To Authorize the Federal Deposit Insurance Corporation to Increase Deposit Insurance Premiums: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred First Congress, Second Session, on S. 3045 ... S. 3093 ... September 26, 1990 |
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administration Administration's bill assessment rate assets audit bank failures Bank Insurance Fund bank regulators bank runs banking industry banking panics banking system banks and thrifts believe billion borrowing BOVENZI capital Chairman Riegle Chairman Seidman CHAPIN Committee on Banking Comptroller CONGRESS THE LIBRARY coverage Deposit Insurance Corporation deposit insurance funds deposit insurance premiums deposit insurance reform deposit insurance study deposit insurance system depositors depository institutions designated reserve ratio discipline FDIC FDIC's Federal Deposit Insurance Federal Reserve financial institutions FIRREA George Shadow GLAUBER going hearing House House Banking Committee incentive independent public accountants insolvent institution's insured deposits internal control investment issue legislation losses macroeconomic McFadden Act percent problem proposal protect RARY real estate rebates recommendations regulators regulatory restrictions risk Senator Garn Senator GRAHAM Senator SHELBY Senator WIRTH September 13 September 26 statement supervision taxpayer testimony thrift industry too-big-to-fail Treasury Treasury's TT&L Urban Affairs
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Page 139 - Currency, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration.
Page 15 - ... delighted, Howard, that you could come down this afternoon for these hearings. We look forward to your testimony and the questions to be submitted to you. By the way, I apologize. I didn't see my colleague from Colorado walk in before beginning with you, Howard. Do you have any opening comments? OPENING STATEMENT OF SENATOR WIRTH Senator WIRTH. Thank you very much, Mr. Chairman. I wanted to, first of all, commend you on having this hearing and for focusing on a number of important consumer issues...
Page 90 - ... the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) --should revise accounting principles for identifying and measuring loss contingencies so that the value of banks' problem assets is promptly recognized based on existing market conditions.
Page 93 - ... that transactions are recorded to permit preparation of financial statements in conformity with generally accepted accounting principles (GAAP) and with state and local laws, regulations, and policies, where applicable.
Page 107 - The restrictions on geographic expansion contained in the McFadden Act and the Douglas Amendment to the Bank Holding Company Act have perpetuated a well-developed, nationwide correspondent system of banks through which the largest banks distribute their products and services through smaller "country banks": Correspondent relationships with "country banks" provide [major banks] another captive market.
Page 95 - IvldLlvJllO ,-,. /• <• iii ... i .. . .... .. condition for federal deposit insurance, depository institutions • prepare annual financial statements in accordance with generally accepted accounting principles and have them audited by an independent public accountant; • maintain a system of internal accounting controls which meets requirements like those contained in section 13(bX2XB) of the Securities Exchange Act of 1934, as added by the Foreign Corrupt Practices Act; • maintain controls...
Page 18 - I'd like to put my statement in the record. The CHAIRMAN. We will make it part of the record.
Page 146 - ... many of them were right at $100,000. Now under the old system, if you were to invest in the jumbo, as a depositor, you would only be insured up to $40,000. You have an exposure of $60,000. Now under the new system, you can put money very safely in an S. & L. and know you are fully covered up to the entire $100,000. This is very important as these jumbos begin to roll over, say, every 6 months or so, the question of safety and soundness. You are going to stay in an S. & L. if you know the full...
Page 19 - D'AMATO. Mr. Chairman, I am going to ask that my full text be placed in the record as if read in its entirety. Senator GRASSLEY. So ordered. Senator D'AMATO. Let me underscore that the chief brings a unique background in law enforcement, and wherever he has gone, he has accumulated the support of those people, school administrations, police officials. As Senator Moynihan has indicated, prior to Rochester, it...
Page 71 - The committee stands in recess. [Recess.] The CHAIRMAN. The committee will resume. Let me invite all those in attendance to find a seat.