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  •  
  • FDIC Board Approves NPR Regarding Safe Harbor Protection for Securitizations
    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a Notice of Proposed Rulemaking (NPR) to clarify the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured ...more
    Federal Deposit Insurance Corporation (FDIC) (5/11/2010)
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  • U.S. Securitization Report
    Investors are buying consumer-backed loans at a fast pace, giving hope to a market that continues to rise in its first month without government support. Despite high unemployment and a slow economic recovery, the deals are reassuring investors ...more
    BMO Capital Markets -- Asset Securitization Group (4/20/2010)
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  • U.S. Securitization Report
    The latest news and transactions in the securitization market. The non-CMBS TALF program expired on March 4, 2010, which saw six companies issue $7.3 billion of TALF eligible ABS. TALF investors continued to sell, as they looked to reallocate into new ...more
    BMO Capital Markets -- Asset Securitization Group (3/19/2010)
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  • The Proposed United States Covered Bond Act of 2010
    ( United States House of Representatives )
    To establish a covered bond regulatory oversight program, and for other purposes. ...more
    (3/18/2010)
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  • CEBS publishes its advice on the effectiveness of a minimum retention requirement for securitisations
    ( Committee of European Banking Supervisors )
    The EU Commission has called on CEBS to provide technical advice on the effectiveness of the minimum retention requirement for securitisations in Article 122a of the amendments to the Capital Requirements Directive (CRD). The EU Commission ...more
    (10/30/2009)
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  • FSA announces tough new code for financial reporting disclosure
    The Financial Services Authority (FSA) has announced today that the major UK-headquartered banks have agreed to implement a tough new code for financial reporting disclosure. The code forms part of proposals, designed to enhance investors' confidence in ...more
    Financial Services Authority (FSA) (10/26/2009)
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  • Commission sets out future actions to strengthen the safety of derivatives markets
    ( EUROPA )
    The European Commission has adopted a Communication for ensuring efficient, safe and sound derivatives markets. The Communication sets out future policy actions to increase transparency of the derivatives market, reduce counterparty ...more
    (10/20/2009)
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  • FSA sets out major reforms for the mortgage market
    The Financial Services Authority (FSA) today sets out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all ...more
    Financial Services Authority (FSA) (10/19/2009)
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  • SEC and CFTC Issue Joint Report on Regulatory Harmonization
    The Securities and Exchange Commission and the Commodity Futures Trading Commission today issued a joint report identifying areas where the agencies' regulatory schemes differ and recommending actions to address those differences, where ...more
    U.S. Securities & Exchange Commission (10/16/2009)
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  • A Joint Report of the SEC and the CFTC on Harmonization of Regulation
    On June 17, 2009, the Administration released a White Paper on Financial Regulatory Reform ("Treasury White Paper" or "White Paper"), outlining a plan for comprehensive financial reform to set the foundation for restoring confidence in the integrity of ...more
    U.S. Securities & Exchange Commission (10/16/2009)
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  • Time to buy or just buying time? The market reaction to bank rescue packages
    This paper reviews the market reaction to bank rescue packages announced in six countries between October 2008 and January 2009. The study distinguishes the impact on creditors as seen in the change of CDS spreads from the impact on shareholders as ...more
    Bank for International Settlements (BIS) (9/24/2009)
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  • Joint UK Financial Services Authority and HM Treasury response to EU Consultation Document: Possible initiatives to enhance the resilience of OTC derivatives markets
    The UK Financial Services Authority and HM Treasury welcome the proposals of the Commission for enhancing the resilience of the OTC derivatives markets. We agree that these markets have exhibited weaknesses, specifically in terms of counterparty ...more
    Financial Services Authority (FSA) (9/24/2009)
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  • A Global Framework for Regulatory Cooperation on OTC Derivative CCPs and Trade Repositories
    ( Federal Reserve Bank of New York )
    International regulators announced today the establishment of the OTC Derivatives Regulators' Forum. Since January 2009, international regulators have been meeting periodically to exchange views and share information on developments related to ...more
    (9/24/2009)
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  • Commission adopts legislative proposals to strengthen financial supervision in Europe
    ( EUROPA - Press room )
    The European Commission has adopted an important package of draft legislation today to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce ...more
    (9/23/2009)
  •  
  • Restarting Securitization Markets: Policy Proposals and Pitfalls
    This chapter tracks the rise and fall of securitization markets, and evaluates the various initiatives aimed at restarting them on a sounder footing, focusing on the markets for securities not backed by governments or governmentsponsored enterprises. ...more
    International Monetary Fund (IMF) (9/22/2009)
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  • TALF: Jump-Starting the Securitization Markets
    ( Federal Reserve Bank of Dallas )
    Securitization-the pooling and packaging of loans into securities for sale to investors-increases the availability and improves the terms of credit. Rather than holding loans on their balance sheets, financial intermediaries can use the proceeds from ...more
    (9/22/2009)
  •  
  • International Banking and Financial Market Developments
    Overview: cautious optimism on gradual recovery; Highlights of international banking and financial market activity; The future of securitisation: how to align incentives?; Central counterparties for over-the-counter derivatives; The cost of equity for ...more
    Bank for International Settlements (BIS) (9/14/2009)
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  • Market Participants Commit to Expand Central Clearing for OTC Derivatives
    ( Federal Reserve Bank of New York )
    The Federal Reserve Bank of New York today received commitments from 15 major over-the-counter (OTC) derivatives dealers setting specific target levels for expanding central clearing for OTC credit and interest rate derivatives. The letter sets ...more
    (9/8/2009)
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  • Treasury Highlights Recovery Act Impact
    As part of an effort to highlight the success of the American Recovery and Reinvestment Act (Recovery Act) in revitalizing communities across the country, the U.S. Department of the Treasury today released a report providing state-by-state data on ...more
    U.S. Department of the Treasury (9/4/2009)
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  • OTC Derivatives and Post-Trading Infrastructures
    Concerns regarding the limited development of post-trading infrastructures for OTC derivatives intensifi ed in the context of the recent financial market turmoil. The financial market turbulence illustrated that the absence of adequate post-trading ...more
    European Central Bank (9/3/2009)
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  • Stronger Capital and Liquidity Standards for Banking Firms
    The global regulatory framework failed to prevent the build-up of risk in the financial system in the years leading up to the recent crisis. Major financial institutions around the world had reserves and capital buffers that were too low; used excessive  ...more
    U.S. Department of the Treasury (9/3/2009)
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  • ISDA, SIFMA, LIBA Respond to EC Consultation on Enhancing OTC Derivatives Infrastructure; Support Proposals to Enhance Risk Management
    The International Swaps and Derivatives Association, along with the Securities Industry and Financial Markets Association and the London Investment Banking Association said today they welcome further improvements in market infrastructure and strongly ...more
    International Swaps and Derivatives Association, Inc. (9/2/2009)
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  • Credit Default Swaps and Counterparty Risk
