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Washington
Inside Washington (06/01/2012)
  • WASHINGTON (6/4/12)--The House Financial Services Committee on Thursday passed a bill that would push back the date by which banks needed to be under $15 billion in assets to avoid the new capital requirement under the the Dodd Frank Act. The bill, sponsored by Rep. Michael Grimm (R-N.Y.), specifically benefits New York City's Emigrant Bank, which received a $2.3 billion advance from the Federal Home Loan Bank of New York during the financial crisis (American Banker June 1). The loan temporarily pushed Emigrant's total assets over $15 billion--the threshold at which banks are subject to a provision of the Dodd-Frank Act that prevents them from counting trust preferred securities as part of their Tier 1 capital. The Dodd-Frank Act set the cut-off date for the threshold as Dec. 31, 2009. The bill would push that date back by three months and allow Emigrant to avoid the restrictions …
  • WASHINGTON (6/4/12)--Jamie Dimon, JPMorgan Chase & Co.'s chairman and chief executive officer, will field questions about his company's $2 billion trading loss from the Senate Banking Committee on June 13. The committee had earlier announced Dimon would testify on June 7 (American Banker June 1) …


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