The Executive Branch DEPARTMENT OF THE TREASURY 1500 Pennsylvania Ave. NW Washington, D.C. 20590 202-622-2000 Its beat: The Treasury is the banking industry's hook into the executive branch, and that by itself would make it among the most important of this town's agencies for bankers. However, the department also directly oversees two banking regulators: the Office of the Comptroller of the Currency and the Office of Thrift Supervision. And when it wants to, the Treasury Department can set policy for all the banking agencies, as was the case late in the Bush administration when White House advisers became concerned that an agency-inspired credit crunch was choking off the economy. For the banking industry, the key point of contact at the Treasury is the under secretary for domestic finance and the assistant secretary for financial institutions policy. The two play a critical role in developing legislative and regulatory policy affecting the banking industry. Reputation: Early in the Clinton administration, the Treasury seemed at the peak of its influence, thanks largely to the presence of Secretary Lloyd Bentsen, one of Washington's senior statesmen. However, its reputation lost some luster with the admission that deputy Treasury Secretary Roger Altman had briefed White House aides on the Whitewater investigation. Although Mr. Altman has resigned, Whitewater continues to cloud the department's effectiveness. Even so, the agency has scored some hard-won victories: funding for the Resolution Trust Corp., legislation creating a community development bank system, and the interstate branching law. Secretary of the Treasury Robert E. Rubin 622-1100 Deputy Treasury secretary Frank Newman 622-2800 Assistant secretary, financial institutions Richard S. Carnell 622-2600 Deputy assistant secretary, financial institutions Fe Morales Marks 622-2610 Assistant secretary, tax policy Leslie Samuels 622-0050 Assistant secretary, economic policy Alicia Haydock Munnell 622-2210 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 451 Seventh St. SW Washington, D.C. 20410 (202) 708-1971 Its beat: HUD is the guardian of the nation's housing programs, and as such, it has always been a key agency for institutions that focus on home mortgage and other real estate lending. Lately, though, HUD has stepped up its efforts on fair lending, giving mortgage lenders one more thing to worry about. In addition, HUD holds a seat on the Federal Housing Finance Board. With three vacancies on the board, HUD is effectively in charge. Reputation: HUD has never been seen as a model of efficiency, and with Republicans in power on Capitol Hill, the agency is fighting for its life as never before. The Federal Housing Administration in particular is a target for GOP - and administration - budget cutters. Secretary Henry Cisneros 708-0417 Assistant secretary, housing Nicolas Retsinas 708-3600 Assistant secretary, fair housing Roberta Achtenberg, 708-4252 Assistant secretary, community development Andrew Cuomo, 708-2690 DEPARTMENT OF JUSTICE 10th and Constitution Ave. NW Washington, D.C. 20530 (202) 514-2000 Its beat: The Justice Department is actively involved in two aspects of banking. The civil rights division investigates violations of the Fair Housing Act and the Equal Credit Opportunity Act. This includes last summer's famous prosecution of Chevy Chase Federal Savings Bank. And the department's antitrust division reviews all bank mergers. While the department can't formally reject an application, most bankers will amend their plans or agree to divest branches to gain the agency's blessing. If the department does object, it can sue. Reputation: The department clearly is a leader in the fair-lending arena, dragging the banking agencies with it. It's safe to say that the Justice Department's enforcement actions during the past three years have caused most institutions to review their lending policies. This activity has also created a cottage industry - fair-lending consultants. Bankers say they are itching to challenge the department on fair-lending law, claiming they would squash the agency in court. But every institution involved in an actual dispute has settled out of court rather than square off before a judge. The antitrust division also has a reputation as being tough on mergers. Under guidelines the department has released in draft form, it would no longer routinely count thrift deposits when determining the size of a deposit market for purposes of judging how much concentration a merger would produce. The Justice Department also puts greater emphasis on small business lending, rather than looking at the entire market for banking services. Attorney General Janet Reno 202-514-2001 Assistant attorney general, civil rights division Deval Patrick 202-514-2151 Chief of the housing and civil enforcement section, civil rights division Paul Hancock 202-514-4713 Assistant attorney general, anti-trust division Anne Bingaman 202-514-2401 Deputy assistant attorney general for merger enforcement, anti-trust division Steve Sunshine 202-514-1157 Regulatory Agencies FEDERAL DEPOSIT INSURANCE CORP. 550 17th St. NW Washington, D.C. 20429 202-393-8400 Its beat: The FDIC reimburses depositors when banks or thrifts fail, up to the $100,000 insurance limit. The agency collects premiums from insured institutions to finance the Bank Insurance Fund and the Savings Association Insurance Fund. From eight offices around the country, the FDIC also supervises the 7,000 state banks that are not members of the Federal Reserve. (The