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Inside Washington (05/16/2008)
* WASHINGTON (5/19/08)--In a speech before attendees of the Federal Reserve Bank of Chicago’s Annual Conference on Bank Structure and Competition, Federal Reserve Board Chairman Ben Bernanke strongly urged financial institutions to remain proactive in their capital-raising efforts. Financial institutions also should pay attention to the value of proper risk identification and measurement, the need for robust and objective valuation methods, the importance of preparing for liquidity disruption, and the role of strong oversight by senior managers, he added. During his speech, Bernanke focused on some lessons learned regarding trouble in the financial markets and pointed to items financial institutions should focus on in the future. Improvement in banks’ risk management will provide a more stable financial system and help make firms more resilient to shocks, he said. “Supervisors must insist on effective risk management and provide as much support as possible for the implementation of needed changes,” he advised. The Fed also is considering additional supervisory guidance regarding risk management, and is working to implement the International Basel II capital accord. Basel II will enhance the quality of risk management by tying regulatory capital more closely to institutions’ underlying risks and requiring stronger systems to evaluating credit, he said ... ` * WASHINGTON (5/19/08)--Donna J. Gambrell, director of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, joined Reps. Nydia M. Velazquez (D-N.Y.) and Edolphus Towns (D-N.Y.) to celebrate the opening of Brooklyn Cooperative FCU’s first new branch office in Bedford-Stuyvesant. The celebration was held Saturday ... * WASHINGTON (5/19/08)--Amy L. Taylor has been selected as chief information officer (CIO) and associate director of technology solutions and services at the Financial Crimes Enforcement Network (FinCEN), effective immediately, James H. Freis Jr., FinCEN director, announced Friday. Taylor joined FinCEN in April 2007 as assistant director for customer relations management. She has served as acting CIO for the past three months. She has more than 17 years of experience in federal government, supporting technology in the Department of Defense ...

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