, insolvency and recovery firms, corporates, multi-nationals and government entities. FOSTER'S FLEA. (Sydney Morning Herald -- Business)
Moody's will play, but S&P takes its bat and ball Nov 20, 2009
Rather than calling this a response to new ASIC requirements, the Moody's announcement suggests that bank hybrids are riskier due to general regulatory changes applying to financial institutions - around capital and liquidity - in the wake of the crisis. ANZ, which has just raised $1. (Sydney Morning Herald -- Business)
Babson president part of $500M initiative Nov 20, 2009
Goldman Sachs will invest $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions, increasing the amount of growth capital available to small businesses in underserved communities and expand the capacity of the Community Development Financial Institutions to deliver enhanced technical assistance to small businesses. The 10,000 Small Businesses will be guided by an Advisory Council co-chaired by Goldman CEO Lloyd C. Blankfein, Warren... (Boston Business Journal, MA)
China Banks Filling Syndicated Loan Void as Royal Bank, Citigroup Retreat Nov 20, 2009
Theyre providing capital as western banks from New York- based to in Edinburgh retrench after global financial institutions took $1 ... A syndicated loan is when a group of lenders or financial institutions provide a credit facility to a borrower. (Bloomberg)
GSI Group Finalizes Agreement With Noteholders to Significantly Reduce Its Debt Nov 20, 2009
- To Implement Pre-Arranged Debt-for-Equity Restructuring, Three Corporate Entities File for Chapter 11 Reorganization - Operations will continue in normal course - Company has ample liquidity. " "We are confident that going into this reorganization process with a pre-agreed upon plan with our noteholders and adequate liquidity will enable us to implement our restructuring in an efficient and timely manner. (Canada Newswire)
Financial Regulation Overhaul Proposals in U.S.: Side-by-Side Comparison Nov 20, 2009
SENATE -- Dodd, rejecting the Obama concept altogether, proposed a single bank regulator by merging four agencies into a Financial Institutions Regulatory Administration. The central bank would be stripped of all bank supervisory power and relegated to setting only monetary policy. (Bloomberg -- US)
Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Nov 20, 2009
Under the TARPs capital-purchase program, the Treasury injected about $205 billion into more than 600 financial institutions of all sizes as of Nov. 13, according to department figures. chief executive officer of Morgan Stanley, said banks behavior justified a Fed crackdown. (Bloomberg -- US)
Press Release: European Commission and IMF Welcome Reaffirmed Commitments of the Largest Foreign Banks in Hungary Nov 20, 2009
Representatives from the European Commission and the International Monetary Fund (IMF) met today in Brussels, with the parent banks of six systemically-important Hungarian financial institutions. The six EU-based banks are Bayerische Landesbank, Erste Group Bank, RZB Group, Intesa SanPaolo, KBC Group and Unicredit Group. (IMF News)
JPMorgan May Hear Break-Up Talk in Health Debate Nov 20, 2009
Congress is already considering proposals to give regulators new powers to dismantle even healthy financial institutions that pose a risk to the economy. An amendment to this effect was adopted by the House Financial Services Committee Wednesday as it weighed its version of financial reform legislation. (Bloomberg -- Columnists)
Cut through credit card 'gobbledygook' Nov 20, 2009
"It would go a long way to re-ignite the trust people have in financial institutions.". As for the simplified contract Siegel drew up. (CNN)
Carney Shows How Canada Controls Risk So Central Banks Worldwide Can Too Nov 20, 2009
He also repeated that regulators could limit the credit cycle by requiring financial institutions to hold more capital in good times, and allowing them to hold less when credit is scarce. At home, Carney slashed the along with other global banks, cutting it by 3. (Bloomberg -- Canada)
* Committee votes to allow breakup of big US firms Nov 20, 2009
The amendment approved on Wednesday said the government could intervene when a firm presents a grave threat to the financial system X a higher bar than what many large financial institutions thought Kanjorski would set ... DISADVANTAGE Critics have argued that the legislation would effectively force financial institutions to scale back their size and place them at an international disadvantage. (Taipei Times, Taiwan -- World)
Is the Fed Creating New Bubbles? Nov 20, 2009
