Banking Report Index-Summary

MARKETING

– Consumer protection, advanced fee credit card telemarketer permanent ban (M.D. Fla.), 94:623
– Privacy, Ill. credit card restrictions on use of college students' personal information, 94:19

MARYLAND

– Consumer protection, National Bank Act preemption of state law (4th Cir.), 94:159
– Failed banks

– – Bay Natl. Bank in Baltimore, 95:60
– – Ideal Fed. Savings Bank in Baltimore, 95:60
– – K Bank of Randallstown, 95:841
– – Waterford Bank of Germantown, 94:472

MASSACHUSETTS

– Credit cards, broker-dealers, state official request for information on fees and interest rates, 94:106; recent changes to cardholder agreements also under scrutiny, 94:228; withdrawal of state funds from national banks in protest of failure to lower interest rates, 94:754
– Data security, BJ's Wholesale Club data breach, dismissal of class action suit affirmed (Mass.), 94:25
– Failed banks, Butler Bank of Lowell, 94:754
– Foreclosure aid for borrowers and tenants, governor signs state measure, 95:275

MERGERS AND ACQUISITIONS

– AmeriCredit shareholder approval of takeover by GM, 95:570
– Antitrust, updated DOJ-FTC joint bank merger guidelines, 95:293
– Bank of N.Y. Mellon agreement to acquire Global Investment Servicing from PNC Financial Servs. Group, 94:282
– Double derivative suits, BoA acquisition of Merrill Lynch, clarification of test for standing (Del.), 95:526
– First Delta FCU of Marks, Miss., merger with Shreveport FCU of Shreveport, La., 95:20
– First Service Credit Union in Milwaukee, Wis. merger with Marine Credit Union in Fond du Lac, Wis., 94:68
– Hostile takeovers on rise, increase in adoption of more shareholder rights plans anticipated, lawyer remarks, 95:698
– Merrill Lynch acquisition by BoA

– – Alleged violation of federal proxy rules prior to shareholder vote (S.D.N.Y.), 94:115; proposed settlement, 94:286; ruling delayed, 94:329; transcripts of witness testimonies, 94:373
– – CalPERS opposition to re-election of 6 directors over alleged lack of transparency, 94:869
– – Failure to disclose losses, N.Y. AG and SIGTARP charges against 2 executives and bank, 94:285
– – SEC IG expansion of investigation into controversial settlement of proxy charges, 94:1133; BoA status as TARP recipient factor in original settlement recommendation, 95:1019

– Strong banks with clear edge in current economic and regulatory climate, American Bar Ass'n meeting speaker remarks, 95:831
– Wells Fargo acquisition of Wachovia, payment to Citigroup in dispute settlement, 95:940

MICHIGAN

– Auction rate securities, settlements with Morgan Stanley, RBC Capital Markets, and Deutsche Bank Securities, 94:236
– Failed banks

– – CF Bancorp of Port Huron, 94:863
– – Lakeside Community Bank, Sterling Heights, 94:754
– – Mainstreet Savings Bank, FSB, of Hastings, 95:99
– – New Liberty Bank in Plymouth, 94:963
– – Paramount Bank in Farmington Hills, 95:1063

– Taxation, measure addressing financial institution apportionment method, 94:155

MINNESOTA

– Failed banks

– – Access Bank of Champlin, 94:921
– – Community Natl. Bank in Lino Lakes, 95:1109
– – Community Security Bank in New Prague, 95:152
– – First Am. State Bank of Hancock, 94:327
– – Marshall Bank, N.A., of Hallock, 94:279
– – Pinehurst Bank in St. Paul, 94:1039
– – St. Stephen State Bank, 94:147
– – State Bank of Aurora in Aurora, 94:560

– 401(k) plans, class actions, Wells Fargo alleged breach of fiduciary duties by investments in mutual funds managed by affiliate (D. Minn.), 94:706

MISSISSIPPI

– Data breach notification measure, governor's signature, 94:704
– Failed banks, First Natl. Bank of Rosedale, 94:1130
– Failed credit unions, Friendship Community FCU of Clarksdale, 94:420
– Mergers and acquisitions, First Delta FCU of Marks, merger with Shreveport FCU of Shreveport, La., 95:20

MISSOURI

– Auction rate securities, Stifel Nicolaus buyback agreement with state regulators, 94:25
– Failed banks

– – Bank of Leeton, 94:147
– – BC Natl. Banks in Butler, 94:863
– – Champion Bank in Creve Coeur, 94:863
– – Premier Bank in Jefferson City, 95:678
– – Southwest Community Bank in Springfield, 94:963
– – WestBridge Bank and Trust in Chesterfield, 95:678

