Congress enacted "Limitations on Terms of Consumer Credit Extended to Service Members and Dependents," commonly known as the "Talent Amendment" in 2006. The Talent Amendment limits the cost associated with payday, vehicle title, and refund anticipation loans for service members and their dependents (covered...
The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.
The federal bank and thrift regulatory agencies announced today that they will request public comment on a joint notice of proposed rulemaking (NPR) to allow a banking organization to assign a 10 percent risk weight to claims on, and portions of claims guaranteed by, the Federal National Mortgage Association (Fannie...
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to adopt a restoration plan accompanied by a notice of proposed rulemaking that would increase the rates banks pay for deposit insurance, while at the same time making adjustments to the system that determines what rate a bank pays...
The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper...
I'm most honored to be here today. Thanks for inviting me to speak at your 50th annual meeting. For 50 years, the N-A-B-E has worked to make the discipline of economics more accessible and more useful to its members. And your advocacy over the last decade for better data collection and more accurate economic...
The President's Working Group on Financial Markets issued the following statement today:
Conditions in U.S. and global financial markets remain extremely strained. The President's Working Group on Financial Markets (PWG) is working with market participants and regulators globally to address the current challenges...
The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions' required and excess reserve balances. The payment of interest on excess reserve balances will give the Federal Reserve greater scope to use its lending programs to address conditions in credit markets while...
On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on Emergency Economic Stabilization Act of 2008, from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon...
"Since the close of our bidding process, Wells has apparently re-assessed its position and come forth with this new offer that does not require FDIC assistance. It should be emphasized that both the Citigroup proposal as well as the new Wells proposal would stand behind all creditors including depositors, insured and...
A new proposal to acquire Wachovia has emerged from Wells Fargo. The Citigroup proposal has undergone extensive review by the Federal Reserve and the Office of the Comptroller of the Currency. We have not yet reviewed the new Wells Fargo proposal and the issues that it raises. The regulators will be working with the...
Federal Deposit Insurance Corporation Chairman Sheila C. Bair said, "Insured deposits remain fully protected and the FDIC guarantee remains rock solid - the same as it has been for 75 years. In addition, the overwhelming majority of banks remain well-capitalized and safe and sound."
"Unfortunately, there is...
The banking operations of Wachovia Corp., which is headquartered in Charlotte, N.C., are being acquired by Citigroup Inc. The transaction is being facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury.
In response to continued strains in short-term funding markets, central banks today are announcing further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity. Central banks will continue to work together closely and are prepared to take appropriate steps as needed to address...
Today the FDIC assisted the acquisition of Wachovia, a large national bank, by Citigroup, the nation's largest banking company.
As the result of the FDIC's action, Citigroup has agreed to assume all Wachovia deposits - insured and uninsured - and all Wachovia debt. Citigroup has also agreed to acquire all Wachovia...
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