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by Erick BergquistThe development of a national licensing database for mortgage originators took a step forward this week, and industry objections to the project grew louder., On Wednesday, the Conference of State Bank Supervisors announced the formation of a limited-liability company that would own the software. (The participating states would retain ownership of the data.), including data security and costs., While the program is well intentioned ... we have communicated our concerns to the state supervisors and hope they will work with us to resolve them before they get much further down the road, Paul Richman, the industry group's senior director of government affairs, said in the release., contain a large amount of personal information, making it ripe for a potential security breach and inappropriate disclosure, the MBA said., Bill Matthews, a senior vice president at the state regulator group, There will be a processing fee and each agency will determine if they're going to absorb that ... or have the industry pay for part or all of it, favors brokers at the expense of large lenders who engage in employee screening, background checks, in-house training, Thomas B. Gronstal, Iowa's superintendent of banking, we have a large database that could potentially have data for 50 states, or individual state databases, all licensing is going electronic, you would have to fill out different applications, cut separate checks, will produce more accountability ... thereby reducing fraud, which is a huge cost to the industry, Steven L. Antonakes, Massachusetts' commissioner of banks, We started off with several states with different forms and requirements
Published in American Banker (2006)
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by BEN JACKSONs the vise continues to tighten on small banks' net interest margins, 000 limit per account. Doing so, community bankers argue, could bring them more deposits, reduce their cost of funds, Half of the problem in the last year has been the Fed cutting rates, and the other half is increased competition for deposits and loan dollars, said E. George Koffler, 800 -- dropped to 4.28% in the first quarter, including one sponsored by Sen. Tim Johnson, D-S.D., that would essentially double the coverage level, to $200, 000. When he introduced the legislation in January, An important step to help preserve rural America is to keep local wealth in these smaller communities, however, seem more partial to pending bills that would raise the coverage level on municipal deposits. Charles J. Runde, president of First National Bank of Platteville in Wisconsin, said that some banks might lose deposits as customers who now divide their money among several banks consolidate accounts in one. On the other hand, municipal deposits might be a source of new funds if the coverage cap were raised, said Sara J. Mikuta, chief financial officer of the $56 million-asset Leaders Bank of Oak Brook, Ill. Many local governments or school districts that now put their money in Treasury securities or state-run investment pools might shift funds to their local banks. The benefits, bankers say, would be twofold: more money for lending in the community and a lower cost of funds. Rep. Paul E. Gilmor, R-Ohio, D-N.J., in January to completely insure all in-state municipal deposits. Craig D. Collette, president of $100 million-asset Marathon National Bank in Los Angeles, We haven't been able to compete with the big banks for municipal deposits because municipalities are worried that a small bank would have more risk in going under, if government deposits at a single bank exceed the $100, 000 limit, the bank must buy bonds or additional insurance to cover the excess in the event the bank fails. In Iowa, all banks in the state are required to pool their money to cover the uninsured public deposits at a failed bank. So when Hartford-Carlisle Savings Bank in Carlisle failed last year, 465 banks and thrifts were assessed an average fee of $21, We are insuring the guy down the street or in the next town, and we have no control over their business, said Tom B. Gronstal, president of $114 million-asset Carroll County State Bank in Carroll. Without increased coverage, he added
Published in American Banker (2001)