MONETARY POLICY

– Adequacy of current financing plans, Office of Debt Mgmt. questionnaire to dealers trading in government debt, 95:100
– Asset purchases

– – FOMC debate in wake of improving economic conditions, 94:57
– – FRB preparation for second round of quantitative easing, Special Report, 95:811; debate on merits of quantitative easing, 95:828; cost-benefit analysis, FRB St. Louis president remarks, 95:878; quantitative easing violates G-7 and G-20 agreements, Juncker remarks, 95:895; Bernanke defense of large-scale asset purchases, 95:923; Gensler remarks on economic growth, 95:925; downgraded economic forecasts as impetus for beginning QE2, 95:973; Bullard and Plosser remarks, 95:1025; reiteration of plans to buy $600B in Treasury debt, 95:1113

– China, central bank's interest rate increase, 94:78
– Credit, bank capital and lending links, FDIC research conference paper, 95:782
– Currency swap exchanges, FRB reopening with several foreign central banks over sovereign debt concerns in Europe, 94:1135
– Discount window loans from FRB, return to normality, 94:355; opinions split on meaning of discount rate increase relative to pending federal funds rate, 94:362; discount rate hike increases secondary credit costs, 94:421
– Economic forecasts, Bernanke opinions on FRB policy and bank supervision, 94:62
– Eligibility standards, FRB N.Y. updated list for primary dealers, 94:54
– Fixed rules necessary to police markets, Yellen remarks, 95:686
– Innovative FRB recommendations, Bernanke promotion efforts, mixed reviews, 95:1111
– Interest rates on commercial bank reserve balances, FRB plans to raise, 94:306
– National debt risk to financial stability, Bair remarks, 95:968
– Nonbank lending by FRB in crisis, Kohn remarks, 94:610
– Pre-growth policies necessary in avoiding “malaise,” Warsh remarks, 95:888
– Reinvestment of principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, 95:300
– Reverse repurchase program, FRB N.Y. expansion of counterparty eligibility, 94:508; triparty test involving $180M of mortgage-backed securities, 95:261; increase in number of eligible participating counterparties, 95:295; continuing tests of ability to drain reserves, 95:679
– Senior Credit Officer Opinion Survey and Dealer Financing Terms, FRB survey, second quarter 2010, 95:686
– Severe market downturns, central bank experts request for review of haircut-setting and margining practices, 94:628
– Supplementary Financing Account, Treasury Dep't restoration efforts, 94:412
– Swap lines reestablishment, FRB revisiting reciprocal currency agreements, 94:901
– Systemic risk, possible oversight council recommendations, FRB N.Y. official remarks, 95:251
– Term Auction Facility (TAF), FRB auctions $15.4B in short-term cash credit, 94:313; auction of $3.4B in short-term cash credit, 94:510
– Term Deposit Facility (TDF)

– – Payment of interest by Federal Reserve banks as reserve balance management tool, 94:6
– – Small-value offerings, auction date set, 95:408
– – Test offerings to try out reserve draining plan, FRB approval, 94:961; test auction date set, 94:1079; first FRB auction oversubscribed, 94:1240; date of late test set, 95:58

– Transparency and accountability standards for FRB, Hill Watch, 94:712
– Uncertainty in financial markets, debate by top economists over role in slowing growth, 95:684

MONEY LAUNDERING

– Argentina

– – FATF concern over failure to implement effective enforcement mechanisms, 95:806
– – U.S. not sharing crime data after confidential information leaked to press, 95:895

– Beneficial ownership information

– – FinCEN interagency guidance, 94:471
– – Terrorism financing, SEC statement and guidance, 94:522

– Cross-border electronic transmittals of funds, FinCEN notice of proposed rulemaking, 95:496
– Dubai, financial services authority officials' remarks on enforcement, 95:35
– Enforcement policy

– – Better collaboration between FinCEN and law enforcement agencies necessary, GAO report, 94:877
– – Budget, compliance units as cost centers, FinCEN director speech, 94:1018

– Examination manual revisions, FFIEC release of updates, 94:858
– Failed banks, Eurobank civil penalty for BSA violations, 94:914
– Information sharing rules under Bank Secrecy Act, industry reaction to FinCEN proposed amendments, 94:7
– Non-bank residential mortgage lenders and originators, FinCEN proposed rule extending AML and SAR requirements, 95:1017
– Southwest Border Anti-Money Laundering Alliance, agreement with Western Union, 94:325
– Spain, harmonization with EU standards, 94:890
– Suspicious activity reports

– – Casino and gaming industry, FinCEN review, 94:970
– – Confidential information, FinCEN advisory on disclosure requirements, 95:970

