Servicers Navigate the Post-Pandemic World 2 days ago Lawmakers Debate ‘Too Big to Fail’ and Criteria for ‘Systemically Important’ Tag July 9, 2015 1,507 Views Related Articles Sign up for DS News Daily in Daily Dose, Featured, Government, News Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Congressman Randy Neugebauer Dodd-Frank Financial Institutions and Consumer Credit Subcommittee House Financial Services Committee SIFIs Systemically Important Financial Institutions Too Big to Fail 2015-07-09 Brian Honea Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The debate over whether “too big to fail” has ended and the criteria for designating a bank holding company as “systemically important” under Dodd-Frank has continued this week as lawmakers convened to discuss the controversial law and its effect on the American financial system.One notable of Wednesday’s House Financial Services Financial Institutions and Consumer Credit Subcommittee hearing was that many commentators, including members of Congress and banking regulators, have criticized the way bank holding companies are arbitrarily designated as “systemically important financial institutions” (SIFIs) under Dodd Frank. Under the law, the Federal Reserve is required to apply enhanced prudential standards to bank holding companies with $50 billion or more in total consolidated assets – thus creating a “de facto” SIFI designation for these institutions.”Neither the statutory text nor its legislative history offers a clear explanation for why Congress chose a bright-line $50 billion asset threshold for application of enhanced standards,” said Debevoise & Plimpton Partner Satish Kini, one of the witnesses at the hearing. “To the best of my knowledge, no economic studies or other data were cited by Congress in establishing this threshold.”Bank holding companies (companies that own or control one or more U.S. banks or have a controlling interest in one or more U.S. banks) that are designated as SIFIs under Dodd-Frank are therefore “too big to fail” and would receive a taxpayer-funded bailout if their economic stability were to be threatened. Some members of the Subcommittee contended at the hearing that Dodd-Frank is codifying “too big to fail” by continuing to designate firms (both banks and non-banks) as SIFIs, therefore guaranteeing those firms a federal backstop should a financial crisis occur.”As policy makers, we must always strive to be precise when improving legislative frameworks as to minimize unintended consequences,” said Congressman Randy Neugebauer (R-Texas), Chairman of the Financial Institutions and Consumer Credit Subcommittee. “I hope this hearing allows members to begin to consider different ways of measuring systemic importance and the regulatory consequences of being designated a SIFI.”One of those unintended consequences is the cost of maintaining “additional liquidity buffers” for banks to insure themselves against economic downturns, according to Zions Bancorporation Chairman and CEO Harris Simmons, one of the witnesses at the hearing.”While it is important for every depository institution to maintain appropriate levels of reserves to deal with normal fluctuations in cash flows, maintaining additional liquidity buffers as an insurance policy against times of extreme stress will almost certainly be a costly exercise for banks and for the economy at large,” Simmons said. “Every dollar invested in high quality liquid assets is a dollar that cannot be loaned out and put to more productive use. The impact will likely be most particularly acute for smaller and middle-market businesses that do not have ready access to the capital markets, and for whom bank credit is their financial lifeblood.”The same day as the Subcommittee hearing on the designation of banks as SIFIs, U.S. Department of Treasury Secretary Jacob Lew said in an address at the Brookings Institution that SIFIs are held to higher standards for taxpayer protection – that that the law ended “too big to fail.””To keep taxpayers from ever having to step in to save a financial firm again, Wall Street Reform ended ‘too big to fail’ as a matter of law,” Lew told the audience. “In addition, regulators now have modern, commonsense tools to protect taxpayers. For example, the FSOC can designate large institutions as “systematically important” and hold them to higher standards. Also, in the event of a crisis or a bankruptcy, regulators can seize large financial institutions and wind them down in an orderly way.”American Enterprise Institute Resident Scholar Paul Kupiec, one of the witnesses at the hearing, said the basic premise behind the “too big to fail” theory was flawed.”Many argue that the TBTF [too big to fail] problem arises because SIFI financial institutions are so large and important that they are incapable of being reorganized in a judicial bankruptcy process without causing widespread financial market distress and disrupting economic growth,” Kupiec said. “The financial crisis that reached a crescendo after the September 2008 Lehman Brothers bankruptcy is often cited as evidence that supports the TBTF hypothesis, but such ‘proof’ ignores the possibility that the Lehman Brothers bankruptcy was caused by an advanced financial crisis already in progress―and the failure was not the cause of the financial crisis that peaked in the fall of 2008.” Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Congressman Randy Neugebauer Dodd-Frank Financial Institutions and Consumer Credit Subcommittee House Financial Services Committee SIFIs Systemically Important Financial Institutions Too Big to Fail Home / Daily Dose / Lawmakers Debate ‘Too Big to Fail’ and Criteria for ‘Systemically Important’ Tag Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: Distressed Sales Fall to Eight-Year Low Next: Auction.com Welcomes New VP of Industry Relations
