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Robert Herz, the chairman of the Financial Accounting Standards Board, will retire after eight years leading the group, FASB said yesterday. Board member Leslie Seidman will become acting chairman, effective Oct. 1. Seidman, a FASB member since July 2003, previously managed her own consulting firm, and also served as vice president of accounting policy at J.P. Morgan & Co.
Community Bankers Association of Kansas President and CEO Shawn Mitchell told Congress that while community banks engage in a variety of financial education efforts, CBAK and ICBA support federal efforts to promote financial literacy. In testimony yesterday before the House Financial Services Subcommittee on Oversight and Investigations, Mitchell noted that ICBA encourages community banks to provide financial literacy services and has forged government, nonprofit and private-sector partnerships, such as with the Jump$tart Coalition and the FDIC Money Smart program.
The agreement includes a modification to the strict disallowance of intangible assets in the definition of Tier 1 capital, and a broader definition of qualifying liquid assets.
In response to bankers' queries, ABA has developed frequently asked questions that address how the Dodd-Frank Act will affect the FDIC's Transaction Account Guarantee Program.
John Walsh, chief of staff at the Office of the Comptroller of the Currency, will become the acting head of the agency when current Comptroller John Dugan leaves on Aug. 14, the Treasury Department announced Friday.
The Senate late last night approved by a 60-37 vote a motion to end debate on an amendment that would allow the ABA-backed $30 billion lending fund to be restored to the small-business bill (H.R. 5297).
The Federal Reserve would take action if it was needed to prevent the economic recovery from faltering, Chairman Ben Bernanke told the Senate Banking Committee Wednesday during his semiannual report to Congress.
ABA has updated its fact sheet on Troubled Asset Relief Program profits and losses to help counter some recent discussions about covering TARP costs through a new bank tax.
The Securities and Exchange Commission yesterday proposed new limits on 12b-1 fees -- fees that mutual fund investors pay to companies for sales and marketing -- and improved disclosures.
WASHINGTON The Office of the Comptroller of the Currency issued an advisory today that provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams.
The Internal Revenue Service yesterday warned consumers about an E-mail scam that falsely promises recipients $80 for participating in an online customer satisfaction survey. The IRS is referenced in the E-mail's "from" and "subject" lines, and the survey form features the IRS logo.
Miami-based United Cities Corp has issued illegitimate checks and also claims to have created a new currency called "The United States Private Dollar," the Federal Reserve warned consumers yesterday.
WASHINGTON, Aug 15 Everyone agrees that credit card disclosures could be simpler and easier to understand. While federal regulators complete the process of updating credit card disclosures, the American Bankers Association has developed a free resource to help consumers make informed choices about credit cards.
On Friday, the FDIC issued a special edition of its quarterly FDIC Consumer News that contains 51 tips intended to help consumers save money on loans and credit cards.
The Office of the Comptroller of the Currency yesterday announced the launch of HelpWithMyBank.gov, a new Web site designed to provide basic banking information and assistance to national bank customers.
As part of its ongoing commitment to consumer protection, the Federal Reserve Bank of Kansas City has launched a new consumer protection website. The site features answers to the most commonly asked consumer questions related to banking and includes a link allowing consumers to ask specific questions. The site also offers a wealth of financial education tools. If consumers have a concern with a specific financial institution, the site will direct them to the appropriate regulatory agency to file a complaint
Comptroller of the Currency John C. Dugan unveiled two new Public Service Announcements (PSAs) aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure.
Tennessee bankers, security officers and staff joined some 70 other participants in the Take Back the Net seminar. The meeting featured an address by State Attorney General Bob Cooper and representatives from the FBI, AOL, MasterCard, Visa, and Microsoft.
On Friday, the Internal Revenue Service warned about the latest version of a bogus E-mail that tells people they are under investigation by the agency's Criminal Investigation Division for submitting a false tax return to the California Franchise Tax Board.
The Office of the Comptroller of the Currency warned consumers not to fall for solicitations about a so-called "Community Reinvestment Act Program" that purports to offer cash grants or equity disbursements.
The Federal Reserve Banks will decommission their current computer system by June 30, 2009, Fed officials said this week. Customers of all critical payment services, including Fedwire Funds, Fedwire Securities, and FedACH Services, will be moved to the new system by Dec. 31, 2008.
On Friday, the Federal Reserve issued an alert about instances of questionable solicitations directed at homeowners. The Fed has received inquiries and complaints from recipients of direct-mail solicitations that suggest there is a Community Reinvestment Act program that entitles certain homeowners to cash grants or equity disbursements.
In an effort to spread lessons in financial literacy to the youth of our nation, the National Foundation for Credit Counseling (NFCC) is sponsoring the BE MONEY WISE National Poster Contest in 2007. The theme is Plant the Seed of Saving to Grow Your Future.
As part of the Office of Thrift Supervision's Consumer Protection Week series, yesterday the agency unveiled a brochure, "Consumer Fact Sheet: Buying, Giving, and Using Gift Cards," that gives advice on gift cards issued by financial institutions.
The winter issue of FDIC Consumer News, released yesterday for National Consumer Protection Week, features practical suggestions for dealing with money matters.
Yesterday, the FDIC encouraged low- and moderate-income taxpayers to take advantage of Internal Revenue Service programs and bank services that can help them save more money for future goals.