And third, they argue that the better way to cope with overheated markets is to strengthen financial institutions so they can withstand the inevitable bust something Bernanke dmit they've failed to do in the past. On Nov. 16, Bernanke and Vice-Chairman Donald L. Kohn made it clear in separate appearances that asset markets are not the focus of Fed monetary policy. (BusinessWeek)
First Data lays off some of its Hagerstown employees Nov 20, 2009
First Data Corp. is an information commerce company that processes transaction data for merchants and financial institutions. Its headquarters are in Atlanta. (The Herald-Mail Online)
Fraud Nation Nov 20, 2009
This past week, the Inspector General for the TARP $700 billion bailout reported that taxpayers will "almost certainly" lose money on their investments in the "too big to fail" financial institutions. One reason, it s safe to say, is contained in Neil Barofsky s revelation that he is conducting 65 separate investigations of possible fraud involving TARP funds. (Human Events Online)
Savers earning pennies for thrift Nov 20, 2009
Third-quarter reports show many financial institutions with soaring profits and why not. Look at their costs of doing business. (Atlanta Journal-Constitution -- Opinion)
Brown's Government Proposes Legislation to Prevent `Abusive' Short Selling Nov 20, 2009
Trailing in with the election less than seven months away, Brown has tightened control over financial institutions blamed for triggering the sharpest recession since World War II.. Along with governments around the world, we have learned important lessons about the weaknesses of global banking, Chancellor of the Exchequer said in a statement. (Bloomberg -- UK)
Loss-hit JAL too big to fail Nov 20, 2009
The rebuilding of JAL would be based on a 300 billion yen government loan, financial institutions' forgiveness of debts and conversion of bonds into company shares, and a 180 billion yen bridge loan to carry the company over the next perilous few weeks. The bridge loan is needed because the carrier's business is deteriorating so fast that there was worry it would not survive past November. (Asia Times Online)
Queen outlines UK election themes Nov 20, 2009
The bill also would ban credit card companies from sending unsolicited blank checks to their customers "to prevent financial institutions from encouraging customers to borrow more than they can afford.". "As the economic recovery is established, my government will reduce the budget deficit and ensure that national debt is on a sustainable path," the queen said in the speech. (CNN -- World)
Ralcorp sets up captive insurance company Nov 19, 2009
Captive insurance companies have a positive impact on the state s economy by reducing costs for businesses while keeping tax revenue for the state and creating jobs, said John Huff, director of the Department of Insurance, Financial Institutions and Professional Registration, in a statement. St. Louis-based Ralcorp Holdings Inc. (NYSE: RAH), led by Co-Chief Executives Kevin Hunt and David Skarie, manufactures private label food products, including frozen bakery products, cereals, crackers,... (St. Louis Business Journal, MO)
Beacon's Fixed Annuity Premium Study Reports Third Quarter's Fixed Annuity Sales Nov 19, 2009
Directly and through strategic alliances, Beacon information can be accessed by hundreds of financial institutions and distributors. The Beacon Research logo is available at. (Primezone Releases)
Carbon Disclosure Project to Canvass Water Use by Companies Amid Scarcity Nov 19, 2009
Other financial institutions backing the program include , and Dexia Asset Management, according to todays statement. The oil fund, Europes biggest stock investor, said in August it will pay more attention to how the companies it invests in manage water resources. (Bloomberg -- Europe)
Panel gives US Govt right to dismantle big financial firms Nov 19, 2009
The amendment approved Wednesday says the government could intervene when a firm presents a "grave threat" to the financial system - a higher bar than what many large financial institutions thought Kanjorski would set ... Critics have argued that the legislation would effectively force financial institutions to scale back their size and place them at an international disadvantage. (The Star Online, Malaysia)
BankUnited Q3 profits surge Nov 19, 2009
3 million for the three months ended Sept. 30, making it the most profitable bank in South Florida, according to data from the Federal Financial Institutions Examination Council. The bank earned $37. (South Florida Business Journal, FL)
Financial Institutions Declares Cash Dividend Nov 19, 2009
Source: Financial Institutions, Inc. ... WARSAW, N.Y., Nov. 18, 2009 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq: - ) (the "Company") announced that its Board of Directors declared a cash dividend of $0 ... About Financial Institutions, Inc.. (Primezone Releases)
