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NEWS
By Stephen E. Nordlinger and Stephen E. Nordlinger,Washington Bureau of The Sun | February 6, 1991
WASHINGTON -- The Bush administration proposed yesterday the broadest overhaul of the nation's banking system in a half-century, including curtailing the scope of deposit insurance, ending the barriers to interstate banking and allowing industrial enterprises to own banks.In addition, commercial banks -- many of which are under severe economic stress -- would be permitted to merge with investment firms, tearing down a wall between those businesses that dates to the Depression.The plan, drafted by the Treasury Department, also recommended streamlining bank regulation by ending the authority of the Federal Deposit Insurance Corp.
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NEWS
By Hanah Cho, The Baltimore Sun | April 27, 2012
State banking regulators closed two Maryland banks Friday, the first two bank failures in the state since 2010. The Maryland Commissioner of Financial Regulation shut down the Bank of the Eastern Shore in Cambridge and appointed the Federal Deposit Insurance Corporation as receiver. The FDIC created the Deposit Insurance National Bank of Eastern Shore to allow customers to access their deposits until May 25. The state financial commissioner also closed HarVest Bank of Maryland in Gaithersburg, whose deposits and other assets were acquired by Sonabank in McLean, Va. HarVest's four branches will reopen during normal business hours as Sonabank's branches.
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BUSINESS
By Sylvia Porter and Sylvia Porter,1991 Los Angeles Times Syndicate | April 10, 1991
Other events have pushed it out of the headlines and the minds of most of us. Still, the disarray of the banking system is far from over.It affects you. You are the lender of last resort who financed the bailout of the savings and loans. You will finance any other bailouts that may take place.But it may influence you in another, more immediate way as well. As an individual or a small business owner, you may find it difficult or impossible to borrow money from a bank.Despite all the talk of criminal wrongdoing by various banks and bankers (and it seems certain there was some)
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 5, 2012
Roberto Pagan-Franco didn't have a bank account for decades. His employer paid him in cash or with a check that the Baltimore resident took to a check-cashing store. A few years ago he lost his job after a severe illness and for a time was homeless. Not exactly the type of customer you'd expect a big bank to court. But Pagan-Franco enrolled in a PNC Bank program that targets consumers who otherwise might be shut out of the banking system. And today, the 54-year-old has checking and savings accounts at PNC and is in the process of getting a credit card.
NEWS
February 7, 1991
The Treasury Department's proposals for restructuring the nation's banking system are as thick as the telephone book, so it will be a long time before Congress works its way through this legislation. That's just as well, since the task of reforming the nation's banking system is not one that should be undertaken lightly. After all, the basis for the present system, now frayed and tattered, was the rash of bank failures during the Great Depression that brought financial devastation to millions of American families.
BUSINESS
By Jay Hancock | March 31, 1997
IT'S SPRING, time for McCormick & Co. to stock up on raw spices for the year's second half, when sales pick up for oregano, tarragon, ginger, dried onion, red pepper and the like.As usual, McCormick will borrow money to finance the inventory. A world of lenders awaits its application.That's another reason to worry that last week's interest-rate boost by the Federal Reserve might not be its last.McCormick Chief Financial Officer Robert Davey could borrow Eurodollars from British insurance companies.
BUSINESS
November 11, 2009
WASHINGTON - The chairman of the Senate Banking Committee unveiled Tuesday his version of legislation to overhaul the nation's financial regulations, which sharply differs from the Obama administration's plan by proposing the creation of a single federal banking regulatory agency and stripping significant power from the Federal Reserve. The 1,136-page proposal by Sen. Christopher Dodd, D-Conn., is likely to be strongly opposed by the Fed and the three other bank regulatory agencies. Dodd's legislation also further complicates White House efforts to pass an overhaul by the end of the year because it differs significantly from legislation moving through the House.
NEWS
By Tom Petruno and Tom Petruno,LOS ANGELES TIMES | August 10, 2007
Global markets staggered yesterday as a French bank triggered a worldwide financial scare by halting withdrawals from investment funds that have lost money on high-risk U.S. mortgage securities. The central banks of major economies, including the United States, responded by pumping tens of billions of dollars into their banking systems in an effort to shore up investors' confidence. On Wall Street, the Dow Jones industrial average plunged 387.18 points, or 2.8 percent, to 13,270.68, its largest one-day point loss since February.
NEWS
September 17, 1990
Washington is now fully alerted to the need to reform the way commercial banks are regulated and individual deposits are insured to avoid a repeat of the savings and loan mess and its consequent mega-billion burden on U.S. taxpayers.Two back-to-back reports last week from congressional watchdog agencies warned that bank failures and a rolling recession could seriously deplete the funds of the Federal Deposit Insurance Corporation, the agency created in the depths of the Depression to restore confidence in the banking system.
NEWS
May 12, 2004
THE COST of food is up. Gas at the pump is at an all-time high - averaging almost $1.93 for a gallon of unleaded. Manufacturing and construction indexes are strong. Mortgage and longer-term Treasury rates are spiking. And April job data released last Friday showed healthy gains for the second month in a row. A year ago, the "D-word" - deflation - was in the air. Now, if inflation isn't exactly roaring back, the U.S. economy certainly seems to be at an inflection, a turning toward rising prices and interest rates.
