February 8, 1991 |
A deep recession lasting a year or more could wipe out 440 banks, the chairman of the Federal Deposit Insurance Corp. said Thursday. But he expressed confidence that the industry is healthy enough to bolster the ailing deposit insurance fund. L. William Seidman told the House Budget Committee that his agency, which operates the insurance fund with premiums collected from banks, "can provide a plan to handle losses through late 1991 without any new legislation."
February 26, 1991 |
The insurance fund that backs the nation's troubled banking industry may seek a $10-billion loan to avoid a looming cash crunch, its chairman said Monday. Federal Deposit Insurance Corp. Chairman L. William Seidman, speaking to journalists at a banking industry conference, said the loan should be enough to see the fund through 1991. "But we ought to be looking at further plans for beyond that," Seidman said.
January 31, 1991 |
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.
November 29, 2011 |
A member of the founding family of Farmers & Merchants Bank has pleaded guilty to stealing nearly $2 million from a customer's account. Matthew J. Walker, who managed the bank's Laguna Hills branch, entered the guilty plea before U.S. District Judge Andrew J. Guilford in Santa Ana. Walker's attorney said he squandered the stolen money on a failed investment. Walker, 34, admitted to stealing the money by taking advances from a customer's line of credit during a 16-month period during 2009 and 2010.
December 31, 2008 |
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.