    The ongoing fi nancial market turmoil has highlighted the importance of counterparty risk in the over-the-counter (OTC) derivative markets. The role played by credit default swaps (CDSs) has been the subject of lively debate, with some ...more
    European Central Bank (8/28/2009)
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  • Agencies seek comment on proposed regulatory capital standards related to adoption of Statements of Financial Accounting Standards No. 166 and 167
    Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related ...more
    Board of Governors of the Federal Reserve System (8/26/2009)
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  • Financial Crises and Economic Activity
    This paper studies the length, depth and output costs of a sample of 40 systemic banking crises in 35 countries since 1980 to assess the likely real impact of the current crisis. Most, but not all, systemic banking crises in our sample coincide with a ...more
    Bank for International Settlements (BIS) (8/24/2009)
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  • Federal Reserve and Treasury Department announce extension to Term Asset-Backed Securities Loan Facility (TALF)
    The Federal Reserve Board and the Treasury Department on Monday announced that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF) and that, at this time, they do not anticipate any further additions to the types of ...more
    Board of Governors of the Federal Reserve System (8/17/2009)
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  • Wider Implications referral: Lehmans-backed structured products - update
    Since Lehman Brothers' collapse in September 2008, the Financial Services Authority and Financial Ombudsman Service have been looking at the potential detriment this has caused for investors in the UK structured products market. In May, the FSA and ...more
    Financial Services Authority (FSA) (8/14/2009)
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  • The Current Pace and Direction of Accounting Standard Setting: A White Paper of the American Bankers Association
    ( American Bankers Association )
    Various high profile groups have studied the financial crisis and its root causes. In each case, accounting standards, while not being cited as causing the crisis, have been cited for improvement. Fair value accounting ("FV", also called "mark-to-market ...more
    (8/13/2009)
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  • Administration's Regulatory Reform Agenda Reaches New Milestone: Final Piece of Legislative Language Delivered to Capitol Hill
    Acting on its commitment to restoring stability in our financial system, the Administration delivered legislative language to Capitol Hill today focusing on the regulatory reform of over-the-counter (OTC) derivatives. One of the most significant changes ...more
    U.S. Department of the Treasury (8/11/2009)
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  • August Oversight Report: The Continued Risk of Troubled Assets
    ( Congressional Oversight Panel )
    In the fall of 2008, the American economy was facing a crisis stemming from steep losses in the financial sector, and frozen credit markets. Then-Secretary of the Treasury Henry Paulson and Federal Reserve Board Chairman Ben Bernanke argued that ...more
    (8/11/2009)
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  • Annual adjustment of fee-based trigger for additional mortgage loan disclosures
    The Federal Reserve Board on Monday published its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain ...more
    Board of Governors of the Federal Reserve System (8/10/2009)
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  • Unfreezing Securitization: Restoring the Market's Confidence in Itself
    ( Knowledge@Wharton )
    According to Wharton finance professor Richard J. Herring, more than half of the lending to households over the last five to six years "has come from the securitization market, not from banks' balance sheets." For that reason, Herring and Allen Levinson, ...more
    (8/5/2009)
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  • Financial Regulation Reform, Around the World, Private Sector, Gives Strong, But Cautious, Support
    ( Greenwich Associates )
    Companies and financial institutions around the world express strong levels of support for many of the key components of financial regulation reform proposed by governments in the United States and Europe, according to a new Greenwich Market Pulse. ...more
    (8/5/2009)
  •  
  • An assessment of financial sector rescue programmes
    Since the crisis intensified in September 2008, following the collapse of Lehman Brothers, governments in advanced economies have stepped in to provide support to banks and financial institutions, through both standalone actions directed at ...more
    Bank for International Settlements (BIS) (7/31/2009)
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  • Major step towards financial stability: European market for credit default swaps becomes safer
    ( EUROPA )
    As of today, credit default swaps (CDS) relating to European entities and indices based on these entities will start clearing through central counterparties regulated in the EU. This will reinforce financial stability by ensuring better risk management ...more
    (7/31/2009)
  •  
  • Securitization of Mortgage Loans by the Federal Home Loan Bank System
    ( Federal Housing Finance Agency )
    A Report Submitted to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate the Committee on Financial Services of the U.S. House of Representatives. Congress, in the Housing and Economic Recovery Act of 20081 (HERA), ...more
    (7/30/2009)
  •  
  • Adoption of Updated EDGAR Filer Manual
    The Securities and Exchange Commission is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect updates to the EDGAR system. The revisions were made primarily to support the 2009 US GAAP ...more
    U.S. Securities & Exchange Commission (7/29/2009)
  •  
  • Financial Crisis Advisory Group publishes wide-ranging review of standard-setting activities following the global financial crisis
    ( Financial Crisis Advisory Group (FCAG) )
    The global financial crisis has led many economic and financial market participants to reexamine their governance, practices, and standards. The Financial Crisis Advisory Group (the "FCAG") was formed to advise the International Accounting Standards ...more
    (7/28/2009)
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  • SEC Takes Steps to Curtail Abusive Short Sales and Increase Market Transparency
    The Securities and Exchange Commission today announced several actions that would protect against abusive short sales and make more short sale information available to the public. "Today's actions demonstrate the Commission's determination to ...more
    U.S. Securities & Exchange Commission (7/27/2009)
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  • Financial services: new rules on credit rating agencies, bank capital requirements, cross-border payments and e-money, and a programme to support the effectiveness of EU policies
    ( Council of the European Union )
    The Council today adopted a regulation introducing a legal framework for credit rating agencies and a directive updating capital requirements for banks, which constitute a significant part of the work programme it launched last autumn in response to the  ...more
    (7/27/2009)
  •  
  • Measuring financial innovation and its impact
    Proceedings of the IFC Conference on "Measuring financial innovation and its impact", Basel, 26-27 August 2008. ...more
    Bank for International Settlements (BIS) (7/24/2009)
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  • Federal Reserve proposes significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit
    The Federal Reserve Board on Thursday proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit (HELOCs). ...more
    Board of Governors of the Federal Reserve System (7/23/2009)
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  • Financial Regulatory Reform: A New Foundation, Updated: July 23, 2009
    Over the past two years we have faced the most severe financial crisis since the Great Depression. Americans across the nation are struggling with unemployment, failing businesses, falling home prices, and declining savings. These challenges have forced ...more
    U.S. Department of the Treasury (7/23/2009)
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  • Administration's Regulatory Reform Agenda Moves Forward
    Continuing its push to establish new rules of the road and make the financial system more fair for consumers and investors, the Administration today delivered proposed legislation to Capitol Hill that would require strong, consolidated supervision and ...more
    U.S. Department of the Treasury (7/22/2009)
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  • Financial Markets Regulation: Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System
    ( United States Government Accountability Office )
    Some studies suggested that leverage steadily increased in the financial sector before the crisis, and deleveraging by financial institutions may have contributed to the crisis. First, the studies suggested that deleveraging by selling financial assets ...more
