FDIC Chairwoman Bair Too big to fail has become worse. Its become explicit when it was implicit before.
Treasury Sec. Geithner Most consequential choices involve shades of gray, and some fog is often useful in getting things done.
RACINE – According to Michael Burke of the Racine Journal times, as far as outsiders knew, the 76 Federal Deposit Insurance Corp. employees in town Oct. 23 were all with “Muskego Industries.”
It was a cover. Their real job was to close the failed Bank of Elmwood and sell it to Tri City National Bank.
Tri City [...]
Time finally ran out on FBOP. The FDIC on Friday seized the $18.2 billion banking company, whose nine subsidiary banks will be absorbed by U.S. Bancorp (USB).
The nine shuttered banks are Bank USA of Phoenix; California National Bank of Los Angeles; San Diego National Bank of San Diego; Pacific National Bank of San Francisco; Park [...]
According to an story in the Baltimore Sun by Marcy Gordin and Tim Paradis, regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults.
The banks closed on Friday by the Federal Deposit Insurance Corporation were in California, Illinois, Texas [...]
Oct. 29, 2009 | House Committee Hearing
The House Committee on Financial Services holds a hearing titled “Systemic Regulation, Prudential Matters, Resolution Authority and Securitization.”
Submitted Testimony
Oct. 29, 2009 | House Committee Markup | Voting Summary
The House Committee on Energy and Commerce hold a markup of the Consumer Financial Protection Agency Act of 2009 (H.R. 3126) and vote 33 – 19, to approve the legislation with several amendments. The amendments would, among other things, require the CFPA to be managed by a five-member [...]
Oct. 28, 2009 | Senate Committee Hearing
The Senate Subcommittee on Securities, Insurance and Investment holds a hearing titled “Dark Pools, Flash Orders, High Frequency Trading, and Other Market Structure Issues.”
Submitted Testimony and Member Statement
Warren Bank, Warren, MI with approximately $538 million in assets and approximately $501 million in deposits was closed. The Huntington National Bank, Columbus, OH has agreed to assume all deposits, excluding certain brokered deposits. (PR-179-2009)
Jennings State Bank, Spring Grove, MN with approximately $56.3 million in assets and approximately $52.4 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits. (PR-180-2009)
Southern Colorado National Bank, Pueblo, CO with approximately $39.5 million in assets and approximately $31.9 million in deposits was closed. Legacy Bank, Wiley, CO has agreed to assume all deposits. (PR-181-2009)
San Joaquin Bank, Bakersfield, CA with approximately $775 million in assets and approximately $631 million in deposits was closed. Citizens Business Bank, Ontario, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-185-2009)
