They are the ones that created the systemic risk , and that systemic risk rolled through the operating companies , including causing the run that you described , Senator , on the securities lending business .
As FDIC Chairman Sheila Bair recently told the states ' Attorneys General , `` if ever there were a time for the states and the feds to work together , that time is right here , right now .
State credit union regulators are cognizant of credit unions ' future financial performance as commercial credit problems begin to affect consumer credits .
Small and medium-sized financial institutions hold a significant dollar amount of commercial real estate loans on their balance sheets .
Thank you , Mr. Chairman , Ranking Member Bachus , and members of the Committee on Financial Services for inviting us here today .
Mr. Chairman , it is our belief that a strong CFPA will go a long way towards addressing the very real needs of enforcement and regulation in the financial services arena .
If a financial institution developed a new product today , under the CFPA Act that product could be offered in the market tomorrow -- the CFPA will not be approving financial products .
First , federal bank regulators are n't well-suited to address conduct issues of operating subsidiaries of national banks in local and state markets .
--------------------------------------------------------------------------- The Financial Product Safety Commission would not remove the obligation on existing regulators to ensure compliance with current laws and regulations .
In fact , the holding company provided a guarantee of first $ 500 million , then $ 1 billion and finally $ 5 billion .
I have read a number of times statements that the New York State Insurance Department is the primary regulator of AIG .
--------------------------------------------------------------------------- The Federal Reserve 's 2008 rule for higher-cost loans accomplished part of this goal , \ 14 \ but all loans need protection , not just subprime loans .
Transparency -- The SEC should require securitizers to provide investors with all of the loan-level data they need to assess the risks involved .
These developments have raised the number of problem banks to the highest level since the early 1990s , and the rate of bank and thrift failures has accelerated throughout the year .
The backbone of the industry 's financial strength is the State-imposed reserve requirements , and specifically the contingency reserve .
Mr. Hopkins and Mr. Johnson , both of your institutions are members of the Federal Home Loan Bank system .
Federal Law Following deregulation of home mortgages in the early 1980 's , disclosure became the most important type of Federal mortgage regulation .
Coming out of the recession of 2001 , interest rates fell and there was a massive securitization boom through refinancing that was fueled by low interest rates .
Credit Card Accountability , Responsibility and Disclosure Act CUNA supports the intent of the CARD Act to eliminate predatory credit card practices .
State insurance authorities of AIG 's regulated insurance subsidiaries participating in the securities lending program supported the Board 's action .
AIG is the leading commercial insurer in the United States , providing insurance to approximately 180,000 small businesses and other corporate entities , which employ approximately 106 million people in the United States .
PREPARED STATEMENT OF DONALD KOHN Vice Chairman , Board of Governors of the Federal Reserve System March 5 , 2009 Chairman Dodd , Ranking Member Shelby , and other Members of the Committee , I appreciate having this opportunity to discuss the role of the Federal Reserve in stabilizing American International Group , Inc. -LRB- AIG -RRB- .
Mr. Polakoff , '' Good morning , Chairman Frank , Ranking Member Bachus , and members of the committee .
\ 22 \ In addition , rating structured finance products generated much higher fees than rating similar amounts of corporate bonds .
See Testimony of SEC Chairman Christopher Cox before the Committee on Banking , Housing and Urban Affairs , United States Senate , September 23 , 2008 .
The agencies recognize that lenders and borrowers face challenging credit conditions due to the economic downturn , and are frequently dealing with diminished cash-flows and depreciating collateral values .
Under Chairman Alan Greenspan , the Federal Reserve Board failed to stop the mortgage crisis in thee crucial ways : First , the Federal Reserve was the only agency that could have stopped the race to the bottom .
During the housing bubble , three of the four Federal banking regulators -- the Federal Reserve , the OCC , and the OTS -- succumbed to pressure to loosen loan underwriting standards and safeguards for consumers .
Mr. Irving , '' Good afternoon , Chairman Reed , Ranking Member Bunning , and Members of the Subcommittee .
The Treasury Proposal would make these types of firms subject to the Bank Holding Company Act and supervision by the Federal Reserve Board .
Additionally , the Federal Reserve Senior Loan Officer Opinion Survey on Banking Practices has shown that banks have been tightening lending standards over the past 18 months .
To do so would put the Government in the position of validating private sector actors and would likely exacerbate over-reliance on ratings .
Mr. Polakoff , '' Good morning , Chairman Dodd , Ranking Member Shelby , and Members of the Committee .
I previously spent 26 years with the Federal Reserve System , 15 years as an Associate General Counsel at the Board in Washington .
Although I did not join the Board until January 2009 , I support the action taken by Chairman Bernanke and the Board in 2007 to propose stronger HOEPA rules to address practices in the subprime mortgage market .
Thrifts carry less than 5 percent of their assets at market value , with gains and losses recognized in earnings and regulatory capital .
OTS is working with the other U.S. banking agencies to issue updated interagency guidance on funding liquidity risk management .