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Banking Industry

BUSINESS
January 31, 1991 | From Associated Press
The head of the government agency that protects bank deposits said today that the giant insurance fund could be depleted by the end of this year if the recession is longer and deeper than currently expected. William Seidman, the chairman of the Federal Deposit Insurance Corp., said, however, that even if the more pessimistic scenario does develop, the government will be able to replenish the fund with larger contributions from the banking industry.
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BUSINESS
December 31, 2008 | ASSOCIATED PRESS
Federal regulators officially rejected a banking industry push to suspend accounting rules that force banks to value assets on their balance sheets at current market prices even if they plan to hold them for years. The Securities and Exchange Commission issued a report to Congress that recommended maintaining so-called mark-to-market rules but suggested improvements to current accounting practices.
BUSINESS
January 9, 1987 | From Times Wire Services
Several independent financial centers set up in Shanghai during the past year may eventually overshadow official banks, according to the official New China News Agency (Xinhua). The financial centers, set up to supplement state-run banks and diversify the banking industry, pay a higher interest rate on deposits and provide low-interest loans. Because of this, experts believe they will eventually overshadow official banks, Xinhua said.
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