Deer local brewers,First, let me say thanks. I like beer. You make beer. It’s like a Romeo and Juliet relationship, but without all the killing and family drama. Keep my deep appreciation of your efforts in mind when I say this: you’re dropping the ball. The super hoppy IPA’s are great, the seasonal brews with local fruit are great. I dig the hip brewery tasting rooms with obligatory corn hole in the parking lot just outside the garage doors. It’s all great. But for the love of hops, where are the brewery trucks? I don’t mean delivery trucks. I mean the brewery trucks. Like food trucks, but with beer. Picture this: you’re at your favorite food truck rodeo, and right there in the between the artisan grilled cheese truck and the Korean fries pedicab is a converted U-haul van with taps coming out of the bumper.Why the hell isn’t this a reality? It seems like a great way for home brewers and nano breweries to dip their toes in the market. Keep the overhead low, brew in small batches and show up on weekends at parks, food truck gatherings, popular trailheads, traffic jams in Atlanta—you know, the places I always wish I could get a beer. Picture a beer truck that runs through your neighborhood, playing a catchy tune like the ice cream trucks we grew up with, selling pints of frosty craft beer to dudes mowing their lawns and tinkering with their bikes and cars on weekends! If that’s not what our Founding Fathers meant when they wrote “life, liberty, and the pursuit of happiness” into the Declaration of Independence, then I don’t know what is.There are probably some legal logistics to overcome regarding the sale of alcohol out of the back of a van, but if thousands of people willingly sign up for races where they get electrocuted and have to sign a “possibility of death” waiver, I’m sure some smart lawyers can make shilling beer out of a moving vehicle work. I found something close in San Francisco. The BrewTruc, a converted school bus that pours home, micro, and nano brews whipped up in the Bay Area. From what I can tell, they don’t brew their own beer, but their heart is in the right place: mobile beer. Perhaps it’s only a matter of time before Southern brewers take a similar giant leap for mankind and mobilize their brewing efforts.Follow Graham Averill’s adventures in drinking and Dad-hood at daddy-drinks.com
The three detainees admitted they “belonged to a criminal organization known as ‘Los Caballeros Templarios’,” Mexican Prosecutor General Jesús Murillo Karam told the press in Mexico City. On July 29, the Prosecution accused the violent cartel of ambushing Vice Admiral Carlos Miguel Salazar Ramonet, one of the highest ranked military officers, killed in the fight against drug trafficking in Mexico, whose funeral included the presence of President Peña Nieto on that same afternoon. By Dialogo July 31, 2013 On July 28, armed men aboard two pick-up trucks ambushed and shot the Navy vehicle where Salazar Ramonet, who died immediately, was with his assistant, 2nd Petty Officer Ricardo Francisco Hernández Mercado. The driver and Salazar’s wife were also injured in the attack, both suffered serious injuries but are “out of danger,” the government reported. In recent days, confrontations between security forces and Los Caballeros Templarios have intensified in Michoacán, where President Enrique Peña Nieto started his first major security deployment in May. Three members of the violent Los Caballeros Templarios cartel were arrested by Mexican authorities for allegedly killing a Navy vice admiral and his assistant in the tumultuous state of Michoacán (west) on July 28, where a local chief of police was found dead a day later. Salazar Ramonet, commander of the 8th Naval Zone based in Puerto Vallarta (Jalisco, west), was returning to the facility after spending the weekend with his family, and he was not in uniform at the moment of the attack, Murillo Karam said. The attack occurred on a rural state road near Churintzio municipality, northeast of Michoacán, after Salazar’s vehicle was forced to change its initial route through a highway due to a blockade made by protesters. The assassination of the vice admiral adds to the killing of four federal police officers murdered last week in a bloody confrontation against Los Caballeros Templarios, of whom 20 hit men were killed, and to the killing of a police commander in the port municipality of Lázaro Cárdenas, whose corpse was found on July 29.
