September 7, 2001 |
Federal regulators are moving to establish rules for high-risk lending by banks and thrifts, and examiners are keeping a sharp eye on troubled institutions, the head of the government's thrift agency said Thursday. The rules might have prevented the failure of Superior Bank, a $1.8-billion thrift in the Chicago area battered by huge losses on mortgage loans to high-risk borrowers. The thrift was seized by federal regulators July 27 and is operating under government control.
September 2, 2001 |
Like many chief executives these days, Bank of America Chairman Kenneth Lewis believes the U.S. economy is going nowhere. The bank recently had to revise its forecast, Lewis says, because "we don't see recovery until the second quarter of next year." Yet Lewis is confident that his bank, the nation's largest with 4,500 branches coast to coast and more than $600 billion in loans and investments, will come through this slowdown without serious trouble. And so will other banks.
August 25, 2001 |
Fewer U.S. banks tightened standards for business loans in the last three months, suggesting less concern that a slowing economy is putting financial firms at risk, a Federal Reserve survey of senior bank lending officers showed. The Fed's periodic survey determined that 38.6% of banks toughened their rules "somewhat" on loans to firms with sales of $50 million or more, down from 51% in the last survey three months ago and the lowest level in a year.
July 23, 2001 |
Major financial institutions routinely give out confidential customer account information to callers, using security procedures that authorities say are vulnerable to abuse by fraud artists. Regulators and law enforcement officials warned three years ago that identity thieves and information brokers were tricking clerks into giving them access to individuals' financial information.
May 18, 2001 |
Many U.S. banks were still tightening business credit in recent months even as the Federal Reserve was cutting interest rates to jump-start the flagging economy, according to a Fed survey of bank lending officers that was released Thursday. "The number of foreign and domestic banking institutions that reported tightening standards and terms on commercial and industrial loans over the past three months remained in the elevated range of the last three regular surveys," the central bank said.
April 17, 2001 |
Citigroup Inc. and Bank of America Corp. posted lower first-quarter profits Monday because of loan and investment losses in the slowing U.S. economy. A third large bank, First Union Corp., also reported a decline in quarterly earnings as it announced plans to buy rival Wachovia Corp. in an effort to boost profit and cut costs in a tough market. Meanwhile, regional bank holding companies Bank of New York Co.