    (7/22/2009)
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  • Credit Rating Agency Reform Legislation Sent to Capitol Hill
    Continuing its push to establish new rules of the road and make the financial system more fair across the board, the Administration today delivered proposed legislation to Capitol Hill to increase transparency, tighten oversight, and reduce reliance on ...more
    U.S. Department of the Treasury (7/21/2009)
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  • Survey of Credit Underwriting Practices
    The Office of the Comptroller of the Currency conducted its 15th annual underwriting survey to identify trends in lending standards and credit risk for the most common types of commercial and retail credit offered by national banks. The survey covers ...more
    Office of the Comptroller of the Currency (OCC) (7/21/2009)
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  • Administration's Regulatory Reform Agenda Moves Forward: Legislation for the Registration of Hedge Funds Delivered to Capitol Hill
    Continuing its push to establish new rules of the road and make the financial system more fair across the board, the Administration today delivered proposed legislation to Capitol Hill to require all advisers to hedge funds and other private pools of ...more
    U.S. Department of the Treasury (7/15/2009)
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  • SEC Votes to Propose Rules Enhancing Municipal Securities Disclosure
    The Securities and Exchange Commission today voted unanimously to propose rule amendments to improve the quality and timeliness of municipal securities disclosure. The proposed amendments to SEC Rule 15c2-12 would help investors make more ...more
    U.S. Securities & Exchange Commission (7/15/2009)
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  • Board issues interim final rule amending credit card provisions of Regulation Z (Truth in Lending)
    The Federal Reserve Board on Wednesday approved an interim final rule amending Regulation Z (Truth in Lending) to require creditors to increase the amount of notice consumers receive before the rate on a credit card account is increased or a significant ...more
    Board of Governors of the Federal Reserve System (7/15/2009)
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  • Reforming Financial Markets
    ( HM Treasury, UK )
    The world economy has been hit by a severe financial crisis, resulting in the worst global economic downturn for over 60 years. Triggered by difficulties in the US housing market that exposed the way that banks and other lenders had been underestimating ...more
    (7/8/2009)
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  • Joint Statement by Treasury, Federal Reserve, and FDIC on the Legacy Securities Public-Private Investment Program
    The Financial Stability Plan, announced in February, outlined a framework to bring capital into the financial system and address the problem of legacy real estate-related assets. On March 23, 2009, the Treasury Department, the Federal Reserve, and the ...more
    U.S. Department of the Treasury (7/8/2009)
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  • Decision of the European Central Bank on the Implementation of the Covered Bond Purchase Programme
    ( European Central Bank )
    Article 1: Establishment and scope of the outright purchase of covered bonds. Article 2: Eligibility criteria for covered bonds. Article 3: Eligible counterparties. Article 4: Final provisions. ...more
    (7/4/2009)
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  • FSA chairman tells bankers radical changes in regulation essential
    Lord Turner, chairman of the Financial Services Authority, said today that excellent supervision is a necessary but not sufficient condition for financial stability, warning that unless rules are changed radically, future crises will not be avoided. ...more
    Financial Services Authority (FSA) (6/30/2009)
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  • Transparency is the New Gold Standard, US Wealth Managers Must Redefine Role to Regain Trust in Current Environment
    Private banks and wealth managers have seen their profits plummet in the wake of unprecedented financial turmoil, investment scandals and the decline in world wealth, according to a new report published by PricewaterhouseCoopers LLP. Damage has been done ...more
    RiskCenter.com (6/30/2009)
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  • UK short selling disclosure regime extended
    The Financial Services Authority has today extended, without a time limit, the current disclosure regime for significant net short positions in the stocks of UK financial sector companies due to expire on 30 June. ...more
    Financial Services Authority (FSA) (6/26/2009)
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  • Federal Reserve announces extensions of and modifications to a number of its liquidity programs
    The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems ...more
    Board of Governors of the Federal Reserve System (6/25/2009)
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  • The US Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?
    ( Initiative on Business and Public Policy at Brookings )
    The U.S. appears to be reaching a turning point for both the real economy and for the financial crisis which triggered this severe recession. This is good news indeed coming after many months of vile news, but we must keep firmly in mind the extreme ...more
    (6/22/2009)
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  • U.S. Treasury Department Releases Financial Regulatory Reform: A New Foundation Report
    Over the past two years we have faced the most severe financial crisis since the Great Depression. Americans across the nation are struggling with unemployment, failing businesses, falling home prices, and declining savings. These challenges have forced ...more
    U.S. Department of the Treasury (6/17/2009)
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  • President Obama to Announce Comprehensive Plan for Regulatory Reform
    President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent ...more
    U.S. Department of the Treasury (6/17/2009)
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  • Financial Regulatory Reform: A New Foundation - Rebuilding Financial Supervision and Regulation
    Over the past two years we have faced the most severe financial crisis since the Great Depression. Americans across the nation are struggling with unemployment, failing businesses, falling home prices, and declining savings. These challenges have forced ...more
    U.S. Department of the Treasury (6/17/2009)
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  • Federal Reserve responds to new accounting standards
    The Federal Reserve notes the Financial Accounting Standards Board's publication today of Statements of Financial Accounting Standards No. 166 and 167 (FAS 166 and 167), which will have a material effect on banking organizations' accounting for ...more
    Board of Governors of the Federal Reserve System (6/12/2009)
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  • IOSCO finalises policy responses to the financial crisis
    ( International Organization of Securities Commissions )
    The International Organization of Securities Commissions (IOSCO) has concluded its 34th Annual Conference in Tel Aviv. This has been the first general meeting of IOSCO's entire membership since the financial crisis entered its second critical phase in ...more
    (6/11/2009)
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  • Interim Final Rule on TARP Standards for Compensation and Corporate Governance
    1. Limits Executive Compensation for Certain Executives and Highly Compensated Employees at Companies Receiving TARP Funds. 2. Appoints a Special Master to Review Compensation Plans At Firms Receiving Exceptional Assistance. 3. Implements and ...more
    U.S. Department of the Treasury (6/10/2009)
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  • Stress Testing and Shoring Up Bank Capital
    ( Congressional Oversight Panel )
    Across the country, many American families have taken a hard look at their finances. They have considered how they would manage if the economy took a turn for the worse, if someone were laid off, if their homes plummeted in value, or if the retirement ...more
    (6/9/2009)
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  • New York Fed Welcomes Further Industry Commitments on Over-the-Counter Derivatives
    ( Federal Reserve Bank of New York )
    The Federal Reserve Bank of New York welcomes the letter published today by major financial market participants, committing to additional changes in the market design and risk management for over-the-counter (OTC) derivatives. ...more
    (6/2/2009)
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  • FSA statement on its use of stress tests
