Before the Committee on the Budget, U.S. House of Representatives
October 20, 2008
Chairman Spratt, Representative Ryan, and other members of the Committee, I appreciate this opportunity to discuss recent developments in financial markets, the near-term economic outlook, and issues surrounding the possibility of a...
Good morning. As you know, over the last few weeks we have worked aggressively to implement the authorities provided by Congress in the financial rescue package enacted earlier this month. This morning, I will provide a short update on the capital purchase program that is a key component of that package.
As we have...
The federal banking and thrift regulatory agencies encourage all eligible institutions to use the Treasury Department's Capital Purchase Program and the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. On October 14, 2008, the U.S. government announced a series of initiatives to...
The OCC has issued new Fair Credit Reporting Act (FCRA) examination procedures for rules addressing affiliate marketing, identity-theft red flags, and address discrepancies. These new examination procedures are additions to the existing FCRA procedures contained in OCC Bulleting 2006-49. The new examination procedures...
Treasury today released the following document on the procurement process for small business participation in the implementation of the Emergency Economic Stabilization Act of 2008.
The federal banking and thrift regulatory agencies announced today that they will allow banks, bank holding companies, and thrifts (collectively, "banking organizations") to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) in their third quarter...
The FDIC has issued the attached examination procedures on identity theft "red flags," address discrepancies, and change of address requests.
Highlights:
The exam procedures are intended to assist financial institutions in implementing the Identity Theft Red Flags, Address Discrepancies, and Change of Address...
Beginning today, the Federal Deposit Insurance Corporation (FDIC) will hold the first in a series of conference calls with the banking industry to answer technical questions regarding the newly announced Temporary Liquidity Guarantee Program. Today's call will commence at 2 p.m. Eastern and will run for one hour....
The Department of the Treasury released a request for public input today on an insurance program for troubled assets which is required by the Emergency Economic Stabilization Act of 2008 (EESA). The purpose of this program is to restore liquidity and stability to the financial system, while minimizing any potential...
Basel II, the new risk-based capital framework based on an international accord, is being adopted by individual countries. It includes standardized and advanced approaches to estimating capital requirements. In the United States, bank regulators have finalized an advanced approaches rule that will be required for some...
Treasury today issued the following statement by Secretary Henry M. Paulson, Jr. on actions to protect the economy and restore confidence and stability to our financial markets:
America is a strong nation. We are a confident and optimistic people. Our confidence is born out of our long history of meeting every...
Treasury today announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.
Under the program, Treasury will purchase up to $250 billion of senior preferred shares on...
Today we are taking decisive actions to protect the U.S. economy, to strengthen public confidence in our financial institutions, and to foster the robust functioning of our credit markets. These steps will ensure that the U.S. financial system performs its vital role of providing credit to households and businesses...
Comptroller of the Currency John C. Dugan issued the following statement regarding plans to strengthen the U.S. banking and financial system.
The combination of actions announced today by the U.S. government - a guarantee of bank credit, extension of federal deposit insurance to all bank transaction accounts, and...
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