Rules panel asks court to remove DNA deadlines Rules panel asks court to remove DNA deadlines Gary Blankenship Senior Editor The Florida Supreme Court is being asked to remove the deadline for convicted inmates to request DNA testing in an effort to prove their innocence.Meeting 22 days before that deadline was set to expire, the Criminal Procedure Rules Committee, on September 9 at The Florida Bar’s General Meeting, voted to file an emergency petition with the court. That petition, asking the justices to remove the testing time limit, was scheduled to go to the Bar’s Executive Committee for its review after this Bar News went to press, and then be filed with the court.More than 1,000 inmates are still being screened to see if their case fits within the DNA testing guidelines.The vote, which was 23-0 with one abstention, came after the committee heard Bar President Alan Bookman and President-elect Hank Coxe explain that the Bar supported that or any other measure that would free an innocent person from prison.“This was a rule passed by this committee, and at the time (in 2003) this committee voted to put a two-year sunset provision in the rule,” said committee Chair George Tragos. “The provision automatically terminates on October 1 of this year. Many things have happened in the interim, including the governor ordering the biological evidence be preserved.”Those events, he added, also include some dramatic cases where DNA evidence has freed inmates, including two cases where the defendants, who had been convicted of rape, were exonerated after more than two decades each in prison.Coxe said he and Bookman met with both legislative leaders and with the governor’s general counsel, Raquel Rodriguez, and found support for the availability of DNA testing.“Raquel Rodriguez’s words were, ‘Neither I nor the governor can tolerate that an innocent person is in prison,’” Coxe said. “The Bar Board of Governors is of the position, just like Rocky Rodriquez, that innocent people in our prisons is intolerable.”He noted that the Board of Governors generally has become more involved in criminal justice issues in recent years, instead of concentrating mostly on civil matters.When the rules committee acted two years ago, it became part of a debate between the court system and the legislature over the court’s rule-making authority and whether it had exceeded procedural matters and was encroaching on substantive matters. Committee members then said the deadline was a procedural issue.“We are sensitive to the conflict and tension versus rule and statute as a solution,” Coxe said. “We are aware of this committee’s history and the position you took two years ago.“The Florida Bar would support whatever it took to keep innocent people from sitting in prison, whatever the means. We support the committee in that effort and we support the legislature on that issue.. . . Everyone has the sense there is no question what the right result is; it’s how you get there.”He read the recent legislative position approved by the Board of Governors. It says that the Bar supports making a permanent part of the criminal justice system a way for those in prison to seek DNA testing to prove their innocence.While legislators in both the House and Senate are preparing bills, those are not likely to be heard until next spring during the 2006 Regular Session.Tragos prepared the amendment, which simply repeated the language already in the Rule 3.853(d) but omitted any references to the October 1, 2005, deadline. More than 1,000 inmates seeking the testing still wait to have their requests screened to see if they qualify and if evidence in their cases is still available.Even committee members who opposed the DNA rule two years ago supported the action. Miami-Dade County Assistant State Attorney Abe Laeser said his previous objection was based on the rule would require local governments to expend money to preserve evidence and hence exceeded its authority. But now since Gov. Jeb Bush has ordered the evidence preserved, that issue is moot, he said.“The economic condition has basically disappeared,” he said. Joking about his reputation as prosecutor, Laeser added, “Even I don’t like the idea of really, really innocent people sitting in the hoosegow.”Committee member Scott Fingerhut said if the committee failed to act that he and another attorney, who are representing about 200 of the inmates seeking testing, would have filed a petition with the court to extend or eliminate the deadline.“It’s not like nothing will happen, but coming from us, it will have a far greater impact,” he said.Tragos said the change will be submitted as an out-of-cycle rule amendment to the court, with a request to expedite its review.Jenny Greenberg, director of the Florida Innocence Initiative, watched the rule debate and praised the action.“It means that, pending Florida Supreme Court action, that the rights of innocent inmates to seek DNA evidence to prove their innocence will still be alive in Florida,” she said.The rule amendment will be reviewed by the Bar’s Executive Committee, acting on behalf of the Board of Governors, before it goes to the court. October 1, 2005 Senior Editor Regular News