    The publication in the US of the results of bank stress tests has provoked considerable interest in the use of stress testing by authorities in other countries, in particular in Europe. Stress testing can and has been used in a variety of different ways, ...more
    Financial Services Authority (FSA) (5/28/2009)
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  • The Pricing of Subprime Mortgage Risk in Good Times And Bad : Evidence From The ABX.HE Indices
    ( European Central Bank )
    This paper investigates the market pricing of subprime mortgage risk on the basis of data for the ABX.HE family of indices, which have become a key barometer of mortgage market conditions during the recent financial crisis. After an introduction into ...more
    (5/26/2009)
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  • Reforms To Protect American Credit Card Holders
    ( The White House )
    Today, President Obama signs the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. Americans need a healthy flow ...more
    (5/22/2009)
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  • Regular OTC Derivatives Market Statistics
    The BIS is releasing today its semiannual statistics on positions in the global OTC derivatives market for end-December 2008. The statistics cover the notional amounts and gross market values outstanding of the worldwide consolidated OTC derivatives ...more
    Bank for International Settlements (BIS) (5/19/2009)
  •  
  • Federal Reserve announces that certain high-quality commercial mortgage-backed securities will become eligible collateral under TALF
    The Federal Reserve Board on Tuesday announced that, starting in July, certain high-quality commercial mortgage-backed securities issued before January 1, 2009 (legacy CMBS) will become eligible collateral under the Term Asset-Backed Securities Loan ...more
    Board of Governors of the Federal Reserve System (5/19/2009)
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  • FHFA's First Report To Congress Details Annual Examinations of Fannie Mae, Freddie Mac, and The Federal Home Loan Banks
    ( Federal Housing Finance Agency )
    James B. Lockhart, Director of the Federal Housing Finance Agency, today released FHFA's first Report to Congress, detailing the findings of the agency's 2008 annual examinations of Fannie Mae, Freddie Mac, the 12 Federal Home Loan Banks ...more
    (5/18/2009)
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  • Regulatory Reform Over-The-Counter (OTC) Derivatives
    The crisis of the past 20 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors ...more
    U.S. Department of the Treasury (5/13/2009)
  •  
  • Vicious Cycle : How Unfair Credit Card Practices Are Squeezing Consumers And Undermining The Recovery
    ( The Joint Economic Committee, U.S. Congress )
    The credit card provisions that the Federal Reserve have identified as unfair, deceptive, and anticompetitive are not only sending American families further into debt, but standing in the way of economic recovery. The economic downturn and financial ...more
    (5/12/2009)
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  • Board approves final rules revising disclosure requirements for mortgage loans under Regulation Z
    The Federal Reserve Board on Thursday approved final rules that revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending). The revisions implement the Mortgage Disclosure Improvement Act (MDIA), which was ...more
    Board of Governors of the Federal Reserve System (5/8/2009)
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  • The Supervisory Capital Assessment Program: Overview of Results
    The results of a comprehensive, forward-looking assessment of the financial conditions of the nation's 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday. The exercise--conducted by the ...more
    Board of Governors of the Federal Reserve System (5/7/2009)
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  • Joint statement by Federal Reserve, Treasury, FDIC, and OCC on Treasury Capital Assistance Program and Supervisory Capital Assessment Program
    During this period of extraordinary economic uncertainty, the U.S. federal banking supervisors believe it to be important for the largest U.S. bank holding companies (BHCs) to have a capital buffer sufficient to withstand losses and sustain lending even ...more
    U.S. Department of the Treasury (5/6/2009)
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  • Federal Reserve Announces Expansion of CMBS as Eligible Collateral Under TALF
    The Federal Reserve Board on Friday announced that, starting in June, commercial mortgage-backed securities (CMBS) and securities backed by insurance premium finance loans will be eligible collateral under the Term Asset-Backed ...more
    Board of Governors of the Federal Reserve System (5/1/2009)
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  • A Framework for Assessing the Systemic Risk of Major Financial Institutions
    In this paper we propose a framework for measuring and stress testing the systemic risk of a group of major financial institutions. The systemic risk is measured by the price of insurance against financial distress, which is based on ex ante measures of ...more
    Bank for International Settlements (BIS) (4/29/2009)
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  • Protecting American Credit Card Owners: Treasury Voices Support for HR 627, Discusses Need for Credit Card Reform with Civil and Consumer Organizations
    Today, Treasury Secretary Tim Geithner, joined by Congresswoman Carolyn Maloney, met with consumer groups, civil rights leaders and credit card consumers to discuss the national need for credit card reform. The discussion centered on the House Bill, ...more
    U.S. Department of the Treasury (4/29/2009)
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  • Joint Association (ISDA, LIBA, EBF, ESF) response to the EU Commission Services Working Document on proposed changes to the Capital Requirements Directive
    Re: "Commission Services Staff Working Document" on proposed amendments to the Capital Requirements Directive. The International Swaps and Derivatives Association, the London Investment Banking Association, the European Banking ...more
    International Swaps and Derivatives Association, Inc. (4/29/2009)
  •  
  • New York Fed issues TALF guide for investors
    ( Federal Reserve Bank of New York )
    The Term Asset-Backed Securities Loan Facility (TALF) is a funding facility through which the New York Fed extends three-year, non-recourse loans to private investors. The loans are collateralized by certain types of consumer- and small business-related ...more
    (4/28/2009)
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  • Board publishes white paper on process and methodologies employed by federal banking supervisory agencies in capital assessment of large U.S. bank holding companies
    A white paper describing the process and methodologies employed by the federal banking supervisory agencies in their forward-looking capital assessment of large U.S. bank holding companies was published on Friday. ...more
    Board of Governors of the Federal Reserve System (4/24/2009)
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  • Agencies Propose Clarifications to Credit Card Rules
    The Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration today proposed clarifications to aspects of their December 2008 final rules under the Federal Trade Commission Act (FTC Act) prohibiting certain ...more
    Board of Governors of the Federal Reserve System (4/21/2009)
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  • Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP): Quarterly Report to Congress
    ( Office of the Special Inspector General for the Troubled Asset Relief Program )
    The Troubled Asset Relief Program (''TARP'') now includes 12 separate, but often interrelated, programs involving Government and private funds of up to almost $3 trillion - roughly the equivalent of last year's entire Federal budget. ...more
    (4/21/2009)
  •  
  • Assessing Treasury's Strategy: Six Months of TARP
    ( Congressional Oversight Panel )
    With this report, the Congressional Oversight Panel examines Treasury's current strategy and evaluates the progress it has achieved thus far. This report returns the Panel's inquiry to a central question raised in its first report: What is Treasury's ...more
    (4/7/2009)
  •  
  • Treasury Department Provides Updated Guidance on Legacy Securities Public-Private Investment Program
    As part of an ongoing effort to refine the guidelines and enhance the effectiveness of the Financial Stability Plan programs, the Treasury Department today released additional guidance for potential investors in the securities portion of the Public ...more
    U.S. Department of the Treasury (4/6/2009)
  •  
  • The Global Financial Crisis: Analysis and Policy Implications
    ( Congressional Research Service )
    What began as a bursting of the U.S. housing market bubble and a rise in foreclosures has ballooned into a global financial and economic crisis. The world now appears to have entered a global recession that is causing widespread business contraction, ...more
    (4/3/2009)
  •  
  • Are 'Mark-to-market' Accounting Rules on the Mark?