– Uruguay-U.S. agreement, consideration of terms, 95:538; pact signed, 95:808
– Wachovia Bank resolution of criminal charges over laundered drug cartel funds (S.D. Fla.), 94:576

MONEY MARKET FUNDS

– Regulatory reform, SEC official remarks about changing rules, 94:564; SEC request for comment on recommended reforms, 95:840

MONEY SERVICE BUSINESSES

– Hill Watch, 94:712
– Oversight, House panel plans, 94:516

MONTANA

– Luxury resort property owners' RICO class action against Credit Suisse Bank and Cushman and Wakefield (D. Idaho), 94:28

MORTGAGES

– Adjustable rate loans

See ADJUSTABLE RATE MORTGAGES (ARMs)

– Applications, MBA report, Market Composite Index for week ended Jan. 29, 2010, 94:284; week ended Feb. 5, 94:327; week ended Feb. 26, 94:479; week ended March 5, 94:525; week ended March 12, 94:574; week ended April 2, 94:703; week ended May 7, 94:982; week ended July 2, 95:65; week ended July 23, 95:226; week ended July 30, 95:270; week ended Oct. 8, 95:693; week ended Nov. 5, 95:889
– Appraisal management companies, Ore. registration measure, 94:431
– Automated validation models (AVMs), suits testing banks' use in allegedly wrongful practices, 94:328
– Bad loans, large banks facing warranty claims and mortgage repurchases, Barclays Capital report, 95:721
– Bankruptcy, Countrywide Home Loans responsible for FTC's largest servicing settlement (C.D. Cal.), 94:1123
– Canada, new rules on improving housing market stability, 94:489
– Caps on federal support of Fannie Mae and Freddie Mac, Treasury Dep't removal of $200B limit, 94:5
– Class actions, partial dismissal of claims against Washington Mutual (W.D. Wash.), 95:583
– Commercial loan originations, MBA report, second quarter 2010, 95:224; third quarter 2010, 95:845
– Commercial/Multifamily Mortgage Debt Outstanding, MBA report, second quarter 2010, 95:514
– Community banks, holding increased share of home loans allowed with care, 94:55
– Community reinvestment, revised CRA guidance on pro rata credit for mixed income projects, 94:512
– Compensation for loan originators based on interest rate or other loan terms, FRB proposed rule, 95:287
– Consumer protection

– – Mortgage servicers, major FTC settlement with Countrywide yields refunds for 200,000 consumers (C.D. Cal.), 94:1197
– – Ore. measure ending mortgage bank exemption from unlawful trade practices law, 94:431

– Countrywide Financial data breach, class action settlement with 10.1M customers (W.D. Ky.), 94:24; final settlement approval, 95:363
– Covered bonds likely alternates or complements to securitization, BNA Insights, 95:1141
– Data collection rules, FRB hearings on possible changes, 94:1239
– Deceptive advertising, FTC proposed rule, 95:513
– Delinquencies

– – Commercial and multi-family housing loans, MBA report, third quarter 2010, 95:1016
– – Freddie Mac, Fannie Mae, FHA, and VA loans, FRB N.Y. statistics, 94:271; updated data for fourth quarter 2009, 94:503
– – Mortgage Bankers Ass'n rate report, fourth quarter 2009, 94:357; third quarter 2010, 95:919

– Disclosure, HMDA reporting violations, CitiFinancial settlement, 94:619
– Discrimination, prepayment, and default, flaws in conventional models, Mortgage Bankers Ass'n remarks, 95:568
– Electronic compliance examinations, new standardized file format for loan data, 94:309
– Errors in processing and documentation, Dodd (D-Conn) call for FSOC examination of risks, 95:918
– Escrow account requirements for certain jumbo loans, FRB proposed rule, 95:287
– Failed banks

– – Loans and proceeds in custody arrangement subject to FDIC claims process (11th Cir.), 94:883
– – RoundPoint Mortgage Servicing winning bidder in FDIC auction of leveraged ownership interest in residential mortgage portfolio, 94:650

– Fair lending

– – Countrywide Financial, alleged discriminatory lending practices against minority borrowers (Ill. Cir. Ct.), 95:23
– – FTC staff comments on FRB request for comments on strengthening HMDA, 95:1118
– – Golden Empire Mortgage, biased loan pricing to Hispanic borrowers, settlement of FTC claims (C.D. Cal.), 95:582

– Federal guarantees

– – Credit quality higher for loans backed by Fannie Mae and Freddie Mac, FHFA report, 95:455
– – Fannie Mae and Freddie Mac, new guarantees likely expensive if firms remain under federal control, CBO report, 95:451
– – FHA final rule with minimum credit score requirements for less-creditworthy borrowers, 95:395
– – House Financial Servs. Comm. hearing, industry testimony on continued role, 95:561