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by Stacy Kaper and Patrick RuckerAll Wired Up, Lawmakers were dressing down law enforcement officials over reversing, support for a House provision to reduce banks' anti-money-laundering, filings, when a top FBI official made a stark admission., Rep. Spencer Bachus, R-Ala., said law enforcement officials want banks to, file currency transaction reports -- regardless of whether they are useful, would like to have as much information as they possibly, Addressing Michael Morehart, the terrorist-financing operations chief of, the FBI's counterterrorism division, Rep. Bachus said at the May 18 hearing, that he was sure the FBI would like to know about every move and every, phone, call everyone makes., At some point, Rep. Bachus said, loss of, privacy is not necessary. ... You know we could put a wire on everybody, I do not want to put, a wire on everyone, Staying or Going?, Treasury Secretary John Snow just cannot escape from rampant speculation, that he is on the way out. During a House Financial Services Committee, hearing last week on the state of the international financial system, several, lawmakers noted the rumors, which have persisted since *2004-, and said he, appeared to be holding up well., The pundits said there would be no snow by spring, said Rep. Brad, The crack drew a chuckle from Mr. Snow., that the persistence of, No Help Here, Community bankers have been loudly complaining that the Federal Housing, Finance Board should fill appointed director seats on the 12 Federal Home, Loan bank boards., America's Community Bankers has even asked the Treasury Department to, intervene, since Finance Board Chairman Ronald Rosenfeld has said he does, plan to make the appointments - mandated by law - because Congress, continues, to debate bills to create a new regulator for the government-sponsored, enterprises., But Treasury offered no help in a letter back to ACB. In a letter dated, May 10, Emil Henry, Treasury's assistant secretary for financial, institutions, acknowledged that corporate governance issues were behind, Mr. Henry also wrote that Mr. Rosenfeld had the situation under control, the necessary resources and, Fincen Selection, The Financial Crimes Enforcement Network announced last week that it had, selected Jamal El-Hindi as associate director for regulatory policy and, programs. Mr. El-Hindi will oversee the agency's regulatory and compliance, functions and direct its national anti-money-laundering policy., Since June 2005 Mr. El-Hindi has been the associate director for program, policy and implementation at the Office of Foreign Assets Control., He will succeed William Langford Jr., who left the job at the end of, April to become the top anti-money-laundering official at JPMorgan Chase &, 'Right Man' for Italy, Tommaso Padoa-Schioppa, a senior adviser at Promontory Financial Group, was chosen last week at Italy's finance minister., Mr. Padoa-Schioppa is a charter member of the executive board of the, European Central Bank and served as chairman of the Basel Committee on Bank, Supervision from 1993 to 1997., said, Promontory's chief executive, Eugene Ludwig, in a press release., Officers Named, The Conference of State Bank Supervisors named several new officers last, week at its annual convention., E. Joseph Face Jr., commissioner of financial institutions for Virginia, was installed as chairman. Jeffrey C. Vogel, Wyoming state banking, commissioner, is the chairman-elect. Timothy J. Karsky, North Dakota, commissioner of financial institutions, was elected vice chairman while, Joseph A. Smith Jr., North Carolina commissioner of banks, was elected, secretary. Thomas Gronstal, Iowa superintendent of banking, continues his, two-year term as treasurer.
Published in American Banker (2006)
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by Rob Blackwell, Dean Anason, and Damian PalettaGuessing Game, The odds makers taking bets on who will succeed Federal Reserve Board, Chairman Alan Greenspan should hope to be more accurate than the, journalists, who handicapped the race for the chief executive officer of Fannie Mae., Last week, after various news organizations had named a host of outsiders, as contenders, Fannie's board announced that it had chosen chief operating, officer Daniel Mudd, who has been the interim CEO for six months., Bloomberg News was the first to weigh in, on March 22, with a story that, Fannie was interviewing William McDonough, the chairman of the Public, Company, Accounting Oversight Board, former Sen. Phil Gramm, and Conseco Inc. CEO William Shea., Mr. Mudd was not listed as a candidate., On May 17, Dow Jones Newswires got into the act, saying the board had, -- Sen. Gramm and JPMorgan Chase & Co. vice chairman David Coulter., The story also listed four other potential candidates -- JPMorgan Chase, executive Tim Ryan, Mr. Shea, John Mack, a former chief executive of CSFB, and former