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BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 19, 2005
WASHINGTON - Edward M. Gramlich, one of two Democrats on the Federal Reserve Board, said yesterday that he will resign at the end of August. Gramlich, 65, joined the Fed in 1997, appointed by President Clinton. He said he would become a professor at the University of Michigan, and he plans to write books on the economics of airlines and on low-income housing. Gramlich's resignation will leave two open positions on the seven-man Federal Reserve Board. The other vacancy will be created by the departure of Ben S. Bernanke, who has been nominated to be chairman of the Council of Economic Advisers.
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BUSINESS
By Hanah Cho, The Baltimore Sun | August 11, 2011
Federal banking regulators have ordered an Eastern Shore bank to take measures to establish adequate capital levels, which could include finding a buyer, merging with another institution or selling shares, among other options. The Bank of the Eastern Shore has 60 days to comply with the prompt correction action issued this week by the Federal Reserve Board, which found the institution undercapitalized at the end of April. The order said that the Cambridge-based bank reported a net loss of almost $3.2 million at the end of June from December 2010 and that its equity capital declined to $7.7 million from $10.9 million.
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BUSINESS
By KNIGHT RIDDER/TRIBUNE | September 1, 2005
WASHINGTON - Whoever replaces Alan Greenspan as Fed chief will have to navigate the economy through so many uncharted and dangerous waters, it's a wonder anyone wants the job. For starters, economic expansions become more fragile with age, and this one has never seemed very healthy from the start. In addition, housing prices are certainly inflated, if not in a bubble, and will be a headache whether they keep rising or fall. And no Fed chief can rest easy with energy prices at current high levels because "stagflation" - high inflation mixed with stagnant growth - is certainly a possibility.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 21, 2011
During the heady days of the housing boom, unscrupulous mortgage brokers steered trusting borrowers into overpriced loans to earn bigger commissions. It was one of the reasons the housing market tanked, taking the economy with it. Now, several years later, new Federal Reserve rules are set to kick in to eliminate this practice by restricting how loan originators are compensated. The industry is resisting. The National Association of Mortgage Brokers sued the Federal Reserve Board this month in an attempt to prevent the new rules from taking effect April 1. The trade group predicts the restrictions would cause "immediate, devastating, and irrevocable harm" and ultimately lead to the industry's extinction.
BUSINESS
By Dan Thanh Dang | November 16, 2008
The Federal Reserve Board is warning consumers to be wary of questionable solicitations promising access to personal loans through what turns out to be a nonexistent Federal Reserve lending program. Under the scheme, individuals are told they can work through a broker to access a Federal Reserve program that extends sizable secured loans to consumers. Targeted consumers are encouraged to deposit large sums of money into a bank account, under the guise of a security deposit, to get the loan.
BUSINESS
By BLOOMBERG NEWS | July 3, 2002
CINCINNATI -- MBNA Corp.'s MBNA America Bank, the world's second-largest credit-card issuer, can't charge interest on fees assessed when consumers exceed their credit limits, a federal appeals court panel ruled yesterday. The 6th U.S. Circuit Court of Appeals in Cincinnati said that "over-limit" fees should be considered a finance charge and not a separate debt, which is subject to additional finance charges. The 2-1 ruling, which is at odds with a Federal Reserve Board regulation that the fees are subject to interest charges, might apply to all credit-card issuers that do business in Michigan, Ohio, Kentucky and Tennessee.
NEWS
By DEAN BAKER | October 28, 2005
WASHINGTON -- Ben Bernanke, President Bush's choice to be the new chairman of the Federal Reserve Board, is a highly respected economist who is well qualified to hold the position. But the change of leadership, after Alan Greenspan's long tenure, provides a good opportunity to re-examine how the Fed works. Specifically, Congress should use this changing of the guard to modernize the way the Fed is financed. The Fed's finances are an obscure mystery known to only a tiny group of policy wonks.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 23, 2010
Cecil Bank has agreed to pay a $21,945 civil penalty related to alleged violations of the Federal Reserve Board's regulations implementing the National Flood Insurance Act. Under the content order announced Thursday, the Elkton bank does not admit to any allegations. The Federal Reserve's regulations prohibit banks from making, increasing or renewing loans secured by real estate in a special flood hazard area unless the property securing the loan is covered by flood insurance.
NEWS
May 23, 1996
COULD IT BE that the Federal Reserve Board is retiring to the sidelines for the remainder of the presidential campaign? There were solid reasons for the Fed's decision this week to leave short-term interest rates where they are. Yet it would require a big burst of credulity to suppose politics is not entering into the central bank's deliberations.As the campaign heats up, Fed chairman Alan Greenspan's reappointment to a seven-year term is before the Senate, as are President Clinton's new appointees to the board, Alice M. Rivlin and Laurence H. Meyer.
