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)
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)
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)
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)
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)
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)
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)
Exclusive Subscriber Content Oct 17, 2009
- Office of the Comptroller of the Currency. Use of, or registration on, this site constitutes acceptance of our and. (Charlotte Business Journal, NC)
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)
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. "Credit losses at banking organizations continued to rise through the second quarter of this year and banks face risks of sizable additional credit losses given the outlook for production and employment," Fed Governor Daniel Tarullo told... (SmartMoney)
Lockheed Martin to tap ocean waves for electricity generation Oct 15, 2009
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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)
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)
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)
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)
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)
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)
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)
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. Open defiance from departments of the federal government has clearly annoyed the administration. (Boston Globe)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
GeoVax lauds Thailand study results Sep 25, 2009
for free extra services. Thursday, September 24, 2009, 10:56am EDT. (Atlanta Business Chronicle, GA)
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)
IHS: Construction spending to keep falling Sep 23, 2009
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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)
ONE.midtown kitchen, Murphys change chefs Sep 22, 2009
ONE.midtown kitchen, Murphys change chefs - Atlanta Business Chronicle. for free extra services. (Atlanta Business Chronicle, GA)
Bernanke Effort to Accelerate Growth May Be Undermined by Loan Contraction Sep 22, 2009
said , a Louisiana State University banking professor and former economist at the Office of the Comptroller of the Currency. Its not bubble lending, its some subset of that. (Bloomberg -- US)
Dodd Plan for Single U.S. Bank Regulator May Spark Fight with Frank, Obama Sep 21, 2009
Dodd, leading efforts to rewrite regulations, will suggest combining the Federal Reserve, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Office of the Comptroller of the Currency into one agency, the senators office said yesterday. Establishing a single regulator is a very bad idea, , president of the Independent Community Bankers of America, a Washington-based trade group with 5,000 members, said yesterday in an e-mail. (Bloomberg -- US)
More FBOP banks ordered to raise capital Sep 19, 2009
The two other banks cited last month by the U.S. Office of the Comptroller of the Currency are San Diego National Bank and San Francisco-based Pacific National Bank. The orders were publicly released today. (Crain's Chicago Business)
Exclusive Subscriber Content Sep 17, 2009
- Office of the Comptroller of the Currency. Use of, or registration on, this site constitutes acceptance of our and. (Atlanta Business Chronicle, GA)
Key Elements of the Obama Financial Overhaul Sep 16, 2009
This agency would be created through the merger of the Office of the Comptroller of the Currency and the Office of Thrift Supervision, which would be eliminated. Bank supervision would still be split among federal and state regulators. (ABC News -- Wire)
Commercial real estate crisis threatens recovery Sep 16, 2009
The question is what can Congress, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency do to mitigate this rapidly unfolding problem. Commercial real estate, valued at some $3. (Atlanta Journal-Constitution -- Opinion)
Feds give Keybank high marks Sep 16, 2009
The Office of the Comptroller of the Currency gave the bank, which operates 42 branches in Western New York, an outstanding rating for its commitment to the Community Reinvestment Act, a federal law enacted in 1977 that discourages discriminatory credit practices by commercial banks and savings institutions. An outstanding rating is the highest level of recognition by the OCC, which reviews factors such as mortgages, retail and small-business banking and community development lending,... (Buffalo Business First, NY)
OCC closes Spire lender Corus Bank Sep 16, 2009
Long-troubled of Chicago, primary lender for downtown Denver s $175 million condo project, was closed by the Office of the Comptroller of the Currency (OCC) on Sept. 11. The OCC and Federal Reserve Bank of Chicago ordered Corus, which has been plagued by problem loans in states hit hard by the residential real estate downturn, to come up with ways to raise capital. (Denver Business Journal, CO)
