Federal Reserve Bank of New York President William J. McDonough renewed calls for banks to disclose more information about capital, risk concentrations, and transactions involving recourse such as asset securitizations.
"Notions of what is proprietary information and what should be in the public domain need to change," Mr. McDonough said Friday in a speech hosted by the Monetary Authority of Singapore. "Knowing a company's appetite for risk and its approach to, and methodologies for, managing risk is essential to understanding the risks of being a shareholder, a creditor, or a counterparty."
Fed officials first began talking about additional disclosures last fall as part of their campaign to bring more market discipline to bear on banks. Though no concrete demands have emerged yet, Mr. McDonough said, "There is little question about the urgency of achieving dramatic progress in this area." Stay tuned.
C. Dawn Causey landed on her feet quickly. Ms. Causey, whose job as general counsel of America's Community Bankers was eliminated in early March, was hired by the American Bankers Association as director of financial institution affairs and counsel on its government relations staff. She will specialize in legal and regulatory issues such as those involving the Office of Thrift Supervision and the Federal Home Loan Bank System.
Leonard J. Rubin, counsel to the Independent Community Bankers of America since 1974, has switched law firms. He's left Bracewell & Patterson to be a partner with Powell, Goldstein, Frazer & Murphy.
The man behind the golden dollar coin, U.S. Mint Director Philip Diehl, is leaving government to become president of Zales.com, the online version of the jewelry chain.His successor is expected to be Jay Johnson, a former Democratic congressman from Wisconsin who is marketing savings bonds for the Treasury Department.