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Washington
Inside Washington (10/24/2011)
  • WASHINGTON (10/25/11)--The Federal Reserve Board Friday for the first-time used special powers in shutting down a Colorado bank on Friday. The central bank appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Community Banks of Colorado, of Greenwood Village, Colo., a state-chartered bank and member of the Federal Reserve System. The Fed had never before used its authority to close a state-chartered bank, a role normally reserved for state-regulators. As of June 30, the bank had approximately $1.4 billion in assets. The appointment was made after the Federal Reserve Board determined that the bank had been "critically undercapitalized" since July 29, and appointment of the FDIC as receiver was necessary to carry out the purpose of the prompt corrective action (PCA) statute to reduce long-term loss to the FDIC's deposit insurance fund. The PCA statute required the Federal Reserve, as the bank's federal supervisor, to appoint the FDIC as receiver not later than 90 days after the bank became critically undercapitalized, or to take other supervisory action, with the FDIC's concurrence, that would cause the least possible long-term loss to the deposit insurance fund. Pursuant to statute, the Federal Reserve also consulted with the Colorado State Banking Commissioner …
  • WASHINGTON (10/25/11)--With his advocacy for tough examinations and community banks, and criticism of "too big to fail," Thomas Hoenig, President Barack Obama's nominee for vice chairman of the Federal Deposit Insurance Corp., is a good fit for the position, according to observers (American Banker Oct. 24). Hoenig stepped down as head of the Federal Reserve Bank of Kansas City on Oct. 1. In that role he was critical of big bank bailouts and recent steps by the Fed to prop up the economy. He cast dissenting votes on the central bank's Federal Open Market Committee and has questioned the ability of the Dodd-Frank Wall Street Reform and Consumer Protection Act to address how systemically important financial institutions will wind down in the event of a financial crisis. Observers said Hoenig's track record indicates he would at times disagree with his new colleagues at the FDIC, including acting FDIC Chairman Martin Gruenberg.  As vice chairman, Gruenberg was usually aligned with former FDIC chief Sheila Bair …
  • WASHINGTON (10/25/11)—The Community Development Financial Institutions (CDFI) Fund Monday announced the appointment of Dennis Nolan to serve as its deputy director, effective immediately.  Nolan is now responsible for heading up policy development, operating procedures, internal controls, and short- and long-range strategic planning at the CDFI Fund, as well as coordinating, evaluating and enhancing the fund's programs. Prior to joining the CDFI Fund, Nolan was deputy chief financial officer at the Millennium Challenge Corporation (MCC), an independent U.S. foreign-aid agency focused on the fight against global poverty.  Nolan has also held financial management positions at the Environmental Protection Agency, where he was responsible for all aspects of EPA's financial management program, and the Federal Deposit Insurance Corporation, in such positions special assistant to the CFO and special assistant to the director of the Division of Finance …


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