Financial Institutions
CARD Act Not Quite Priceless: Credit Card Issuers Face New Rules
With the average credit card holder carrying a reported $10,000 in
balances, a card issuer can almost be forgiven for looking to
cardholders to solve their financial woes. After all, people take on
credit card debt voluntarily, always telling themselves they'll catch
up later. Most never do. And in the current economic environment, the
issuers rightly see the holders as added risk. Hence, the past couple
years of rising fees, rising interest rates, rising late fees, lowered
credit limits, etc. You all know the litany, especially if you are
either in credit card debt or you represent a card issuer.
A crescendo of bad publicity arising from the rising and
lowering — mostly due to a perception that card companies were playing
gotcha with fine print and changing rules without giving consumers a
chance to escape — prompted calls for legislative action. With a new
Administration, Congress saw an opportunity, and the result is the
Credit Card Accountability, Responsibility and Disclosure Act of 2009
(CARD). Effective as of February 2010, your clients who haven't begun
to comply with its mandates have plenty of time to do so. So the time
to help them revamp is now. So how can you dis-charge your duty to help
them play their CARD right?
Continue reading "CARD Act Not Quite Priceless: Credit Card Issuers Face New Rules"
International Monetary Fund
Independently chartered and operated, international financial organization that monitors the global economic system.
Continue reading "International Monetary Fund "
Joyce M. Hansen: Fed keeps pouring the liquidity
PLI: Can you help us understand all the recent changes to the Federal Reserve liquidity provision?
JOYCE M. HANSEN: Since August 2007, the Federal Reserve System has
designed a series of changes to its lending facilities to help improve
market liquidity and overall market functioning. Although these changes
were made incrementally in response to changing market conditions, they
share the common objectives of reducing risks to financial stability
and strengthening the effectiveness of monetary policy in addressing
risks to the outlook for growth and inflation.
Continue reading "Joyce M. Hansen: Fed keeps pouring the liquidity "
Velocity of Money
A widely used measure of economic activity, representing the rate at which a given unit of money is injected into the economy (spent or loaned) over a given period of time.
Continue reading "Velocity of Money "
Stacie E. McGinn: National Homeownership Retention Program is helping make "home, sweet home" again
PLI:
How are financial institutions, Bank of America in particular,
addressing the avalanche of delinquent home mortgages; what lessons has
the institution learned and what challenges lie ahead?
STACIE E. McGINN: In October, 2008, Bank of America announced
an ambitious new proactive National Homeownership Retention Program.
The program was developed together with several state Attorneys
General. It is designed to achieve affordable and sustainable mortgage
payments for borrowers who financed their homes with subprime loans or
pay option adjustable rate mortgages serviced by Countrywide and
originated by Countrywide prior to December 31, 2007. Our 5,600 home
retention professionals are now equipped to serve eligible borrowers
with these new program elements.
Basel Committee on Banking Supervision (BCBS)
International forum established in 1974 by the G-10 to encourage regular cooperation on banking supervisory matters.
Continue reading "Basel Committee on Banking Supervision (BCBS) "
Capital Requirement
Banking concept (enforced by regulatory oversight) requiring financial institutions to have sufficient cushion to absorb losses and declines in asset values
Continue reading "Capital Requirement "
Stress Test
Use
of "either historical data from asset price distributions or hypothetical
scenarios that would provide insights into the downside financial risks
associated with investments and associated hedging strategies." Per Fed
Governor (now Vice-Chairman) Donald L. Kohn in May 2006
Continue reading "Stress Test"
Collateral Haircut
Amount subtracted from the market value of an asset that a lender will not accept as collateral for a loan
Continue reading "Collateral Haircut "
Public-Private Investment Program (P-PIP)
Department of the Treasury program designed to facilitate partnerships between private investors and the government for the purpose of buying so-called "legacy" (formerly "toxic") assets.
Continue reading "Public-Private Investment Program (P-PIP) "
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