Securities and Exchange Commission Chairman Richard Breeden., The story did not mention Mr. Mudd., National Mortgage News (owned by American Banker's parent company, SourceMedia) joined in a week later, saying the board had narrowed its, options to two: Mr. Coulter and ... drumroll please ... Mr. Mudd., A day after that, on May 24, American Banker weighed in for the first, time by saying that the choices had been narrowed to Mr. Mudd and Robert Willumstad, Citigroup Inc.'s president and chief operating officer. The story spilled most of its ink on Mr. Willumstad, who many observers later said was likely to get the post., It took Fannie's June 1 announcement naming Mr. Mudd to end the guessing game., How many of these other candidates were really in the running? We may never know., A spokeswoman for the accounting regulator denied in March that Mr., McDonough had ever been approached for the job, nor had Mr. Coulter, a source with knowledge of the matter said recently., As for the others, Fannie chairman Stephen Ashley, in an interview last, week, refused to say who else had been in the running., There were some very good, Watergate Link, How is a current member of the Senate Banking Committee connected to Deep, Throat, now revealed as former FBI Deputy Director Mark Felt?, Washington Post reporter Bob Woodward wrote a detailed account last week, of his relationship with Mr. Felt, who fed him key information about the investigation of the Watergate break-in., Mr. Woodward retraced his efforts to learn more about E. Howard Hunt, He called the White House only to be told that Mr. Hunt worked at a public relations firm as a writer. After being rebuffed by Mr. Hunt, he called the firm's president -- Robert F. Bennett, who gave Mr. Woodward a key fact., Mr. Bennett said, according to the story. But Mr. Woodward wrote, Mr. Felt then provided information to Mr. Woodward that helped confirm that Mr. Hunt had been involved in the Watergate burglary., Just where is Mr. Bennett now? He is Sen. Bob Bennett of Utah, the second-highest-ranking Republican on Senate Banking., Snow Delivers, Maybe John Snow should have left his job as Treasury Department secretary, last year after all and joined the Washington Nationals., D.C.'s new Major League Baseball team had Mr. Snow, who was dressed in a shiny red cap and team jacket, throw the ceremonial first pitch before Thursday's night game. Unlike most dignitaries, who barely get the ball to home plate, Mr. Snow threw from the mound and delivered a high hard one to the catcher., Though the manager and two players were offered as choices, Mr. Snow was the right one, his signature appears on more than 12 billion notes each year., Michael Milken, the infamous former junk-bond dealer, was also spotted in, the crowd. Mr. Milken, who spent nearly two years in prison in the early 1990s after pleading guilty to securities fraud, is the founder and chairman of the Prostate Cancer Foundation. He was at the game to promote its Home Run Challenge fund-raiser, scheduled for June 8-19., He and Mr. Snow were sitting on opposite sides of the diamond, by the way. A Treasury spokesman said the two did not visit with each other., Hum a Few Bars, It's not unusual to sing in the shower, but few have the guts to sing on, their voice-mail., by Gordon Lightfoot.), its president, coordinate its membership, marketing, Those who feel their day is too dull can reach Mr. Schmermund's voice-mail at 202-857-3104., Supervisory Roles, The Conference of State Bank Supervisors elected new officers at its, annual conference on Wednesday., D. Eric McClure, Missouri's commissioner of finance, is the new chairman, and E. Joseph Face, Virginia's commissioner of financial institutions, is the chairman-elect. Wyoming's state bank commissioner, Jeffrey C. Vogel, is the group's vice chairman, and Timothy J. Karsky, North Dakota's commissioner of financial institutions, its secretary. Iowa Superintendent of Banking Tom Gronstal was elected to a two-year term as treasurer. ..., The revolving door at the Treasury is still spinning. Gregory Zerzan, the acting assistant secretary for financial institutions, has submitted his resignation, effective June 20. Mr. Zerzan plans to return to Oregon but has not accepted a new job yet. He was promoted in January when Wayne Abernathy stepped down. ..., America's Community Bankers has opened a West Coast office in Costa Mesa, Calif., and has hired David C. Haithcock to run it. Mr. Haithcock has worked for GC Services, First Community Bancshares Inc., the holding company for First National Bank Texas, and other trade associations in California.
