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News Now

Washington
Inside Washington (03/20/2008)
* WASHINGTON (3/21/08)--The Office of the Comptroller of the Currency (OCC) issued an emergency rule Wednesday that would allow JPMorgan Chase and Co. to fund Bear Stearns even though the debt would be higher than the normal lending limit. An OCC provision states that a bank cannot lend more than 15% of its capital to one borrower or more than 25% without secured collateral (American Banker March 20). The OCC defends its decision, saying that the limit was not broken. An interim final rule, scheduled to be effective yesterday and open for a 30-day comment period, would give the agency the ability to grant exemptions in emergency situations to well-capitalized and highly rated lending institutions ...


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