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Washington
Inside Washington (05/13/2008)
* WASHINGTON (5/14/08)--ANB Financial’s downfall may predict other bank collapses, said industry observers Monday (American Banker May 12). About 80% of ANB’s loans were of construction and development loans. Combined with brokered deposits and some activity in out-of-state markets, ANB’s portfolio proved to be troublesome. Other banks may find themselves in the same situation as ANB, according to Peyton Green, an analyst at First Horizon National Corp.’s FTN Midwest Securities Corp. Some failures are likely to occur this year and next year, he said. ANB’s failure also is affecting other institutions. Great Southern Bancorp, Springfield, Mo., said it would charge off $35 million of loans made to ANB Financial. The amount is equivalent to nine months of revenue. The Office of the Comptroller of the Currency and other regulators have warned banks to beef up portfolios ... * WASHINGTON (5/14/08)--Sen. Christopher Dodd (D-Conn.), chair of the Senate Banking Committee, is working to secure support from Republicans for his housing bill. Sen. Mel Martinez (R-Fla.) is expected to review the bill’s draft (American Banker May 12). Sen. Elizabeth Dole (R-N.C.), Martinez and Sen. Tom Carper (D-Del.) offered an amendment which would modernize the Federal Housing Administration. Dodd has not yet won support from Sen. Richard Shelby (R-Ala.), the ranking Republican on the panel. Dodd introduced his bill Monday. It would create a regulator for the Federal Home Loan Banks, Fannie Mae, and Freddie Mac ... * WASHINGTON (5/14/08)--The Federal Reserve Board approved amendments to Appendix A of Regulation CC. The amendments reflect the restructuring of the Federal Reserve’s check-processing operations in the Sixth and Eighth districts. The approval was announced yesterday. As of July 19, the Memphis branch of the Federal Reserve Bank of St. Louis will no longer process checks, and banks served by that office will be reassigned to the Federal Reserve Bank of Atlanta. The reserve banks also plan to cease check-processing operations at all of their check processing offices by 2010 except in Philadelphia, Cleveland, Atlanta and Dallas, according to the Fed’s statement ...


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