    ( Knowledge@Wharton )
    On April 2, the Financial Accounting Standards Board (FASB) is expected to vote on a proposal to relax an accounting standard at the heart of the financial crisis -- or at least the accounting of it. Many big banks say the crisis has been made worse -- ...more
    (4/1/2009)
  •  
  • Range of Practices and Issues in Economic Capital Frameworks
    Economic capital can be defined as the methods or practices that allow banks to consistently assess risk and attribute capital to cover the economic effects of risk-taking activities. Economic capital was originally developed by banks as a tool for ...more
    Bank for International Settlements (BIS) (3/27/2009)
  •  
  • Treasury Outlines Framework For Regulatory Reform
    The crisis of the past 18 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors until ...more
    U.S. Department of the Treasury (3/26/2009)
  •  
  • Government interventions in the wake of the financial crisis - the European response so far
    The past month has seen the further nationalisation of certain banks in Europe, and other banks taking government funding for the first time. Key pieces of legislation have also come into effect. Governments are continuing to adopt measures to ...more
    Mayer Brown LLP (3/26/2009)
  •  
  • Treasury Department Releases Details on Public-Private Partnership Investment Program
    This newly announced Treasury program includes two components - the Legacy Loans Program and the Legacy Securities Program. The PPIP seeks to combine private sector investment, government capital, and government-supported leverage to create as ...more
    Mayer Brown LLP (3/26/2009)
  •  
  • Treasury Proposes Legislation for Resolution Authority
    Treasury Secretary Timothy Geithner on Monday called for new legislation granting additional tools to address systemically significant financial institutions that fall outside of the existing resolution regime under the FDIC. A draft bill will be sent to ...more
    U.S. Department of the Treasury (3/25/2009)
  •  
  • Treasury Department Releases Details on Public Private Partnership Investment Program
    The Financial Stability Plan - Progress So Far. Over the past six weeks, the Treasury Department has implemented a series of initiatives as part of its Financial Stability Plan that - alongside the American Recovery and Reinvestment Act - lay the ...more
    U.S. Department of the Treasury (3/23/2009)
  •  
  • Set of Eligible Collateral for Loans Extended by the Term Asset-Backed Loan Facility (TALF)
    The Federal Reserve Board on Thursday announced that the set of eligible collateral for loans extended by the Term Asset-Backed Securities Loan Facility (TALF) is being expanded to include four additional categories of asset-backed securities (ABS) ...more
    Board of Governors of the Federal Reserve System (3/19/2009)
  •  
  • Treasury Announces Auto Supplier Support Program
    Program Will Aid Critical Sector of American Economy. The U.S. Department of the Treasury today announced a new program to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy. As the President's Task ...more
    U.S. Department of the Treasury (3/19/2009)
  •  
  • The Turner Review: A Regulatory Response to the Global Banking Crisis
    The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. The Review identifies three underlying causes of the crisis - macro-economic imbalances, financial innovation of little social value and important ...more
    Financial Services Authority (FSA) (3/18/2009)
  •  
  • Unlocking Credit for Small Businesses Fact Sheet
    The Obama Administration firmly believes that economic recovery will be driven in large part by America's small businesses, which have generated about 70 percent of net new jobs annually over the past decade. But as the flow of credit has dried up during  ...more
    U.S. Department of the Treasury (3/16/2009)
  •  
  • Federal Reserve proposes amendments to Regulation Z to revise disclosure requirements for private education loans
    The Federal Reserve Board on Wednesday proposed amendments to Regulation Z (Truth in Lending) that would revise the disclosure requirements for private education loans. The amendments implement provisions of the Higher Education Opportunity ...more
    Board of Governors of the Federal Reserve System (3/11/2009)
  •  
  • Systemic Risk: Regulatory Oversight and Recent Initiatives to Address Risk Posed by Credit Default Swaps
    ( United States Government Accountability Office )
    The current regulatory structure for CDS does not provide any one regulator with authority over all participants in the CDS market, making it difficult to monitor and manage potential systemic risk. Federal oversight of CDS trading and monitoring of the ...more
    (3/5/2009)
  •  
  • Federal Financial Regulatory Agencies Issue Statement in Support of the ''Making Home Affordable'' Loan Modification Program
    The federal bank, thrift, and credit union regulatory agencies encourage all federally regulated financial institutions that service or hold residential mortgage loans to participate in the "Making Home Affordable" loan modification program. Guidelines ...more
    Board of Governors of the Federal Reserve System (3/4/2009)
  •  
  • U.S. Treasury and Federal Reserve Board Announce Launch of Term Asset-Backed Securities Loan Facility (TALF)
    In carrying out the Financial Stability Plan, the Department of the Treasury and the Federal Reserve Board are announcing the launch of the Term Asset-Backed Securities Loan Facility (TALF), a component of the Consumer and Business Lending Initiative ...more
    U.S. Department of the Treasury (3/3/2009)
  •  
  • SIFMA and ASF Support Launch of TALF
    The Securities Industry and Financial Markets Association (SIFMA) and the American Securitization Forum (ASF) today issued the following statement on the announcement by the Treasury Department and the Federal Reserve Board on the launch ...more
    American Securitization Forum (3/3/2009)
  •  
  • The Consumer and Business Lending Initiative: A Note on Efforts to Address Securitization Markets and Increase Lending
    TALF White Paper. The Obama administration along with the Federal Reserve, the FDIC and the Comptroller of the Currency announced on February 10 a comprehensive package intended to restore stability to the financial system. An important goal ...more
    U.S. Department of the Treasury (3/3/2009)
  •  
  • BIS Quarterly Review: International banking and financial market developments
    Uncertainty about the depth and duration of the economic contraction continued to roil financial markets over the period between end-November 2008 and 20 February 2009. Credit markets generally remained under pressure from weak economic data and ...more
    Bank for International Settlements (BIS) (3/2/2009)
  •  
  • Joint Statement by the Treasury, FDIC, OCC, OTS, and the Federal Reserve
    The U.S. Department of the Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve Board today issued the following joint statement: "A strong, resilient ...more
    Board of Governors of the Federal Reserve System (2/23/2009)
  •  
  • A Global Framework for Cooperation Among CDS CCP Regulators
    ( Federal Reserve Bank of New York )
    Representatives from regulatory agencies with direct authority over one or more of the existing or proposed credit-default swap central counterparties (CDS CCP) discussed today possible information sharing arrangements and other methods of cooperation ...more
    (2/19/2009)
  •  
  • Homeowner Affordability and Stability Plan: Executive Summary
    The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country. Millions of responsible families who make their monthly payments and fulfill their obligations ...more
