As the Treasury prepares to purchase toxic assets from ailing institutions, the office of the chief accountant of the Securities and Exchange Commission issued some timely “clarifications on fair value accounting” on September 30. The agency gave a green light to “management’s internal assumptions” as a measure of fair value: “When an active market for a security does not exist, the use of management estimates that incorporate current market participant expectations of future cash flows, and include appropriate risk premiums, is appropriate.” In another accommodative clarification, the SEC noted that the “results of disorderly transactions are not determinative when measuring fair value.” So the fog obscuring these tainted assets remains.
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After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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