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News Now

Washington
Inside Washington (04/17/2009)
* WASHINGTON (4/20/09)--Regulators could publish a paper Friday about the methodology behind stress tests given to 19 of the nation’s largest banks (American Banker April 17). The tests were given to gauge the institutions’ ability to withstand adverse economic conditions. Regulators plan to release the preliminary test results May 4 ... * WASHINGTON (4/20/09)--Federal Deposit Insurance Corp. (FDIC) Chief Operating Officer John Bovenzi announced that he plans to leave the agency in several weeks. Bovenzi started his career at the FDIC before the savings and loan crisis, later managed the FDIC’s research department and then became top deputy to former FDIC Chairman L. William Seidman (American Banker April 17). Bovenzi took a break from his job at the FDIC in July to become CEO of the failed IndyMac Bank, which the FDIC took into conservatorship ... * WASHINGTON (4/20/09)--The Treasury Department has been asked by financial industry trade groups to allow banks to repay Troubled Asset Relief Program (TARP) rescue funds without charging them to repurchase extended warrants under the program. Public companies are required to issue warrants that equal up to 15% of the government’s investment, while nonpublic companies were required to pay 5% (American Banker April 17). If the warrants aren’t redeemed, the Treasury could risk criticism that it’s continuing to help the banks, said Gil Schwartz, a partner at Schwartz and Ballen LLP. Industry representatives met with President Barack Obama on the issue last week ...


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