    U.S. Department of the Treasury (2/18/2009)
  •  
  • ABA Welcomes FASB's Decision To Review Measurements For Fair Value Accounting
    ( American Bankers Association )
    The American Bankers Association welcomes the Financial Accounting Standards Board's decision to take a fresh look at estimating mark to market values in illiquid markets. However, we are concerned that critical problems regarding Other Than ...more
    (2/18/2009)
  •  
  • Troubled Asset Relief Program and Foreclosures
    ( Congressional Research Service )
    Increasing foreclosure rates and problems in financial markets are some of the issues addressed in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343), which created the Troubled Asset Relief Plan (TARP). The law authorized $700 billion in ...more
    (2/17/2009)
  •  
  • Banking Act 2009 c.1
    ( Office of Public Sector Information (OPSI) (UK) )
    (2/13/2009)
  •  
  • Federal Reserve is prepared to expand Term Asset-Backed Securities Loan Facility (TALF)
    The Federal Reserve Board on Tuesday announced that it is prepared to undertake a substantial expansion of the Term Asset-Backed Securities Loan Facility (TALF). The expansion could increase the size of the TALF to as much as $1 trillion and ...more
    Board of Governors of the Federal Reserve System (2/10/2009)
  •  
  • Federal Reserve releases additional terms and conditions of the Term Asset-Backed Securities Loan Facility (TALF)
    The Federal Reserve Board on Friday released additional terms and conditions--including loan rates and collateral haircuts--of the Term Asset-Backed Securities Loan Facility (TALF). The additions were determined after further analysis and consultation ...more
    Board of Governors of the Federal Reserve System (2/6/2009)
  •  
  • Board announces final rules pertaining to the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF)
    The Federal Reserve Board on Friday announced two final rules pertaining to the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), which extends loans to banking organizations to finance their purchases of high-quality ...more
    Board of Governors of the Federal Reserve System (1/30/2009)
  •  
  • Interactive Data to Improve Financial Reporting
    We are adopting rules requiring companies to provide financial statement information in a form that is intended to improve its usefulness to investors. In this format, financial statement information could be downloaded directly into spreadsheets, ...more
    U.S. Securities & Exchange Commission (1/30/2009)
  •  
  • FinDataPortal TM - The Flexible Alternative to Providing Financial Data
    ( FinDataPortal, Inc. )
    FinDataPortal is a new company launched in Novembew 2008. This unique financial portal already provides data sets from S&P and Exchange Data International. It is the perfect solution for these challenging times. ...more
    (1/28/2009)
  •  
  • Treasury Announces New Policy To Increase Transparency in Financial Stability Program
    Building on President Barack Obama and Secretary Tim Geithner's commitment to increase transparency and accountability in the Troubled Assets Relief Program (TARP), the U.S. Department of the Treasury today announced a new policy of posting ...more
    U.S. Department of the Treasury (1/28/2009)
  •  
  • For Global Credit Markets, A Rare Note Of Optimism: Building Institutional Demand For Investment-Grade Credit Bonds
    ( Greenwich Associates )
    Credit Ratings Losing Relevance in New Issues; Liquidity Concerns Remain. Although new signs of economic weakness and continued distress among major banks have taken some of the steam out of a fledging rally in corporate bonds, a new Greenwich Market ...more
    (1/27/2009)
  •  
  • TARP Reform and Accountability Act of 2009
    ( United States Government Printing Office )
    The bill, H.R. 384, creates new requirements for TARP participants, including increased reporting requirements and stricter executive compensation rules, and requires the Treasury Department to increase foreclosure mitigation efforts. H.R. 384 would also  ...more
    (1/22/2009)
  •  
  • Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System
    ( United States Government Accountability Office )
    The current U.S. financial regulatory system has relied on a fragmented and complex arrangement of federal and state regulators-put into place over the past 150 years-that has not kept pace with major developments in financial markets and ...more
    (1/21/2009)
  •  
  • The financial crisis and the future of financial regulation
    Lord Turner, chairman of the Financial Services Authority (FSA), today addressed the root causes of the current global financial crisis and set out the implications for regulation and the future shape of the financial system in a lecture in the City. ...more
    Financial Services Authority (FSA) (1/21/2009)
  •  
  • Statement on financial intervention to support lending in the economy
    ( HM Treasury, United Kingdom )
    With the global economic downturn intensifying in the past two months, the Government is today announcing a comprehensive package designed to reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to ...more
    (1/19/2009)
  •  
  • SIFMA and ESF Welcome HM Treasury's Financial Intervention Package
    The Securities Industry and Financial Markets Association (SIFMA), together with its affiliate the European Securitisation Forum (ESF), today welcomed HM Treasury's announcement of a package of initiatives designed to reinforce the stability of the ...more
    European Securitisation Forum (1/19/2009)
  •  
  • Wilmington Trust Named as Trustee in Tribune Company Bankruptcy Case
    Wilmington Trust Company (1/16/2009)
  •  
  • PWG Private-Sector Committees Finalize Best Practices for Hedge Funds
    The two private-sector committees established by the President's Working Group on Financial Markets (PWG) released their finalized sets of best practices for asset managers and hedge fund investors in an effort to increase accountability for participants ...more
    U.S. Department of the Treasury (1/16/2009)
  •  
  • AcSEC Issues Draft Issues Paper on Valuation of Interests in Alternative Investments
    ( The American Institute of Certified Public Accountants )
    The Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants (AICPA) has issued a draft issues paper, FASB Statement No. 157 Valuation Considerations for Interests in Alternative Investments. ...more
    (1/16/2009)
  •  
  • The Troubled Asset Relief Program: Report on Transactions Through December 31, 2008
    ( Congressional Budget Office (CBO) )
    In October 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (EESA, Division A of Public Law 110-343). That legislation created the Troubled Asset Relief Program (TARP), which authorizes the Department of the ...more
    (1/16/2009)
  •  
  • U.S. Department of Education Completes Work on Asset-Backed Commercial Paper Conduit and Announces Loan Purchase and Participation Programs for 2009-2010 Loans
    ( U.S. Department of Education )
    The U.S. Department of Education is proud to announce that it has finalized the agreements that will govern the anticipated Asset-Backed Commercial Paper (ABCP) Conduit, as well as for the Loan Purchase and Participation Programs for 2009-2010 Loans. ...more
    (1/16/2009)
  •  
  • Financial Reform: A Framework for Financial Stability
    ( Group of Thirty )
    On January 15, 2009, The Group of Thirty released its latest report: Financial Reform: A Framework for Financial Stability. The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory ...more
    (1/15/2009)
  •  
  • DTCC to Support All Central Counterparties for OTC Credit Derivatives