Hildebrand Says Switzerland May Need Tighter Bank Rules Than Rest of World Nov 19, 2009
What has been missing is a bold and international political commitment to put in place a framework for the orderly resolution of large cross-border financial institutions, he said. To contact the reporter on this story: in Zurich at. (Bloomberg -- Europe)
Battle brews over money education Nov 19, 2009
But the British Bankers' Association, which speaks for UK banks, said it was not keen on an extra levy on financial institutions to pay for the teaching. It said that the industry already paid 100m a year towards financial education. (BBC News -- Business)
At-a-glance: Bill-by-bill Nov 19, 2009
Allows groups of consumers to bring court actions against financial institutions. Applies to whole UK.. (BBC News -- UK)
'Too big to fail' must be tackled swiftly: central banker Nov 19, 2009
Too big to fail' must be tackled swiftly: central banker - Yahoo. Too big to fail' must be tackled swiftly: central banker. (Yahoo! Asia News)
Billionaire Warren Buffett gives tips on corporate governance Nov 19, 2009
Not understanding their risks and taking excessive risk for higher returns was the downfall of US financial institutions in the recent sub-prime crisis. No Retirement: Directors and officers are asked to serve for a lifetime, with no term limits, enabling the company to seamlessly tap accumulated experience and knowledge, especially of the owners-turned-managers running the family businesses acquired by Berkshire. (The Star Online, Malaysia -- Business)
California Chamber of Commerce board holds monthly meeting Nov 19, 2009
Baer made a motion the Chamber put 28,000 of the Ozark Ham and Turkey Festival money into a CD at one of the local financial institutions which has the best offer for the period up to 12 months. Burger seconded and the motion carried. (California Democrat, MO)
Elizabeth Warren Winning Means Banks Won't Sell When They Can't Explain It Nov 19, 2009
If Congress creates the watchdog, the director should have a working knowledge of how financial institutions operate, said , the financial roundtables chief lobbyist. The time for pitchforks and torches is over, Talbott said in an interview. (Bloomberg)
Banks capital ideas wont end with CoCos Nov 19, 2009
Contingent convertible bonds are unlikely to be the only new form of bank capital, according to bankers and investors who are still considering several other ways to shore up financial institutions balance sheets. The comments came as bondholders are preparing to submit their applications on Friday to exchange their existing bonds for the banks new securities, known as CoCos. (FT.com -- Markets)
Banks Need More Bankers on Boards, Canada's Bank Regulator Dickson Says Nov 19, 2009
Thats the lesson coming out globally, said Dickson, the superintendent of Canadas Office of the Superintendent of Financial Institutions, in Ottawa. This could have helped. (Bloomberg -- Canada)
Rusal tests Hong Kong's waters Nov 19, 2009
This Thursday, inside a closed meeting-room of the exchange, a handful of people will decide whether the HKEx intends to spin a wheel of its own and offer an opportunity to a selected group of financial institutions. The HKEx wager is much bigger; the odds less chancy. (Asia Times Online)
We're sorry too, Kev Nov 18, 2009
They want an apology for the woeful lack of prudential control that allowed financial institutions to blow all that dough then get bailed out by the same taxpayers who got stung. A particular source of angst are the fat-cat corporate captains who departed with golden handshakes as the ships sank. (Sydney Morning Herald -- Opinion)
* Standard Chartered CEO criticizes plans on bank regulation Nov 18, 2009
Chief executive Peter Sands said policymakers were kidding themselves if they thought higher capital and liquidity requirements for banks would be absorbed by financial institutions and their shareholders. The reality is that a lot of that incremental cost will just get passed on to their customers in terms of increased pricing, Sands said in an interview with the Financial Times. (Taipei Times, Taiwan -- World)
Canada Banks, Agency, May Violate Clients' Privacy Rights, Report Says Nov 18, 2009
Nov. 17 (Bloomberg) -- Canadas financial institutions sometimes report suspicious transactions to a government agency based on little more than a persons ethnic background, leading to potential rights violations, the countrys privacy commissioner said ... Canadian law requires financial institutions to report transactions or fund transfers of C$10,000 or more, or suspicious transactions related to money laundering or terrorist financing regardless of their size, according to the... (Bloomberg -- Canada)