15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Paul Robert Paul Robert has been helping financial institutions drive their retail growth strategies for over 20 years. Paul is the Chief Executive Officer for FI Strategies, LLC, a private consulting company … Web: fi-strategies.com Details There’s an old proverb that says: If you want to go fast, go alone; if you want to go far, go together. As your credit union enters strategic planning season, think about the powerful impact that “togetherness” (or teamwork) can, and will, have on your ability to fully and effectively execute those critical plans next year.Along with the needed investment of money and resources into new technology or delivery channels or product lines, consider an investment in solidifying the teamwork in your organization. The long-term success of those other investments could be significantly amplified by the ability of your teams to collaborate and synergize.Recently in this column, we’ve written about the need to invest in your people, especially your top performers and future leaders. Today, we’re talking about investing in a culture that will allow those, and all, employees to thrive. Two key drivers of employee engagement are being connected to others and contributing to something meaningful. Fostering an environment of teamwork and connection will position individuals to be optimally successful but also position your credit union to grow and fulfill your meaningful common goals and mission.I know … culture investment has rarely been considered a strategic investment. Investing in employee development has often been a tactical plan usually developed and deployed by the Human Resources department. This time, however, we’re talking about investments in the critical trust-building relationships in your organization that result in strategies being executed, problems being resolved, and, most importantly, members being satisfied.“In order to thrive in this climate of rapid growth and continual disruption you need teams that communicate well, learn quickly, experiment and adapt.” says Jillian Reilly, Creative Partner at BraveShift . “Team building has therefore transformed from a feel-good human resource investment to a strategic necessity.” (BraveShift is a partner of ours and Jillian and her team are great at nurturing teams, leaders and workplaces by placing human connection at the center of everyday operating strategy. Check them out at www.braveshift.com.) Today’s changing workplace dynamic has accelerated the need for an optimal teamwork environment. As individuals bring varying skills and personal qualities to the table, organizations need to find ways to maximize the contributions of those individuals to the betterment of the team. It’s no longer good enough to just focus on the development of individuals; credit unions that invest in the development of teams will standout with their overall positive production and performance.Ultimately, it will also allow them to recruit and retain better talent. The focus of workplace culture is shifting from individual roles and tasks toward social and team relations, especially when that collaboration results in innovative new ways for individuals to make more significant contributions to the collective success of the organization. Individual performance is still important, of course, but the manner in which someone performs in a team environment has become a critical aspect of how many individuals define success.Creating this team-based culture won’t happen overnight but here are three steps you can take during your upcoming planning process to initiate your organization’s efforts:Conduct an assessment of how well your teams work together in today’s environment. To do this thoroughly you may need an outside, unbiased perspective but, at least, start by surveying your staff to get their perspective on current strengths and weaknesses. Focus particularly on instances where lack of teamwork impairs the member experience.When assessing the performance of individuals, place significant emphasis on their contribution to their team’s performance and the quality of their interactions with other teams across the organization. “Teamwork” is often a category on performance appraisals but enhance its weighting and look at it with a much more discerning eye.Find ways to get teams working together as much as possible. In the past, individuals were expected to be talented enough to solve problems on their own; today, problems can be solved just as fast and often more thoroughly by leveraging the collective talents of a team. Don’t assign projects just to individuals, get cross-functional teams working on that assignment. Even as an executive, don’t tackle an issue singularly, assemble a team and get them engaged in resolving that issue. In his book, Together is Better, Simon Sinek said: The ability of a group of people to do remarkable things hinges on how well those people can pull together as a team. Therefore, simply talking about teamwork isn’t enough. You can’t just sing kumbaya around the company campfire and expect teams to form and perform successfully. Leaders must make concentrated efforts to create teams, give them clear goals, and hold them accountable to desired performance.“Twenty-first century teamwork requires leaders whose focus isn’t simply on executing a plan or hitting a target, but on creating a sense of belonging,” says Reilly at BraveShift. “Team members need to feel valued, respected and invested. Foster a sense of belonging and you unleash your team’s full capability and ambition into your workplace.” When a new recruit shows up at the US Marine Academy one of the first things he or she learns is that they will never be successful as an individual – they must always depend on the overall success of their team to succeed. The words “I”, “me”, and “my” are stricken from their vocabulary and quickly replaced with the team-focused pronouns. Your employees aren’t soldiers and banking certainly isn’t combat but the metaphor presents a valuable lesson: your credit union can go much farther with a highly-functioning team-focused approach than just an individual one.