    ( The Depository Trust & Clearing Corporation )
    In an effort to bring greater certainty and safety to the market for credit derivatives, The Depository Trust & Clearing Corporation ("DTCC") today announced it will support all central counterparty ("CCP") solutions for credit default swaps, in a non- ...more
    (1/14/2009)
  •  
  • Accountability for the Troubled Asset Relief Program
    ( Congressional Oversight Panel )
    In its first report to Congress on December 10, 2008, the Congressional Oversight Panel (COP or the Panel) posed ten basic questions - in effect asking for an explanation of the U.S. Department of Treasury's goals and methods for the ...more
    (1/9/2009)
  •  
  • TARP Reform and Accountability Act of 2009
    ( House Financial Services Committee, US Congress )
    House Financial Services Committee Chairman Barney Frank (D-MA) today introduced H.R. 384, the TARP Reform and Accountability Act to amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA). ...more
    (1/9/2009)
  •  
  • Federal Reserve announces changes to Money Market Investor Funding Facility (MMIFF)
    The Federal Reserve Board on Wednesday announced two changes to the Money Market Investor Funding Facility (MMIFF). First, the set of institutions eligible to participate in the MMIFF was expanded from U.S. money market mutual funds to also ...more
    Board of Governors of the Federal Reserve System (1/7/2009)
  •  
  • Treasury Releases Congressional Report on Emergency Economic Stabilization Act
    The current financial crisis is one of the most serious and challenging in recent history. In response, Treasury has acted quickly and creatively to implement several programs under the Troubled Asset Relief Program (TARP) with the following ...more
    U.S. Department of the Treasury (1/6/2009)
  •  
  • Treasury Releases Emergency Economic Stabilization Report
    Treasury today released the attached report, required by section 102 of the Emergency Economic Stabilization Act. As required by section 102(a), Treasury established the Asset Guarantee Program to provide guarantees for assets held by systemically ...more
    U.S. Department of the Treasury (1/2/2009)
  •  
  • Federal Reserve announces details of program to purchase mortgage-backed securities
    The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its ...more
    Board of Governors of the Federal Reserve System (12/30/2008)
  •  
  • OCC's Quarterly Report on Bank Trading and Derivatives Activities Third Quarter 2008
    U.S. commercial banks reported $6.0 billion of trading revenues in cash and derivative instruments in the third quarter of 2008, compared to $1.6 billion in the second quarter of 2008 and a $2.2 billion average over the past eight quarters. ...more
    Office of the Comptroller of the Currency (OCC) (12/29/2008)
  •  
  • Federal Reserve releases revised information detailing operational aspects of Term Asset-Backed Securities Loan Facility (TALF)
    The Federal Reserve Board on Friday released revised terms and conditions and questions and answers detailing operational aspects of the Term Asset-Backed Securities Loan Facility (TALF). The revised terms and conditions were determined after ...more
    Board of Governors of the Federal Reserve System (12/19/2008)
  •  
  • Federal Reserve approves rules that will better protect credit card users
    The Federal Reserve Board on Thursday approved final rules that would better protect credit card users by prohibiting certain unfair acts or practices and improving the disclosures consumers receive in connection with credit card accounts and other ...more
    Board of Governors of the Federal Reserve System (12/18/2008)
  •  
  • North American Equity Derivatives: Financial Crisis Leaves Market In Flux
    ( Greenwich Associates )
    Trading volumes of highly liquid "flow" equity derivatives surged last year in North America as hedge funds, asset managers and other institutional investors shifted strategies in response to mounting turbulence in global equity markets, according to the ...more
    (12/9/2008)
  •  
  • In Run-Up To Crisis, European Equity Derivatives Business Was Booming
    ( Greenwich Associates )
    European institutional investors and banks were increasing their use of equity derivatives in the months leading up to the historic events of September and October 2008, but it remains unclear how much of this business ultimately will be affected by the ...more
    (12/9/2008)
  •  
  • Highlights of international banking and financial market activity
    The BIS, in cooperation with central banks and monetary authorities worldwide, compiles and disseminates several datasets on activity in international banking and financial markets. The latest available data on the international banking market refer to ...more
    Bank for International Settlements (BIS) (12/8/2008)
  •  
  • Federal Reserve announces the extension of three liquidity facilities through April 30, 2009
    In light of continuing strains in financial markets, the Federal Reserve on Tuesday announced the extension through April 30, 2009, of three liquidity facilities: the Primary Dealer Credit Facility (PDCF), the Asset-Backed Commercial Paper Money ...more
    Board of Governors of the Federal Reserve System (12/2/2008)
  •  
  • Treasury Provides TARP Funds to Federal Reserve Consumer ABS Lending Facility
    The U.S. Treasury Department today announced it will allocate $20 billion to back a lending facility for the consumer asset backed securities market established by the Federal Reserve Bank of New York. ...more
    U.S. Department of the Treasury (11/25/2008)
  •  
  • Federal Reserve announces the creation of the Term Asset-Backed Securities Loan Facility (TALF)
    The Federal Reserve Board on Tuesday announced the creation of the Term Asset-Backed Securities Loan Facility (TALF), a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of ...more
    Board of Governors of the Federal Reserve System (11/25/2008)
  •  
  • The U.S. Financial Crisis: The Global Dimension with Implications for U.S. Policy
    ( Congressional Research Service )
    What began as a bursting of the U.S. housing market bubble and a rise in foreclosures has ballooned into a global financial crisis. Some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy ...more
    (11/18/2008)
  •  
  • The Failure of Models that Predict Failure: Distance, Incentives and Defaults
    ( Social Science Research Network (SSRN) )
    Why did mortgage default models so severely underestimate defaults in the subprime sector in the 2002-07 period? We analyze data on securitized subprime loans issued in the period 1997-2006 and demonstrate that interest rates on new loans rely ...more
    (11/17/2008)
  •  
  • PWG Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure
    The President's Working Group on Financial Markets today announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market. ...more
    U.S. Department of the Treasury (11/14/2008)
  •  
  • OTC derivatives market activity in the first half of 2008
    The notional amounts outstanding of over-the-counter (OTC) derivatives continued to expand in the first half of 2008. Notional amounts of all types of OTC contracts stood at $683.7 trillion at the end of June, 15% higher than six months before (Table 1). ...more
    Bank for International Settlements (BIS) (11/13/2008)
  •  
  • Reporting Requirements in the Emergency Economic Stabilization Act of 2008
    ( Congressional Research Service )
    The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R. 1424, P.L. 110-343) established numerous reporting requirements regarding a variety of issues. The entities charged with preparation of these reports include both new entities ...more