– Foreclosure

See FORECLOSURE

– Fraud

See FRAUD

– Insurance

– – FHA mutual fund, report to Congress, second quarter 2010, 95:257
– – Premiums, authorization of FHA increases

See LEGISLATION, FEDERAL, HR 5981

– Lending practices, Ameriquest Mortgage investigation files not releasable under federal law (Wash.), 95:980
– Licensing system, all states and territories likely using national registry network by end of 2010, 94:1127; final rule establishing national registry, 95:262
– Low-income homeowners with financial education and shared-cost down payments lower risk for default, 94:658
– Market research, Credit Suisse report, 2010 forecast, 94:209
– Metrics Report, OCC-OTS report, third quarter 2009, 94:13; fourth quarter 2009, 94:613; first quarter 2010, 94:1293; second quarter 2010, 95:513
– Multi-family housing loan originations, MBA report, third quarter 2010, 95:845
– Multi-State Mortgage Comm., new officers of group coordinating state exams of mortgage lenders and interstate brokers, 95:843
– Negative equity list, top 10 residential real estate markets, 94:659
– Net worth requirements for approved lenders, industry concerns about FHA proposal, 94:50; final rule announced, 94:693
– Online origination, industry survey, 95:61
– Outlook 2010, Special Report, 94:173
– Passthrough certificates sold to private equity firms, dismissal of securities fraud claims against Barclays (5th Cir.), 94:158
– Preemption, class claims against Wells Fargo for alleged violations of state unfair competition laws superseded (9th Cir.), 94:527
– Principal reductions, limited effort preferred by lenders, 94:746
– Privacy risks in collection of HMDA data, banker group and advocacy group remarks, 95:453
– Private transfer fee covenants, FHFA proposed guidance barring GSEs and FHLBanks from buying loans with developer fees, 95:302
– Public nuisance suits, Deutsche Bank wins key ruling over Cleveland Housing Renewal Project (6th Cir.), 95:466
– Receivership as current preference over foreclosure for working out failing loans, Special Report, 94:1149
– Regulation Z, FRB proposed amendments, 95:287
– Regulatory policy

– – FHA policy changes include higher insurance premiums and tighter lending standards, 94:132
– – Mortgage Bankers Ass'n outline of priorities, 94:107; emphasis on concerns about GSEs, FHA, and financial reform measures, 94:141

– Relief measure

See LEGISLATION, FEDERAL, S 896

– Reverse mortgages, staff comments on FFIEC consumer guidance, 94:613; release of guidance document, 95:287
– Sale or transfer of loans, FRB proposed notice to consumers rule, 95:287
– Secondary market, housing goals for GSEs, FHFA proposed rule, 94:358
– Strategic defaulters

– – Abandonment more sensible with negative equity, BNA Insights, 94:335
– – Fannie Mae announcement of 7-year lockout, 94:1289

– Stress tests of large bank holding companies, potential losses due to processing errors, Duke remarks, 95:916
– Subprime loans

See SUBPRIME MORTGAGES

– Underwater loans, Fannie Mae and Freddie Mac write-downs, Geithner remarks, 95:1103
– Underwriting

– – Better oversight recommendations including uniform minimum standards, Dugan remarks, 94:685
– – FSB launch of global peer review of residential loans, 95:471
– – Reimbursements for bad loans, proposed HUD rule allowing FHA greater authority to seek indemnification from lenders, 95:675; industry concerns about proposed rule, 95:1058

– Voluntary 5-star program, Ind. state measure, 94:605

MUTUAL FUNDS

– Bank secrecy, FinCEN final rule with financial institution definition, 94:759
– Class actions, 401(k) plans, Wells Fargo alleged breach of fiduciary duties by investments in mutual funds managed by affiliate (D. Minn.), 94:706
– Fraud, Madoff Ponzi scheme, UBS liability as custodian bank for European feeder mutual funds, 94:490; preliminary probe, 94:1200; UBS owes investors more than $2B in fees and damages, trustee claims (Bankr. S.D.N.Y.), 95:983
– Pensions, breach of fiduciary duty, Regions Financial and affiliates, offering of proprietary mutual funds in retirement plans while reaping kickbacks (W.D. Tenn.), 94:528
– Point-of-sale disclosures, SEC review of financial products other than mutual funds, 94:324
– Private right of action under Investment Company Act of 1940, Northstar Financial Advisors suit (9th Cir.), 95:327
– Use of leverage and derivatives, SEC staff recommendations in progress, 95:306