FDIC has the power to examine any other bank or thrift). While the agency does not close banks, its staff of 11,600 oversees the resolution of failed banks and their assets. In July, the FDIC will assume responsibility for thrift failures as well. Reputation: The FDIC has been revitalized under its new chairman, who was sworn in last fall after a bitter confirmation battle in the Senate. Before Ricki Helfer's arrival, the agency had coasted under Andrew C. Hove Jr., its acting chairman for two years. While Ms. Helfer and her staff put in long hours on many issues, deposit insurance premiums are dominating the agency's agenda. SAIF is underfunded and losing its deposit base as thrifts scramble to avoid paying six times the premium banks will be charged later this year. The banking industry is almost finished recapitalizing BIF and expects to pay just 4.5 cents on average for every $100 of domestic deposits. Chairman Ricki Helfer 898-6974 Vice chairman Andrew C. "Skip" Hove 898-3888 Director Eugene A. Ludwig, Comptroller of the Currency, 874-4900 Director Jonathan Fiechter, acting Office of Thrift Supervision director, 609-6590 A fifth seat on the FDIC board is vacant. Deputies to the chairman Leslie Woolley, policy, 898-7152 William Longbrake, finance, 898-6950 Dennis Gear, operations, 898-6948 Deputy to the vice chairman Roger A. Hood 898-3861 Executive director of supervision and resolution John Stone 898-6849 Director of supervision Stan Poling 898-6944 Director of resolution Bob Hartheimer 898-8789 Director of research Roger Watson 898-3946 Director of depositor and asset services John Bovenzi 898-7356 Director of compliance and consumer affairs Paul L. Sachtleben 942-3080 Director of legislative affairs Alice Goodman 898-8730 Director of finance Steve Seelig 703-516-5111 General counsel William F. Kroener 3d 898-3680 FEDERAL RESERVE BOARD 20th & C Sts. NW Washington, D.C. 20551 202-452-3000 Its beat: The Fed serves three masters: the economy, the payment system, and the banking industry. Its first job grabs most of the spotlight, as the governors debate whether they should impede or encourage economic growth by raising or cutting interest rates. In fact, six of the seven governors lack prior banking experience. The central bank also grabs attention for its management of the payment system, which electronically moves billions of dollars a day to keep the economy moving. Receiving the least attention from the outside, but occupying the largest chunk of time internally, is the Fed's role as primary regulatory for all holding companies and state- chartered banks that are members of the Fed. The Fed examines these institutions, and it must approve any expansion proposals. It also interprets the Truth in Lending, Truth-in-Savings, and consumer leasing regulations. Reputation: Most consider the Fed to be banker-friendly. The governors routinely rail against regulatory burden, and they've stood at the forefront in the fight against expanded race and gender data reporting requirements for small business loans. Community activists often criticize the central bank for its lenient view of community reinvesting and fair- lending issues. But the governors have defended their actions, saying they review reams of CRA information for every application they consider. Alan Greenspan, the Fed's chairman, is considered the master of the no-comment comment, appearing often on Capitol Hill to testify but rarely providing much detailed information on monetary policy. Chairman Alan Greenspan 452-3201 Vice chairman Alan Blinder 452-3271 Governors Edward W. Kelley 452-3285 John P. LaWare (retiring April 30) 452-3211 Lawrence B. Lindsey 452-3735 Susan M. Phillips 452-3217 Janet L. Yellen 452-3213 Secretary William W. Wiles 452-3257 General counsel J. Virgil Mattingly Jr. 452-3430 Director of banking supervision and regulatory affairs Richard Spillenkothen 452-2773 Director of international finance Edwin M. Truman 452-3614 Director of research and statistics Michael J. Prell 452-3301 Director of monetary affairs Donald L. Kohn 452-3761 Director of consumer and community affairs Griffith L. Garwood 452-2631 OFFICE OF THE COMPTROLLER OF THE CURRENCY 250 E St. SW Washington, D.C. 20219 202-874-5000 Its beat: The agency regulates 3,148 national banks, including a number of the nation's biggest. An agency of the Department of Treasury, it issues regulations for institutions with national charters. The agency also examines national banks. Reputation: The OCC has for years led the fight for expanded bank powers. What it couldn't get from Congress, it often authorized on its own. A few years ago, the OCC expanded a loophole that permitted national banks to sell insurance in towns of less than 5,000 population by ruling that banks could market insurance nationwide from an office in a small town. The OCC is now rewriting rules that will open the door for banks to exercise broadly expanded powers through operating subsidiaries. Because the comptroller is appointed by the president, he often plays a key role in representing the administration on bank issues. Comptroller of the Currency Eugene A. Ludwig 874-4900 Senior deputy comptroller and chief of staff Konrad Alt 874-4910 Chief counsel Julie L. Williams 874-5200 Senior policy adviser to the comptroller David P. Apgar 874-4890 Senior deputy comptroller, supervision policy Susan F. Krause 874-5010 Senior deputy comptroller, bank supervision operations Stephen R. Steinbrink 874-5020 Senior deputy comptroller, capital markets Douglas E. Harris 