Published in American Banker (2005)
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by Adams, J., Adler, C., Aggarwal, M.M., Ahammed, Z., Amonett, J., Anderson, B.D., Arkhipkin, D., Averichev, G.S., Badyal, S.K., Balewski, J., Barannikova, O., Barnby, L.S., Baudot, J., Bekele, S., Belaga, V.V., Bellwied, R., Berger, J., Bezverkhny, B.I., Bhardwaj, S., Bhati, A.K., Bichsel, H., Billmeier, A., Bland, L.C., Blyth, C.O., Bonner, B.E., Botje, M., Boucham, A., Brandin, A., Bravar, A., Cadman, R.V., Cai, X.Z., Caines, H., Calderón de la Barca Sánchez, M., Carroll, J., Castillo, J., Cebra, D., Chaloupka, P., Chattopadhyay, S., Chen, H.F., Chen, Y., Chernenko, S.P., Cherney, M., Chikanian, A., Christie, W., Coffin, J.P., Cormier, T.M., Cramer, J.G., Crawford, H.J., Das, D., Das, S., Derevschikov, A.A., Didenko, L., Dietel, T., Dong, W.J., Dong, X., Draper, J.E., Du, F., Dubey, A.K., Dunin, V.B., Dunlop, J.C., Dutta Majumdar, M.R., Eckardt, V., Efimov, L.G., Emelianov, V., Engelage, J., Eppley, G., Erazmus, B., Estienne, M., Fachini, P., Faine, V., Faivre, J., Fatemi, R., Filimonov, K., Filip, P., Finch, E., Fisyak, Y., Flierl, D., Foley, K.J., Fu, J., Gagliardi, C.A., Gagunashvili, N., Gans, J., Ganti, M.S., Gaudichet, L., Germain, M., Geurts, F., Ghazikhanian, V., Ghosh, P., Gonzalez, J.E., Grachov, O., Grebenyuk, O., Gronstal, S., Grosnick, D., Guedon, M., Guertin, S.M., Gupta, A., Gutierrez, T.D., Hallman, T.J., Hamed, A., Hardtke, D., Harris, J.W., Heinz, M., Henry, T.W., Heppelmann, S., Hippolyte, B., Hirsch, A., Hjort, E., Hoffmann, G.W., Horsley, M., Huang, H.Z., Huang, S.L., Hughes, E., Humanic, T.J., Igo, G., Ishihara, A., Jacobs, P., Jacobs, W.W., Janik, M., Jiang, H., Johnson, I., Jones, P.G., Judd, E.G., Kabana, S., Kaplan, M., Keane, D., Khodyrev, V.Yu., Kiryluk, J., Kisiel, A., Klay, J., Klein, S.R., Klyachko, A., Koetke, D.D., Kollegger, T., Kopytine, M., Kotchenda, L., Kovalenko, A.D., Kramer, M., Kravtsov, P., Kravtsov, V.I., Krueger, K., Kuhn, C., Kulikov, A.I., Kumar, A., Kunde, G.J., Kunz, C.L., Kutuev, R.Kh., Kuznetsov, A.A., Lamont, M.A.C., Landgraf, J.M., Lange, S., Lasiuk, B., Laue, F., Lauret, J., Lebedev, A., Lednický, R., LeVine, M.J., Li, C., Li, Q., Lindenbaum, S.J., Lisa, M.A., Liu, F., Liu, L., Liu, Z., Liu, Q.J., Ljubicic, T., Llope, W.J., Long, H., Longacre, R.S., Lopez-Noriega, M., Love, W.A., Ludlam, T., Lynn, D., Ma, J., Ma, Y.G., Magestro, D., Mahajan, S., Mangotra, L.K., Mahapatra, D.P., Majka, R., Manweiler, R., Margetis, S., Markert, C., Martin, L., Marx, J., Matis, H.S., Matulenko, Yu.A., McClain, C.J., McShane, T.S., Meissner, F., Melnick, Yu., Meschanin, A., Miller, M.L., Milosevich, Z., Minaev, N.G., Mironov, C., Mischke, A., Mishra, D., Mitchell, J., Mohanty, B., Molnar, L., Moore, C.F., Mora-Corral, M.J., Morozov, D.A., Morozov, V., de