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November 17, 2008
TARP Redirected to Support Consumer Spending
Implementing a plan he had hatched in secret, Treasury Secretary Henry Paulson, Jr. abruptly shifted the $700 billion Troubled Assets Relief Program toward supporting consumer spending and providing capital for nonbank lenders.
Fannie, Freddie Announce New Mortgage Aid Program
Fannie Mae and Freddie Mac announced a new program to help homeowners threatened with foreclosure.
Regulators Urge Banks to Loan
Federal bank regulators issued an interagency statement on November 12 emphasizing the need for all banking institutions to continue lending to creditworthy borrowers.
OCC Rejects Easing Write-Off Rules for Credit Cards
The nixed a plan to allow big credit card banks would to forgive a portion of the principle owed without taking an immediate write-down.
HUD Rewrites RESPA Rules
After a long, controversial rulemaking process, HUD unveiled revised rules implementing RESPA.
Briefs, November 17 21, 2007
Quote of the Week, November 17 21, 2007
November 10, 2008
CPP Cash: Can You Use It For?
Some officials say you can use CPP funds for mergers. More officials say you shouldn’t.
Treasury Adds CCP Forms, Promises Help for Private Banks
The Treasury released forms to help publicly traded banks to sign up for CPP money. At the same time, it promised it would shortly provide forms and rules for privately owned institutions.
Banks Tighten Credit Terms
Despite strong urging from the government to lend, banks continued their dramatic tightening of underwriting standards for businesses and consumers over the past three months.
Fed Adjusts Rates for Interest on Reserves
The Federal Reserve Board on Nov. 5 announced that it would alter the formulas used to determine the interest rates paid to depository institutions on required reserve balances and excess reserve balances.
JPMorgan Chase Expands Mortgage Relief Efforts
JPMorgan Chase will expand its mortgage modification program by including Washington Mutual and EMC Mortgage Corporation customers. Chase acquired WaMu’s mortgage portfolio in September and EMC’s portfolio in February.
Briefs, November 10 14, 2008
- Deadline Postponed
- Consumer Alert
- Check Processing
Quote of the Week, November 10 14, 2008
November 03, 2008
Gloom at the FOMC
If you’re seeking good economic news (and who isn’t?) the Federal Open Market Committee’s recent statement is not the place to look.
FDIC Adopts TLGP Rules
An interim rule gets the Temporary Liquidity Guarantee Program off the ground.
Capital Purchase Program: What Is the Purpose?
A major trade association says its members don’t understand the purpose of the Capital Purchase Program, and want more time to consider whether to apply.
FTC Delays Red Flags Rule for Some
The Federal Trade Commission released an Enforcement Policy Statement that postpones enforcement of the new “Red Flags Rule” for six months, until May 1, 2009, for certain businesses subject to FTC regulation.
Congress Member, Comptroller in Spat over Bank Merger
Rep. Steven C. LaTourette and Comptroller of the Currency John Dugan have engaged in a heated exchange of opinion regarding the recent acquisition of Cleveland’s National City Corporation by Pittsburgh-based PNC Corporation.
More Mortgage Relief Likely
FDIC, Treasury, and the White House reportedly are considering yet another bailout plan for mortgages in danger of foreclosure.
Briefs, November 1 5, 2008
- Fed Sets Fees
- FHFA Organized
Quote of the Week, November 1 5, 2008
October 27, 2008
Financial Crisis Renews Too Big To Fail Controversy
Industry consolidation — including government-assisted acquisitions — leads to calls to break up “too big to fail” institutions.
Interest on Reserves: Rate Change Announced
Not long after the program began, the Fed cut the rate it pays on excess reserve balances.
Paulson Explains CPP
Treasury Secretary Henry Paulson filled in some of the blanks about his department’s Capital Purchase Program (CPP) during an October 20 press conference.