Grupo Mexico regains control in Asarco battle Nov 18, 2009
To finance the deal, a group of financial institutions has promised 1. 4 billion in financing to Americas Mining along with Grupo Mexico's 800 million contribution. (Montana Standard, MT)
Finance bill in Senate has zero support from GOP Nov 18, 2009
chairman of the Senate Banking, Housing and Urban Affairs Committee, has outlined an 1,136-page draft bill that would create three new federal agencies to police banks, protect consumers and dismantle failing financial institutions that threaten the broader economy. Republicans have said that they think the plan goes too far by putting onerous restrictions on Wall Street that could limit the availability of credit. (AZCentral -- News)
Islamic bankers to discuss new economic realities Nov 18, 2009
The theme of the WIBC 2009 reflects this fresh outlook that leading Islamic financial institutions are currently adopting as they compete in an increasingly challenging landscape. In a statement issued here today ahead of the conference, Tirad Mahmoud, the chief executive officer(CEO) of Abu Dhabi Islamic Bank,was bullish about the long-terms prospects for the Islamic banking industry. (The Star Online, Malaysia -- Business)
New appointment sends expectations soaring at SAA Nov 18, 2009
The report reflected strong confidence in South Africa's financial markets at a time when trust in financial institutions has been eroded across large parts of the world. However, it stressed that sub-Saharan Africa as a whole lags behind the rest of the world in competitiveness, requiring efforts across many areas to place the region on a firmly sustainable growth and development path going forward. (Business Report, South Africa)
Marietta cops to patrol shopping areas Nov 18, 2009
An important part of the department's 2009 Holiday Enforcement Plan includes beefing up police presence in shopping areas and near financial institutions, said Marietta Police spokeswoman Officer Jenny Murphy. Some officers will use a three-wheeled personal mobility vehicle called a T3, similar to a Segway, to patrol city parking lots and business districts. (Atlanta Journal-Constitution -- Metro)
House Dems Sharpening "Too Big to Fail" Plan Nov 18, 2009
The House Financial Services Committee, locked for weeks in debate over financial reforms, voted to kill a Republican measure that would have added a new chapter to the bankruptcy code for large, troubled non-bank financial institutions. The unsuccessful proposal had been offered months ago by Republicans as an alternative to a major Democratic bill that was further debated and amended by the committee on Tuesday. (ABC News -- Business)
President Mills tells banks to abide by rules Nov 18, 2009
Accra, Nov. 17, GNA - President John Evans Atta Mills has urged financial institutions to abide by the banking laws and render quality service to Ghanaians. He said until recently some financial institutions had no or little regard for the country's banking laws and regulations and cautioned such banks that the people wanted nothing but the best of services. (Ghana Web, Ghana)
ID theft scam hunt goes global Nov 18, 2009
They have gone on to get in touch with banks to alert them that particular account numbers have been compromised, so financial institutions have the information they need to contact customers directly. Meanwhile, the Metropolitan Police's Computer Crime Unit is working with Interpol to trace the hackers behind the scam. (Yahoo News -- Online Privacy)
Privacy Tips Nov 18, 2009
A new law requires financial institutions to clearly communicate their privacy policies to their customers. This means your banks, credit card companies and other financial institutions are sending you their policies on privacy and information sharing. (Yahoo News -- Online Privacy)
Legacy of plague proportions Nov 18, 2009
Financial institutions could be doing more but are reluctant to spend the money it would take to modernise the old technology platforms on which many of these legacy products sit. While industry and the Government works to resolve the issue, investors need to ensure their funds have not been mothballed or neglected. (Sydney Morning Herald -- Business)
Goldman will aid small businesses Nov 18, 2009
The money will be directed to community development financial institutions to increase capital and technical assistance available to small businesses in underserved communities. Goldman Sachs also said the program will contribute $200 million to community colleges, universities, and other institutions to provide scholarships to small business owners and to expand educational capacity. (Boston Globe)
Dallas economist: Commercial real estate sector will experience decline, but not as deep as in the 1980s Nov 18, 2009