BUSINESS
November 11, 2009
WASHINGTON - The chairman of the Senate Banking Committee unveiled Tuesday his version of legislation to overhaul the nation's financial regulations, which sharply differs from the Obama administration's plan by proposing the creation of a single federal banking regulatory agency and stripping significant power from the Federal Reserve. The 1,136-page proposal by Sen. Christopher Dodd, D-Conn., is likely to be strongly opposed by the Fed and the three other bank regulatory agencies. Dodd's legislation also further complicates White House efforts to pass an overhaul by the end of the year because it differs significantly from legislation moving through the House.
NEWS
By Eugene A. Ludwig | October 14, 2009
The financial crisis of 2007-2009, has tilted the playing field against community banks and has raised a general danger for all banks that they will face steeper regulatory burdens than other kinds of financial firms. This is not only bad for the banking industry but for the American economy. Regulatory anomalies create economic inefficiencies that translate into less safe and sound financial institutions and less sound credit being made available to the marketplace. Once the financial crisis was at a full boil, the Treasury, Federal Reserve and financial regulatory agencies rightly, through a variety of mechanisms, kept many larger institutions from failing.
NEWS
By Rolfe Winkler | September 21, 2008
Will it ever end? For more than a year, the financial system has struggled to function, stricken as it is with economic Ebola. Cash is the only cure, and banks have raised almost $400 billion. That's not nearly enough, however, so the federal government has committed to various bailouts that will cost hundreds of billions over time. The most expensive yet - a new super-agency to buy bad debt - may eventually cost north of $1 trillion. As bad as the situation is, we're in deeper trouble than most realize.
NEWS
By Tom Petruno and Tom Petruno,LOS ANGELES TIMES | August 10, 2007
Global markets staggered yesterday as a French bank triggered a worldwide financial scare by halting withdrawals from investment funds that have lost money on high-risk U.S. mortgage securities. The central banks of major economies, including the United States, responded by pumping tens of billions of dollars into their banking systems in an effort to shore up investors' confidence. On Wall Street, the Dow Jones industrial average plunged 387.18 points, or 2.8 percent, to 13,270.68, its largest one-day point loss since February.
NEWS
May 12, 2004
THE COST of food is up. Gas at the pump is at an all-time high - averaging almost $1.93 for a gallon of unleaded. Manufacturing and construction indexes are strong. Mortgage and longer-term Treasury rates are spiking. And April job data released last Friday showed healthy gains for the second month in a row. A year ago, the "D-word" - deflation - was in the air. Now, if inflation isn't exactly roaring back, the U.S. economy certainly seems to be at an inflection, a turning toward rising prices and interest rates.
BUSINESS
By BLOOMBERG NEWS | March 18, 2004
WASHINGTON - U.S. banks are strong and profitable, with "favorable" asset quality, and able to provide financing for a growing economy, Federal Reserve Chairman Alan Greenspan said yesterday. "The weakness in credit quality that accompanied the recent recession has clearly been mild, and the system remains strong and well positioned to meet customer needs for credit and other financial services," Greenspan told the Community Bankers Convention in San Diego via satellite. "The outlook for asset quality is also favorable."
NEWS
February 7, 1991
Next to the gulf war, the issue most likely to engage this recession-year Congress is the need for the most sweeping reform of banking and deposit insurance since the New Deal. A wave of bank failures, depletion of Federal Deposit Insurance Corp. funds and the financial drain of the savings and loan debacle have created a crisis atmosphere.If there is anything that makes the current recession different -- and more worrisome -- than recent economic downturns, it is weakness in many of the nation's financial institutions.
NEWS
By NEW YORK TIMES NEWS SERVICE | October 5, 1998
WASHINGTON -- Japan's top financial officials have told their American counterparts that their country's banking system is acutely short of capital, with the top 19 banks in deeper trouble than Tokyo has ever before admitted, according to officials familiar with the weekend discussions.At a private meeting Saturday, the governor of the Bank of Japan, Masaru Hayami, told Treasury Secretary Robert E. Rubin and Alan Greenspan, the chairman of the Federal Reserve, that the capital supporting those 19 major banks has dwindled to dangerously low levels in recent months.
NEWS
By Monica Rhor and Monica Rhor,KNIGHT RIDDER/TRIBUNE | December 31, 2000
PHILADELPHIA - Back in her native Ukraine, Irina Mitsik learned to mistrust banks. After all, they could be open one day, then gone - along with all her savings - the next. In the Ghanaian refugee camp where he spent seven years, Donald Todey never thought about saving for the future. After all, in a place where food was scarce and hardships plentiful, no one worried about tomorrow. These days, however, both are carving out new lives in a country where savings accounts, credit histories and checkbooks are not just a fact of life but a factor in determining who sinks and who swims.
SPORTS
By KEN MURRAY and KEN MURRAY,SUN STAFF | March 9, 2000
Trent Dilfer wanted a coach who was daring and an offense that ran full-throttle, and the former Tampa Bay Buccaneers quarterback found both in Baltimore. Dilfer agreed to terms yesterday on a one-year, $1 million contract that will make him Tony Banks' backup with the Ravens. He arrived at those terms and this team after one month of shopping in the free-agent market, mulling potential opportunities with the Seattle Seahawks and Denver Broncos. In the end, Ravens coach Brian Billick won over Dilfer with his aggressive approach and big-play offense.
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