874-4660 Senior deputy comptroller, corporate activities and policy analysis Frank Maguire 874-4710 Chief national bank examiner Jimmy Barton 874-5490 Ombudsman Sam Golden (713) 650-0475 OFFICE OF THRIFT SUPERVISION 1700 G St. NW Washington, D.C. 20552 202-906-6000 Its beat: The Office of Thrift Supervision was formed in 1989 when Congress dismantled the old Federal Home Loan Bank Board and divided its functions among three agencies. OTS inherited the regulatory powers and oversees 1,522 thrifts - 755 savings and loans and 767 federally chartered savings banks. Like the Office of the Comptroller of the Currency, the OTS operates within the Department of Treasury, and it is more directly susceptible to administration influence then independent agencies like the FDIC. With the thrift industry shrinking, the OTS has been struggling to downsize in recent years. Reputation: The OTS has been headed by an acting director since December 1992, reinforcing the view among many observers that the agency is the weakest politically of the banking regulators. Many assume that the administration would prefer to merge it out of existence than to fill the director's post permanently. Acting director Jonathan Fiechter has been a strong advocate for the industry, tirelessly warning lawmakers that thrifts will face severe problems when bank insurance rates drop later this year. Acting director Jonathan L. Fiechter 906-6590 Director of supervision John F. Downey 906-6853 Chief counsel Carolyn B. Lieberman 906-6251 Director of research and analysis Kenneth F. Ryder Jr. 906-5636 Director of administration Cora P. Beebe 906-6547 Chief lobbyist John L. von Seggern 906-6288 Assistant director, policy John C. Price Jr. 906-5745 Assistant director, compliance policy Timothy R. Burniston 906-5629 Deputy chief counsel for business transactions Dwight C. Smith 906-6990 Assistant director, risk management, monitors interest rate risk Anthony G. Cornyn 906-5727 Assistant director, corporate activities Diana Garmus 906-5683 Deputy chief counsel for regulations and legislation G. Jeffrey Miner 906-7546 SECURITIES AND EXCHANGE COMMISSION 450 5th St. NW Washington, D.C. 20549 202-942-0100 Its beat: This independent agency administers the nation's securities laws and oversees its stock exchanges. The SEC focuses on requiring companies selling securities to make adequate disclosures to investors, then letting the market do the rest of the policing. The agency is headed by a bipartisan group of five commissioners, each appointed by the President to serve a five-year term. Two of those posts are now vacant. The SEC's current chairman, Arthur Levitt Jr., took office July 27, 1993. Reputation: Created during the Depression, the SEC is a highly regarded, businesslike agency whose influence over banks is expected to grow if Congress repeals the Glass-Steagall Act. Chairman Arthur Levitt Jr. 942-0100 Commissioners Steven M.H. Wallman 942-0800 Richard Y. Roberts 942-0600 Executive assistant to the chairman Michael Schlein 942-0100 Executive director James M. McConnell 942-4300 Director of investment management Barry P. Barbash 942-0720 Director of enforcement Bill R. McLucas 942-4500 Director of corporation finance Linda C. Quinn 942-2800 General counsel Simon M. Lorne 942-0900 Director of market regulation Brandon Becker 942-0090 Director of consumer affairs Nancy M. Smith 942-7041 NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke St. Alexandria, Va. 22314 703-518-6330 Its beat: The agency regulates the nation's nearly 13,000 federally insured credit unions. Under Chairman Norman D'Amours, it has gone beyond being a safety-and-soundness regulator to assert itself as a champion of the industry's social mission as laid out in the Federal Credit Union Act of 1934. Under his stewardship, the agency has chartered several community development credit unions and urged institutions to make more loans and to expand into inner cities and rural areas. NCUA also made two credit unions, which were seeking what would have been the industry's largest merger, jump through a series of hoops out of concern the combination would lead to too much competition in the financial cooperative industry. The merger was expected to be denied, but the two applicants withdrew before a decision was made. Reputation: For years, the agency was perceived as being in bed with the industry. In his 18 months in office, Mr. D'Amours has been hellbent on shattering that image. Last year, he pushed through a rule that would end the powerful Credit Union National Association's dominance of some liquidity centers. The result: The industry's largest trade group and an association of state regulators sued the agency. Mr. D'Amours has shaken up things inside the agency as well, as exemplified by his demotion of D. Michael Riley, the top NCUA examiner, who had basically run the agency during the tenure of former chairman Roger Jepsen. Mr. Riley left the agency early in Mr. D'Amours' term. Lately, tensions have been brewing between Mr. D'Amours and board director Robert Swan, who has taken to blasting agency policy when he speaks at trade group conventions. Chairman Norman E. D'Amours 703-518-6300 Vice chairman Shirlee Bowne 703-518-6302 Board member Robert Swan 703-518-6303 Executive director Karl Hoyle 703-518-6320 Director of public and congressional affairs Bob Loftus 703-518-6540 General counsel Robert M. Fenner 703-518-6540 Director of examination and insurance David Marquis 703-518-6360

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