NEWS
May 17, 1993
Maryland Sen. Paul S. Sarbanes should take heed of what is happening in France before he proceeds with his long campaign to undermine the independence of the Federal Reserve Board.In Paris, the new conservative government of Prime Minister Edouard Balladur has just given the Banque de France, a venerable institution founded by Napoleon, a measure of freedom somewhat comparable to the Fed's but less than that enjoyed by Germany's vaunted Bundesbank.France's action reflects a national consensus for low rates of inflation -- a condition more prevalent in nations with independent central banks than in those that allow elected politicians to mess with monetary policy.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | September 30, 2010
Maryland's top financial regulator is joining the board of the Federal Reserve. Sarah Bloom Raskin was confirmed as a Fed governor late Wednesday by the U.S. Senate, a move that was expected. Janet Yellen, president of the Federal Reserve Bank of San Francisco, was given the go-ahead to join the board of governors as vice chair. Raskin, the state's commissioner of financial regulation for the past three years, is resigning from that job effective Friday. Her deputy, Mark Kaufman, has been nominated for the commissioner position, a job that requires approval by the state Senate.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 23, 2010
Cecil Bank has agreed to pay a $21,945 civil penalty related to alleged violations of the Federal Reserve Board's regulations implementing the National Flood Insurance Act. Under the content order announced Thursday, the Elkton bank does not admit to any allegations. The Federal Reserve's regulations prohibit banks from making, increasing or renewing loans secured by real estate in a special flood hazard area unless the property securing the loan is covered by flood insurance.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 29, 2010
Sarah Bloom Raskin is deeply interested in the economy's effect on everyday life, a driving force in her work to keep Marylanders from being scammed, foreclosed on or caught up in a bank failure. That consumer focus caught White House attention. Raskin, Maryland's top financial regulator, is one of three nominated Thursday by President Barack Obama to fill empty seats on the powerful Federal Reserve Board of Governors. She would join at a fraught time for the Fed, which has been criticized for paying too little attention to consumer issues.
BUSINESS
By Dan Thanh Dang | November 16, 2008
The Federal Reserve Board is warning consumers to be wary of questionable solicitations promising access to personal loans through what turns out to be a nonexistent Federal Reserve lending program. Under the scheme, individuals are told they can work through a broker to access a Federal Reserve program that extends sizable secured loans to consumers. Targeted consumers are encouraged to deposit large sums of money into a bank account, under the guise of a security deposit, to get the loan.
NEWS
By ANICA BUTLER | June 4, 2006
Survey seeks input on school calendar Anne Arundel County public schools will conduct an online survey of parents, community members and employees on the calendar for the 2007-2008 school year. The survey will be posted on the Anne Arundel County public schools Web site, www.aacps.org, until June 14. The survey will provide input for the calendar committee. For questions about the survey, contact Teresa Tudor, the administrator of volunteer programs, at 410-222-5414 or ttudor@aacps.org.
NEWS
By DEAN BAKER | October 28, 2005
WASHINGTON -- Ben Bernanke, President Bush's choice to be the new chairman of the Federal Reserve Board, is a highly respected economist who is well qualified to hold the position. But the change of leadership, after Alan Greenspan's long tenure, provides a good opportunity to re-examine how the Fed works. Specifically, Congress should use this changing of the guard to modernize the way the Fed is financed. The Fed's finances are an obscure mystery known to only a tiny group of policy wonks.
NEWS
February 16, 1993
Nobody ever said the Federal Reserve Board was perfect. Indeed, prize-winning economists spanning the ideological spectrum are complaining that the Fed prolonged the Bush recession by keeping interest rates too high. No doubt George Bush would agree. But do these complaints justify efforts on Capitol Hill to place tighter congressional controls on the nation's central bankers?We think not. Having botched fiscal policy over a large number of years, Congress should be wary of trying to control monetary policy.
BUSINESS
By Hanah Cho, The Baltimore Sun | August 11, 2011
Federal banking regulators have ordered an Eastern Shore bank to take measures to establish adequate capital levels, which could include finding a buyer, merging with another institution or selling shares, among other options. The Bank of the Eastern Shore has 60 days to comply with the prompt correction action issued this week by the Federal Reserve Board, which found the institution undercapitalized at the end of April. The order said that the Cambridge-based bank reported a net loss of almost $3.2 million at the end of June from December 2010 and that its equity capital declined to $7.7 million from $10.9 million.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | September 1, 2005
WASHINGTON - Whoever replaces Alan Greenspan as Fed chief will have to navigate the economy through so many uncharted and dangerous waters, it's a wonder anyone wants the job. For starters, economic expansions become more fragile with age, and this one has never seemed very healthy from the start. In addition, housing prices are certainly inflated, if not in a bubble, and will be a headache whether they keep rising or fall. And no Fed chief can rest easy with energy prices at current high levels because "stagflation" - high inflation mixed with stagnant growth - is certainly a possibility.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 19, 2005
WASHINGTON - Edward M. Gramlich, one of two Democrats on the Federal Reserve Board, said yesterday that he will resign at the end of August. Gramlich, 65, joined the Fed in 1997, appointed by President Clinton. He said he would become a professor at the University of Michigan, and he plans to write books on the economics of airlines and on low-income housing. Gramlich's resignation will leave two open positions on the seven-man Federal Reserve Board. The other vacancy will be created by the departure of Ben S. Bernanke, who has been nominated to be chairman of the Council of Economic Advisers.
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