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BUSINESS
By New York Times | December 24, 1991
WASHINGTON -- In an attempt to encourage more lending, the four federal agencies that regulate banks and savings and loans are preparing new rules that would make it cheaper for institutions to make home-construction loans.The Office of Thrift Supervision, which supervises the nation's savings associations, was the first of the four agencies to announce Monday that it would cut in half the amount of money that savings and loans must put aside as a cushion against possible losses from low-risk residential construction loans.
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NEWS
September 4, 2007
Slots can also prey on poorer citizens "We need to prevent people from getting into loans that set them up for failure," says Thomas E. Perez, Maryland's secretary of labor, licensing and regulation ("Lending reforms explored in Md.," Aug. 30). Mr. Perez goes on to say that mortgage foreclosures "tear families apart" and "undermine communities." That's all true, and it's wonderful to see our state government standing alongside the citizens to protect them against the ravages of exotic mortgages gone bad. But it was only a few short weeks ago that Mr. Perez released his report on slot machine gambling, in which he glossed over the negatives about gambling while providing a myriad of attractive but unsubstantiated financial claims ("Report makes case for Md. slots," Aug. 15)
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BUSINESS
By Stephen Labaton and Stephen Labaton,New York Times News Service | February 18, 1992
WASHINGTON -- Federal regulators are preparing a new strategy of investing in some failing banks and savings and loans rather than taking them over and closing or selling them.The regulators, whose goal is to find a less expensive way to deal with ailing institutions, are being prodded by a law passed by Congress last year that requires the authorities to step in earlier when lending institutions are troubled.But the plan carries high financial and political risks because it would also bail out the owners of troubled institutions.
BUSINESS
By Charles Cohen and Charles Cohen,SPECIAL TO THE SUN | April 18, 1999
Time doesn't quite strike true at the Hull Federal Savings Bank, a Locust Point rowhouse office with a varnished plywood teller counter where computers work in tandem with an old Royal typewriter.These idiosyncrasies have seeped into the bank's operating system, which leads past president and current financial officer Wilbur Baumann, 83, to declare: "We stopped taking new customers."Baumann, who's been there for 48 years, knows the bank could make more money, but he said Hull Federal is organized to help people buy houses and pay for mortgages.
BUSINESS
By New York Times News Service | November 24, 1993
WASHINGTON -- The Clinton administration yesterday outlined a plan to create a single agency to regulate the entire banking industry, saying that dividing the job among four agencies no longer made sense.The four agencies were created over the past several decades in response to changes in the banking industry. But the face of the financial industry has changed drastically in recent years, as banks and savings and loans have expanded the services they offer consumers, consolidated over state lines through mergers, and responded to increasing competition from nonbank companies.
BUSINESS
By New York Times News Service | September 27, 1994
WASHINGTON -- The Clinton administration and the Federal Reserve proposed yesterday to require banks and savings institutions to collect data on the race, ethnicity and gender of small-business loan recipients.But regulators also proposed to abandon rigid formulas that they had planned to impose for measuring the proportion of loans that financial institutions issued in poor communities.The changes are part of a revised set of regulations, first proposed in December, that are intended to help carry out President Clinton's 1992 campaign pledge to make credit more available in poor and minority neighborhoods.
BUSINESS
By New York Times News Service | May 28, 1994
WASHINGTON -- The Clinton administration yesterday abandoned its effort to overhaul banking regulation this year, concluding that not enough time was left for Congress to act on it and that other initiatives should take precedence.The Treasury had sought to combine several agencies that regulate banks and savings and loan institutions, so as to save money for the government and reduce the regulatory burden on financial institutions.The decision to delay action represents a political victory for the Federal Reserve, which had bitterly fought the administration's plan because it would have stripped the central bank of much of its influence over the banking system.
BUSINESS
By New York Times News Service | December 14, 1994
WASHINGTON -- The Federal Deposit Insurance Corp. announced yesterday that it had hired a company to make anonymous calls and visits to banks and savings institutions in an effort to determine whether they are adequately disclosing to customers that mutual fund investments are not federally insured.Employees of Market Trends Inc., a market research company based in Bellevue, Wash., will pose as customers in calling or visiting 3,000 to 4,000 branches of banks and savings institutions around the country, said Alan J. Whitney, a spokesman for the agency.
BUSINESS
By Julius Westheimer | January 21, 1991
With the Mideast war in mind, I called John W. Stealey, CEO, MicroProse Software, Inc., in his Hunt Valley office. The firm manufactures software simulations, including many military /^ games for home entertainment, personal computers and coin-operated arcades.Asked about his success formula, he rattled, machine-gun style, "Everything depends on product. I'm enthusiastic about ours 100 percent of the time, bursting to tell my story. I talk 'rapid-fire,' like our war games. I even talk about our products to people next to me on airlines.
BUSINESS
By New York Times News Service | September 16, 1992
WASHINGTON -- Bowing to political pressure, federal regulators yesterday cut in half a proposed increase in the insurance premiums that banks pay to the deposit insurance fund -- and exempted three-quarters of the industry from any increase at all.The decision by the Federal Deposit Insurance Corp. to set the rate increase at an average of 10.4 percent, half the amount proposed in May, came after intense lobbying by the Bush administration and the banking industry.The increase takes effect Jan. 1, two weeks after regulators will begin to seize more troubled banks under a new banking law. The higher premiums are intended to cover the cost of insuring depositors in these failing banks.