    (11/13/2008)
  •  
  • Interagency Statement on Meeting the Needs of Creditworthy Borrowers
    The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market ...more
    Board of Governors of the Federal Reserve System (11/12/2008)
  •  
  • New York Fed Welcomes Further Industry Commitments on Over-the-Counter Derivatives
    ( Federal Reserve Bank of New York )
    The Federal Reserve Bank of New York welcomes the letter released today by major market participants to further strengthen the operational infrastructure for over-the-counter (OTC) derivatives. Consistent with the objectives of the March 2008 Policy State ...more
    (10/31/2008)
  •  
  • The future of mortgage finance in the United States
    Speech by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the UC Berkeley/UCLA Symposium: "The Mortgage Meltdown, the Economy, and Public Policy", Berkeley, California, 31 October 2008. ...more
    Federal Reserve Bank (10/31/2008)
  •  
  • Treasury Issues Additional Information on Capital Purchase Program
    The Treasury Department today issued additional documents for publicly traded financial institutions applying for the capital purchase program authorized by the Emergency Economic Stabilization Act. Documents include: ...more
    U.S. Department of the Treasury (10/31/2008)
  •  
  • Committee Holds Hearing on the Credit Rating Agencies and the Financial Crisis
    ( Committee on Oversight and Government Reform : United States House of Representatives )
    The Committee held a hearing titled, "Credit Rating Agencies and the Financial Crisis" on Wednesday, October 22, 2008, in 2154 Rayburn House Office Building. The hearing examined the actions of the three largest credit rating agencies, Standard & Poor's, ...more
    (10/22/2008)
  •  
  • How the Credit Crisis Could Forge a New Financial Order
    ( Knowledge@Wharton )
    In the middle of a battle, it's hard to know what the landscape will look like after the smoke clears. But as the government wrestles with the credit crisis, economists and finance experts are starting to make some predictions. ...more
    (10/15/2008)
  •  
  • U.S. Government Actions to Strengthen Market Stability
    Today we are taking decisive actions to protect the U.S. economy, to strengthen public confidence in our financial institutions, and to foster the robust functioning of our credit markets. These ...more
    U.S. Department of the Treasury (10/14/2008)
  •  
  • Board announces additional details regarding the Commercial Paper Funding Facility (CPFF)
    The Federal Reserve Board on Tuesday announced additional details regarding the Commercial Paper Funding Facility (CPFF), including that it would begin funding purchases of commercial paper on October 27, 2008. ...more
    Board of Governors of the Federal Reserve System (10/14/2008)
  •  
  • New Basel II Rules Reduced Certain Competitive Concerns, but Bank Regulators Should Address Remaining Uncertainties
    ( US Government Accountability Office )
    Large and internationally active U.S.-based banks (core banks) that will adopt the Basel II advanced approaches compete among themselves and in some markets with U.S.-based non-core banks, investment firms, and foreign-based banks. Non-core banks ...more
    (10/14/2008)
  •  
  • Auction Basics: Background for Assessing Proposed Treasury Purchases of Mortgage-Backed Securities
    ( Congressional Research Service )
    To address the turmoil in financial markets, the Emergency Economic Stabilization Act (EESA; H.R. 1424, P.L. 110-343), enacted on October 3, 2008, authorizes purchases of "troubled assets." The act passed the Senate on October 1, 2008, passed the ...more
    (10/14/2008)
  •  
  • ABA Calls On SEC To Override Recent FASB Guidance On Fair Value
    ( American Bankers Association )
    The American Bankers Association sent a letter today to SEC Chairman Cox requesting that among other things, the SEC override the Financial Accounting Standards Board Staff Position issued last week on how banks and their auditors are required to apply ...more
    (10/13/2008)
  •  
  • President's Working Group on Financial Markets issued its policy statement update
    The report includes six sections describing progress towards implementing the recommendations: Reforms to the mortgage origination process; Improvements to investors' contributions to market discipline; Reforms to rating agencies' processes ...more
    U.S. Department of the Treasury (10/10/2008)
  •  
  • Board announces creation of the Commercial Paper Funding Facility (CPFF) to help provide liquidity to term funding markets
    The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets. The CPFF will ...more
    Board of Governors of the Federal Reserve System (10/7/2008)
  •  
  • Process For Selecting Asset Managers Pursuant To The Emergency Economic Stabilization Act Of 2008
    The U.S. Department of the Treasury will use the following procedures to select asset managers for the portfolio of troubled assets, pursuant to the authorities given to the Treasury in the Emergency Economic Stabilization Act of 2008. ...more
    U.S. Department of the Treasury (10/6/2008)
  •  
  • Ban On Financial Stock Short-Selling Divides Companies And Investors
    ( Greenwich Associates )
    Market Participants Say Hedge Funds Not Primarily to Blame for Financial Collapse. A majority of institutional investors think the U.S. Securities and Exchange Commission, the U.K. Financial Services Authority and other global regulators should permit the ...more
    (10/1/2008)
  •  
  • Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity
    In response to continued strains in short-term funding markets, central banks today are announcing further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity. Central banks will continue to work together closely and ...more
    Board of Governors of the Federal Reserve System (9/29/2008)
  •  
  • Principles for Sound Liquidity Risk Management and Supervision
    Liquidity is the ability of a bank to fund increases in assets and meet obligations as they come due, without incurring unacceptable losses. The fundamental role of banks in the maturity transformation of short-term deposits into long-term loans makes ...more
    Bank for International Settlements (BIS) (9/25/2008)
  •  
  • Federal Reserve and other central banks announce further measures to address elevated pressures in funding markets
    Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in ...more
    Board of Governors of the Federal Reserve System (9/18/2008)
  •  
  • Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities
    The Federal Reserve Board on Sunday announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities. "In close collaboration with the Treasury and the Securities and ...more
    Board of Governors of the Federal Reserve System (9/14/2008)
  •  
  • Emerging Market Equities: Institutional Portfolios Grow Amid Volatility
    ( Greenwich Associates )
    Investors in stocks from the emerging markets of Eastern Europe, the Middle East, Africa and Latin America entered 2008 with bullish expectations and were adding to their portfolios right up to the recent downturn in returns. Among the European ...more
    (9/11/2008)
  •  
  • The ABX: how do the markets price subprime mortgage risk?
    The ABX family of indices has become a key barometer of subprime mortgage market conditions during the recent financial crisis. Simple regression analysis illustrates the relationship between observed index returns and proxies of default risk, interest ...more
    Bank for International Settlements (BIS) (9/1/2008)
     

     

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