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Washington
Inside Washington (02/06/2012)
  • WASHINGTON (2/7/12)--Recent orders from regulators have cited banks for not meeting updated accounting standards. Regulators have specifically cited banks' failures to report troubled debt restructurings (TDRs). The Office of Comptroller of Currency is flagging banks for not identifying loans as TDRs and not recording an allowance as required by Generally Accepted Accounting Principles, an unidentified bank accounting executive told the American Banker (Feb. 6). Regulators have stepped up guidance since the Financial Accounting Standards Board clarified guidance on TDRs last year, said Bill Massey, an accountant and consultant at Saltmarsh, Cleaveland & Gund. Most regulatory orders citing accounting issues tied to troubled debt restructurings were issued since June 30. Regulators have been enforcing the new rules since they went into effect, according to industry observers …
  • WASHINGTON (2/7/12)--Banks remain concerned that data shared with the Consumer Financial Protection Bureau (CFPB) during exams could be used against them in lawsuits, despite assurances for CFPB Director Richard Cordray that the agency will support legislation to protect the institutions' information. Banks worry that plaintiffs could argue that financial institutions waived their attorney-client privileges when they turned the information into the CFPB. In such cases, financial institutions could be subpoenaed to provide confidential data that might be used against them in lawsuits (American Banker Feb. 6). House Financial Services Committee Chairman Spencer Bachus (R-Ala.) and Rep. Shelley Moore Capito, (R-W.V.) sent a letter to the CFPB last week asking the agency to stop requesting confidential information from banks until the panel can hold a hearing on the until legislation is in place. A committee hearing is scheduled for Wednesday …
  • WASHINGTON (2/7/12)--President Barack Obama on Friday said he will nominate Jeremiah Norton to serve on the board of directors of Federal Deposit Insurance Corp. Norton is currently an executive with J.P. Morgan Chase & Co (American Banker Feb. 6). Norton served from 2007 to 2009 as deputy assistant secretary in the Treasury Department, where he was a key adviser to former Treasury Secretary Henry Paulson during the financial crisis. He also worked as a staffer for Rep. Edward Royce (R.-Calif.) …


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