Moura, M.M., Munhoz, M.G., Nandi, B.K., Nayak, S.K., Nayak, T.K., Nelson, J.M., Netrakanti, P.K., Nikitin, V.A., Nogach, L.V., Norman, B., Nurushev, S.B., Odyniec, G., Ogawa, A., Okorokov, V., Oldenburg, M., Olson, D., Paic, G., Pal, S.K., Panebratsev, Y., Panitkin, S.Y., Pavlinov, A.I., Pawlak, T., Peitzmann, T., Perevoztchikov, V., Perkins, C., Peryt, W., Petrov, V.A., Phatak, S.C., Picha, R., Planinic, M., Pluta, J., Porile, N., Porter, J., Poskanzer, A.M., Potekhin, M., Potrebenikova, E., Potukuchi, B.V.K.S., Prindle, D., Pruneau, C., Putschke, J., Rai, G., Rakness, G., Raniwala, R., Raniwala, S., Ravel, O., Ray, R.L., Razin, S.V., Reichhold, D., Reid, J.G., Renault, G., Retiere, F., Ridiger, A., Ritter, H.G., Roberts, J.B., Rogachevski, O.V., Romero, J.L., Rose, A., Roy, C., Ruan, L.J., Sahoo, R., Sakrejda, I., Salur, S., Sandweiss, J., Savin, I., Schambach, J., Scharenberg, R.P., Schmitz, N., Schroeder, L.S., Schweda, K., Seger, J., Seyboth, P., Shahaliev, E., Shao, M., Shao, W., Sharma, M., Shestermanov, K.E., Shimanskii, S.S., Singaraju, R.N., Simon, F., Skoro, G., Smirnov, N., Snellings, R., Sood, G., Sorensen, P., Sowinski, J., Spinka, H.M., Srivastava, B., Stanislaus, T.D.S., Stock, R., Stolpovsky, A., Strikhanov, M., Stringfellow, B., Struck, C., Suaide, A.A.P., Sugarbaker, E., Suire, C., Šumbera, M., Surrow, B., Symons, T.J.M., Szanto de Toledo, A., Szarwas, P., Tai, A., Takahashi, J., Tang, A.H., Thein, D., Thomas, J.H., Timoshenko, S., Tokarev, M., Tonjes, M.B., Trainor, T.A., Trentalange, S., Tribble, R.E., Tsai, O., Ullrich, T., Underwood, D.G., Van Buren, G., VanderMolen, A.M., Varma, R., Vasilevski, I., Vasiliev, A.N., Vigdor, S.E., Viyogi, Y.P., Voloshin, S.A., Vznuzdaev, M., Waggoner, W., Wang, F., Wang, G., Wang, G., Wang, X.L., Wang, Y., Wang, Z.M., Ward, H., Watson, J.W., Webb, J.C., Wells, R., Westfall, G.D., Whitten, C., Wieman, H., Willson, R., Wissink, S.W., Witt, R., Wood, J., Wu, J., Xu, N., Xu, Z., Xu, Z.Z., Yamamoto, E., Yepes, P., Yurevich, V.I., Yuting, B., Zanevski, Y.V., Zhang, H., Zhang, W.M., Zhang, Z.P., Zhaomin, Z.P., Zizong, Z.P., Żołnierczuk, P.A., Zoulkarneev, R., Zoulkarneeva, J., Zubarev, A.N.
Published in Physics Letters B (2005)
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