I don t think the overhang of commercial real estate is as threatening to the economy or to financial institutions as all the residential mortgage backed securities, but it is still a big number," he said. Chuck Dannis, president of Dallas real estate appraisal firm , elaborated on the sector's struggles saying the problem lies in the fact that many mortgage-backed securities will be maturing in the next year or two. Generally, when they mature, someone comes in and refinances the loan, Dannis... (Dallas Business Journal, TX)
Goldman Sachs, Buffett to Help Small Businesses Nov 18, 2009
Goldman said the money will be funneled through community development financial institutions to boost lending and technical assistance available to small businesses in underserved communities. In addition, Goldman Sachs executives, in partnership with national and local business organizations, will aid small businesses with advice, technical assistance and professional networking opportunities. (ABC News -- Wire)
Roubini: 'The worst is yet to come'... Nov 18, 2009
As a result of these terribly weak labor markets, we can expect weak recovery of consumption and economic growth; larger budget deficits; greater delinquencies in residential and commercial real estate and greater fall in home and commercial real estate prices; greater losses for banks and financial institutions on residential and commercial real estate mortgages, and in credit cards, auto loans and student loans and thus a greater rate of failures of banks; and greater protectionist pressures.... (The Drudge Report)
Irish banking shares lead bourses lower Nov 18, 2009
Loan losses plagued Irish banks on Tuesday while, separately, financial institutions warned of a build-up of non-performing loans in emerging Europe. In Dublin, predicted higher loan losses than expected in the second half because of falling commercial property prices and raised its forecast for impairment provisions during the next three years from 700m to 800m-900m. (FT.com -- Markets)
McConnell: Dem Financial Bill Could Kill Investment Nov 18, 2009
The bill by Senate Banking Committee Chairman Chris Dodd would extend government oversight of financial institutions and empower regulators to dismantle failing firms that threaten the broader economy. Democrats hold a majority in the Senate, although some of their more conservative members might be tempted to side with Republicans if they think the proposal could hurt the financial industry. (Newsmax)
Report: Billions Wasted in AIG Bailout Nov 18, 2009
But such rationale "stands as a stark example of the tremendous influence of credit-rating agencies upon financial institutions and upon government decision making in response to financial crises," the audit said. The document adds that the threat of further credit-rating downgrades caused by the oppressive terms of the deal led to further government intervention in AIG - including more than $180 billion in TARP bailout money. (Newsmax)
CMS Bancorp, Inc. Announces Improvement in Financial Performance for the Year Ended September 30, 2009 and Continued Growth in Assets Nov 18, 2009
Mr. Ritacco noted that "while some financial institutions have, and continue to struggle to regain their footing during these difficult economic times, Community Mutual Savings Bank has continued to focus on its core business and has made major strides in implementing our business plan in each of our branch markets. During fiscal 2009, we continued to work towards preserving our capital position, growing our deposits, increasing our fee income with the development of our residential mortgage... (Primezone Releases)
Hancock Holding Company Announces Quarterly Dividend Nov 18, 2009
Founded in 1899, Hancock Bank consistently ranks as one of the country's strongest, safest financial institutions, according to BauerFinancial, Inc. More corporate information and e-banking are available at. The Hancock Holding Company logo is available at. (Primezone Releases)
Photo Release -- Affordable Housing Grant Assists Arkansas Family With Down Payment Nov 18, 2009
Each year, the FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. As of September 30, 2009, FHLB Dallas has awarded $8. (Primezone Releases)
More than 14,700 take IRS up on leniency Nov 18, 2009
Shulman said the IRS is using voluntary disclosure program evidence to probe financial institutions and intermediaries that help Americans hide income offshore. The leniency offer accompanied the IRS' legal battle with UBS, which in February agreed to a $780 million settlement of criminal charges that it had secretly sent bankers into the U.S. to help Americans clients evade taxes. (Honolulu Advertiser)
