News of the Competition

MADISON, Wis. (11/23/09)

  • Federal Reserve officials are heightening their monitoring of U.S. banks to make sure lenders can weather a reversal of skyrocketing global-asset prices, said sources familiar with the matter. The Fed is checking to see if banks such as Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley have sufficient capital to manage the risks they take on, the amount of knowledge they possess about their counterparties' strength, and whether risk managers have the authority to impact bank polices and practices, analysts said. The fed has been criticized by lawmakers for failing to prevent a drop in lending standards that lawmakers said contributed to the credit crisis (Bloomberg.com Nov. 20) ...

  • Regulators have closed United Commercial Bank in San Francisco, citing inadequate capital and other material weaknesses, the California Department of Financial Institutions (DFI) announced last week. As of Oct. 29, the bank had total assets of roughly $10.9 billion and total deposits of about $7.5 billion. DFI has been scrutinizing the bank and ordered it to bolster its capital reserves to a safe and sound level, analysts said. However, the bank's efforts to so failed, analysts said. DFI named the Federal Deposit Insurance Corp. as receiver of the bank immediately following its closure (Investment Weekly News Nov. 28) ...

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