First National Bancshares Board Formally Elects Mason as CEO Sep 16, 2009
Mason was appointed August 25, 2009, as President and CEO of Spartanburg-based First National Bank of the South, a wholly owned subsidiary of First National Bancshares, as approved by the Office of the Comptroller of the Currency. The First National Bancshares Board recently received approval by the Federal Reserve Bank of Richmond to appoint Mason to the holding company and then formally elected Mason to his newest position. (Primezone Releases)
States fight predatory lending Sep 15, 2009
Those regulations come from state banking departments, which the federal banking agencies, Office of Thrift Supervision (OTS) and Office of the Comptroller of the Currency (OCC), routinely pre-empt, saying the regulations cannot be enforced against nationally chartered banks. State banking departments' consumer protection laws are stronger and historically more consumer-friendly by not being based on the safety and soundness (financial condition) of the financial institution. (NJ.com -- Times)
FBOP has deadline with Fed to raise capital Sep 15, 2009
FBOPs largest bank, Los Angeles-based California National Bank, is operating under an order to raise capital by its regulator, the Office of the Comptroller of the Currency. FBOPs bank lenders, led by J. P. Morgan Chase have sued, demanding repayment of a $246-million loan. (Crain's Chicago Business)
Condo lender Corus Bank fails Sep 12, 2009
The Office of the Comptroller of the Currency closed Corus and Federal Deposit Insurance Corp. was named receiver. a Chicago-based bank, will assume Corus 11 branches (none of which are in Georgia), and its $7 billion in deposits. (Atlanta Business Chronicle, GA)
Regulators Seize Construction Lender Corus Bank Sep 12, 2009
Earlier this year, the Federal Reserve Bank of Chicago and the office of the Comptroller of the Currency, a Treasury Department agency, put Corus under special monitoring. Regulators rejected the bank's proposed plans for restructuring and shoring up its capital. (ABC News -- Business)
Data point to more bank failures Sep 9, 2009
Other regulators issuing orders during the period were the Federal Reserve Bank, National Credit Union Administration, Office of the Comptroller of the Currency and Office of Thrift Supervision. The FDIC also issued 90 percent of the 60 civil money-penalties ordered. (Charlotte Business Journal, NC)
Proposed agency for consumer protection faces fierce debate Sep 9, 2009
If you get a loan from a national bank, the Office of the Comptroller of the Currency is supposed to protect you from predatory practices ... Office of the Comptroller of the Currency (OCC). (USA Today -- Money)
Comptroller of the Currency Hosts Community Bank Directors Workshops in Dallas, Texas Sep 5, 2009
WASHINGTON, Sept. 4 /PRNewswire-USNewswire/ -- The Office of the Comptroller of the Currency will host a workshop for new national community bank directors in Dallas at the Westin Park Central, October 5-7, 2009 ... The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their... (PR Newswire)
KKR Turns Vulture Investor as Distressed Debt Takeovers Cheaper Than LBOs Sep 3, 2009
The Office of the Comptroller of the Currency said in July that its survey of 59 banks holding $3. 6 trillion of loans on Dec. 31 found that 86 percent of lenders toughened lending standards, up from 52 percent in 2008. (Bloomberg)
Wall Street Keeping $35 Billion Derivatives Revenue Focus of Stealth Lobby Sep 1, 2009
The five biggest derivatives dealers in the U.S. -- JPMorgan, Goldman Sachs, Bank of America, and -- held 95 percent of the $291 trillion in notional derivatives value of the countrys 25 largest bank holding companies at the end of the first quarter, according to a by the Office of the Comptroller of the Currency. More than 90 percent of those derivatives were traded over the counter, the OCC data show. (Bloomberg)
Grameen shows poorest of poor can be creditworthy Aug 30, 2009
Vaez has had a long and distinguished career in the financial services industry in both the public and private sectors, and we are very pleased to have him join our Board, said Mr. Thomas S. Wu, Chairman, President and Chief Executive Officer of UCBH Holdings, Inc. He brings a unique perspective drawn from an extensive background in credit risk management and bank supervision, including over 23 years of public service at the Office of the Comptroller of the Currency (OCC) and senior... (Fresno Bee -- Business)
Ask AP: Lawmaker health benefits, Hawaii monarchy Aug 29, 2009
If that doesn't bring results, contact the bank's primary regulator -- it could be the federal Office of Thrift Supervision, the Office of the Comptroller of the Currency or a state agency. Or contact the banking department or consumer affairs office in your state. (Jefferson City News Tribune, MO)