BUSINESS
By New York Times News Service | December 14, 1994
WASHINGTON -- The Federal Deposit Insurance Corp. announced yesterday that it had hired a company to make anonymous calls and visits to banks and savings institutions in an effort to determine whether they are adequately disclosing to customers that mutual fund investments are not federally insured.Employees of Market Trends Inc., a market research company based in Bellevue, Wash., will pose as customers in calling or visiting 3,000 to 4,000 branches of banks and savings institutions around the country, said Alan J. Whitney, a spokesman for the agency.
NEWS
By GEOFFREY W. FIELDING | December 6, 1994
It was a sad and nostalgic day when, just before Thanksgiving, the Bank of Baltimore voted itself out of business. It was Baltimore's oldest bank. and one of its oldest institutions.Long-time customers wanted to know what was going to happen now. So did I, for I opened my account 47 years ago, and it has served me well through thick and thin.On a hot summer day in 1947 I crossed Sun Square from the newspaper office to open an account at what was then the Savings Bank of Baltimore. Less than two months before I had been sailing the Atlantic as a merchant seaman for $300 a month, including overtime.
BUSINESS
By New York Times News Service | September 27, 1994
WASHINGTON -- The Clinton administration and the Federal Reserve proposed yesterday to require banks and savings institutions to collect data on the race, ethnicity and gender of small-business loan recipients.But regulators also proposed to abandon rigid formulas that they had planned to impose for measuring the proportion of loans that financial institutions issued in poor communities.The changes are part of a revised set of regulations, first proposed in December, that are intended to help carry out President Clinton's 1992 campaign pledge to make credit more available in poor and minority neighborhoods.
BUSINESS
By New York Times News Service | May 28, 1994
WASHINGTON -- The Clinton administration yesterday abandoned its effort to overhaul banking regulation this year, concluding that not enough time was left for Congress to act on it and that other initiatives should take precedence.The Treasury had sought to combine several agencies that regulate banks and savings and loan institutions, so as to save money for the government and reduce the regulatory burden on financial institutions.The decision to delay action represents a political victory for the Federal Reserve, which had bitterly fought the administration's plan because it would have stripped the central bank of much of its influence over the banking system.
BUSINESS
By New York Times News Service | November 24, 1993
WASHINGTON -- The Clinton administration yesterday outlined a plan to create a single agency to regulate the entire banking industry, saying that dividing the job among four agencies no longer made sense.The four agencies were created over the past several decades in response to changes in the banking industry. But the face of the financial industry has changed drastically in recent years, as banks and savings and loans have expanded the services they offer consumers, consolidated over state lines through mergers, and responded to increasing competition from nonbank companies.
BUSINESS
By Julius Westheimer | April 13, 1993
Powered by impressive gains in battered "brand-name" issues, stocks moved higher yesterday. The Dow Jones industrial average posted a solid 31.61-point advance, closing at 3,428.09. Dow gainers included AT&T, Disney, GE, Merck, Philip Morris and Procter & Gamble.Investors were also cheered by low inflation figures, falling interest rates and higher corporate earnings. On the gloomy side, U.S. Surgical slipped another point, closing at $30.12. The local favorite had touched $118 in the last 12 months.
BUSINESS
By New York Times | April 25, 1991
WASHINGTON -- A senior bank regulator has said that the Bush administration's proposal to encourage more lending through the relaxation of a significant accounting standard might not be adopted by the government because it has run into strong opposition from several large banks.L. William Seidman, the chairman of the Federal Deposit Insurance Corp., said yesterday that the proposal, which would enable banks to report greater earnings by splitting bad loans into performing and non-performing parts, had been criticized by several large banks that said it would have no effect on their financial statements.
NEWS
September 6, 1991
In tandem with likely passage of federal legislation permitting big banks to open branches throughout the country, the merger trend turning financial giants into behemoths is moving at whirlwind speed. The summer has seen three huge consolidations -- one in New York between Chemical Bank and Manufacturers-Hanover, one in the southeast quadrant between NCNB and C&S Sovran and now the latest on the West Coast between BankAmerica and Security Pacific. Only Citicorp will outrank them in assets.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | February 19, 1993
Banks and savings and loans seem to be nickel-and-diming their customers to death.Fees on everything from automated teller machine transactions to checking account services rose another 9 percent to $10.4 billion in 1992, a relentless advance that has continued for several years.This makes it important to shop for a financial institution whose fee structure benefits the types of transactions your family typically makes. Fees really do vary among institutions.Look over your monthly statement and consider your usual balances before comparing.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | September 25, 1992
If your mind has lately been swimming with thoughts of the European currency crisis, German interest rates or the economic plans of the U.S. presidential candidates, take a break. Economic uncertainty in complicated times dictates a need to get back to basics in your personal strategy.These days there's a financial organization that can likely save you 4 percent on your credit card rate and also give you an extra percentage point yield on your savings. It's called a credit union. Is that basic enough for you?
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