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Chase CEO: No Bank is ‘Too Big To Fail’
Posted on November 13th, 2009 No commentsMajor banks shouldn’t be considered “too big to fail” — regulators should have the power to close even the largest institutions, says JPMorgan Chase & Co. CEO Jamie Dimon. Read the Business Journal article.
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Northwestern Mutual Fined Over Securities
Posted on September 2nd, 2009 No commentsNorthwestern Mutual Investment Services was fined $200,000 and has bought back $103 million in auction-rate securities in a settlement over how the investments were portrayed when sold to customers, according to the Financial Industry Regulatory Authority. FINRA found that Northwestern Mutual and other firms “sold auction-rate securities using advertising, marketing materials or communications with its sales force that were not fair and balanced, or that failed to contain adequate disclosure of the risks,” the Milwaukee Journal Sentinel reported.
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FDIC’s Bair Warns of CRE Trouble Ahead
Posted on September 2nd, 2009 No commentsFDIC Chairman Sheila Bair, in an interview on CNBC, warned that commercial real estate loan problems are catching up with the threat posed to banks from residential mortgage defaults and foreclosures. As a result, more banks could be out of business in the year ahead. Read The Business Journal of Milwaukee article.
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FDIC Working With Three Wisconsin Banks
Posted on August 28th, 2009 No commentsCitizens State Bank in Hudson and Security Bank in New Auburn have been warned about unsafe and unsound practices in cease-and-desist orders from the FDIC, according to a Milwaukee Journal Sentinel article. At the same time, Evergreen State Bank in Stoughton is countering FDIC allegations in a draft cease-and-desist order.
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Feds Require ‘Stress Tests’
Posted on March 11th, 2009 No commentsNo Wisconsin-based financial institutions are on the list of the 19 banks ordered by regulators to undergo “stress tests” – but several banks that do business and maintain offices here, including U.S. Bank and Wells Fargo, will be part of the analysis conducted by the Treasury Department. Read The Capital Times article.