Members of the American Bankers Association will want to pick up a copy of the August Architectural Digest.
The monthly showcase of fine homes features the house built on Martha's Vineyard by ABA executive vice president Donald G. Ogilvie and his wife, Fan.
"Vineyard Variations" is an eight-page spread on the contemporary shingle-style home. "Longtime Vineyard residents Donald and Fan Ogilvie opted for an inland setting for their first year-round house on the island," readers are informed.
Set on five acres, the main house is augmented by a 1,400-square-foot carriage house, a "writer's shack," a croquet lawn, and a pool. The article also notes the main house has a "small gem of a library" and three chimneys.
The magazine leaves out key details, including square footage of the main house. In an interview, Mr. Ogilvie refused to say how big it is, how much it cost, or even what town it's in.
Mr. Ogilvie acknowledged that he considered how such a show of wealth would play with bankers. "We thought about that, but we did it primarily for the architects and the builders," he said. "The architects are very dear friends of ours."
The Ogilvies have had a house on Martha's Vineyard for 28 years. They sold that home to build this one. Mr. Ogilvie also has an apartment in Washington, where the ABA is headquartered.
Mr. Ogilvie has been head of the ABA's 400-person staff since 1985. He is paid roughly $550,000 in annual salary.
Community Development Financial Institutions Fund Director Kirsten Moy and deputy Steven Rohde handed in their resignations last week.
A Treasury inspector general report found that Ms. Moy ordered Mr. Rohde to insert four undated memos in the files of institutions that received grants under the program hours before congressional investigators reviewed the records.
"This action was a serious error of judgment," wrote Treasury Secretary Robert E. Rubin in an Aug. 6 letter to Rep. Spencer Bachus, R-Ala., chairman of the House Banking general oversight subcommittee. "I deeply regret this incident."
A task force headed by Treasury Under Secretary John D. Hawke Jr. is working to tighten internal controls, improve the application review process, and ensure proper documentation, Mr. Rubin added.
Rep. Bachus commended Mr. Rubin for taking "strong action."
"Kirsten Moy and Steve Rohde wrote spurious documents in a blatant, calculated attempt to mislead Congress and obstruct the subcommittee's investigation," Rep. Bachus said. "These are not low-level staffers."
Ms. Moy leaves in October and Mr. Rohde departs Aug. 30.
Freshman Reps. Robert Weygand of Rhode Island and Brad Sherman of California have been named to Democratic seats on the House Banking Committee. They fill one newly created slot and a vacancy created by the departure of Rep. Cynthia McKinney of Georgia, who moved to the National Security Committee. Rep. McKinney joined the Banking Committee in February 1996.
Rep. Weygand said he asked to join the panel because the banking industry is a major employer in his state. A former state legislator, he served on the Rhode Island House Corporations Committee, which handled banking issues. The committee now has 58 members.
ABA president Walter A. Dods Jr. will be inducted into the Bank Marketing Association's Hall of Fame in September. Mr. Dods worked his way up from the marketing department to become chairman and chief executive at First Hawaiian Bank, Honolulu.
Former BMA executive vice president Raymond Cheseldine also will be inducted in September during the group's annual marketing forum in Chicago. Started two years ago, the hall has eight other members.
Rep. Henry B. Gonzalez was released from the hospital Aug. 5 after a week-and-a-half stay. The 81-year-old Texas Democrat was admitted after complaining of fatigue and congestion. Doctors discovered he was suffering from an infection that arose after some dental work was done several months ago.
David B. Bundren, a banker who came to the ABA three years ago, joined Small Business Funding Corp. as vice president for business development in late July. Led by former Fannie Mae president James Murray, the Washington- based firm plans to securitize bank loans to small companies.
Mr. Bundren's job is to set up a network of lenders interested in regularly selling loans to investors. "Professionally and financially it made sense for me to come over here," he said. "It is real fun working for a start-up."
The ABA has not named a successor for Mr. Bundren, who was associate director for small-business banking.
