The U.S. Government Accountability Office (GAO) today released the biennial update to its list of federal programs, policies, and operations that are at "high risk" for waste, fraud, abuse, and mismanagement or in need of broad-based transformation.
Summary of statement by Gene L. Dodaro, Acting Comptroller General of the United States:
Several key changes in financial markets and products in recent decades have highlighted significant limitations and gaps in the existing regulatory system.
The Office of the Comptroller of the Currency today announced its 2009 schedule of workshops for national community bank directors.
"These are extraordinary and challenging times in the financial services industry. Never has it been more important for new directors of community banks to obtain a secure...
National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook,...
The OCC today appointed the FDIC as receiver for National Bank of Commerce, Berkeley, Illinois. National Bank of Commerce's primary market was the Chicago area. The bank, with approximately $418 million in assets at December 31, 2008, was originally established in 1966.
The U.S. Department of the Treasury today issued interim final rules for reporting and recordkeeping requirements under the executive compensation standards of the Troubled Asset Relief Program's (TARP) Capital Purchase Program (CPP).
The Treasury Department today announced that it will make a $1.5 billion loan to a special purpose entity created by Chrysler Financial to finance the extension of new consumer auto loans as part of a broader program to assist the domestic automotive industry in becoming financially viable.
The two private-sector committees established by the President's Working Group on Financial Markets (PWG) released their finalized sets of best practices for asset managers and hedge fund investors in an effort to increase accountability for participants in this industry.
The Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation have finalized the terms of the guarantee agreement with Citigroup that was previously announced on November 23, 2008.
The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access and capital as part of its commitment to support financial market stability.
The Federal Deposit Insurance Corporation (FDIC) is warning consumers, businesses and financial institutions to be aware of fraudulent e-mails allegedly from the Federal Reserve Bank. The fraudulent e-mails claim that a phishing attack has affected the Fedwire system and that restrictions are in place. The e-mails...
On January 14, 2009, the Office of Thrift Supervision, along with the other federal banking agencies, issued Risk Management of Remote Deposit Capture guidance. This issuance provides guidelines for examiners, financial institutions, and technology service providers to identify risks in financial institutions' remote...
The U.S. Treasury Department today released the term sheet and answers to frequently asked questions for qualified financial institutions applying to the Capital Purchase Program that are S corporations. The term sheet provides for issuances of debt instead of stock, unlike other term sheets for the Capital Purchase...
The Federal Financial Institutions Examination Council has issued the attached guidance, "Risk Management of Remote Deposit Capture," to assist financial institutions in identifying risks in their remote deposit capture (RDC) systems and evaluating the adequacy of controls and applicable risk management practices.