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A few NFL rules and regulations can be difficult to understand, sometimes even bordering on the absurd, but there is one particular rule that make perfect sense to me. It is better known as the blackout rule. If a game is not sold out 72 hours before kickoff then the locals have to show up in person at the stadium or put their hands on the radio in order to receive their “football” healing for the week.There was one particular spot that bucked the system and thumbed their nose at the NFL establishment. O’Brien’s Irish Pub in Tampa broadcast an Internet feed that allowed customers to watch the game live, although according to a report in the Tampa Tribune, O’Brien’s is a local hangout for Steeler fans. Still that was a serious boo-boo and for that gaffe, O’Brien’s should allow their regular customers to run a free tab until the next Buccaneer victory.Listening to the radio broadcast would have been less graphic. If Tampa Bay plays any way as miserable in the upcoming weeks as they did against the Steelers last Sunday, whether they sell out the stadium or not, a blackout should be mandatory.Now onto the game itself. The Steelers shipwrecked the Buccaneers by a score of 38-13. Backup QB Charlie Batch threw for 186 yards with three touchdowns and two interceptions. Mike Wallace piled up 100 yards receiving on just three catches and scored touchdowns of 41 and 46 yards. Rashard Mendenhall rushed for 143 yards.Even though he played a great game, Batch seemed almost semi-apologetic. After the fiasco (at least for Tampa Bay) concluded, he said, “Everybody knows Ben’s the starter. One thing I didn’t want to do was be that weak link, to go out there and not be able to provide a spark or put this team in the end zone.” I can hear echoes of host Anne Robinson of the now defunct television show “The Weakest Link” telling Batch with her sultry British accent, “Charlie, you are not the weakest link.”Batch might not be the savior of the Steelers but he is certainly the saver. A month ago he was unwanted and underappreciated by almost everyone in the Steelers Nation, to a certain degree even by yours truly but through it all, Batch retained his dignity and his character.“We played a heavyweight,” Bucs coach Raheem Morris said. “They (the Steelers) were more physical, more aggressive and more opportunistic. That was a good team, and I think we learned a lot from it. They dominated us on the scoreboard, but at the same time I feel like our team’s mentality walking away is that we could’ve played with those guys.” Yeah Raheem, you must also expect us to believe that your alligator friends in the Everglades say their prayers and put their “dentures” in a water glass before they go to bed at night. If the Steelers as a whole were the “heavyweights” then Charlie Batch administered the knockout blows that put Tampa Bay on the canvas for the duration. No, Batch is not the savior of the Steelers but neither is anyone else. There is an old saying in regards to a subordinate filling in to perform a superior’s job and it goes something like this. “I’m not the plumber. I’m the plumber’s son. I’ll put a patch on the leak until the plumber comes.”When starting quarterback Ben Roethlisberger reclaims his gig after the Steelers bye week then I guess we will see the “real” Pittsburgh Steelers. If Big Ben happens to have a subpar game, I do not want to hear any excuses, from anyone, anytime or anywhere. If Charlie Batch can come off the bench, not having started a game since 2007, then Big Ben should almost be midseason form, P.S. (post suspension) because he has only missed four games. As far as working out, he should be doing that on his own. The NFL cannot prevent him from working out on his own because according to the local prognosticators, Big Ben is the “savior,” isn’t he?When Roethlisberger returns to action and throws an ill-advised pick, just call it an interception like they call the picks that are tossed by Batch and Dennis Dixon. I don’t want to hear statements such as “That’s Big Ben, the mark of a great quarterback is trying to make a play.” “It appears that Big Ben is still a bit rusty.” “Last week at Tennessee, Batch looked like the tin man from the “Wizard of Oz.” C’mon now, how rusty do you think Batch was after holding a clipboard since 2007? But last weekend he was oiled up and ready to go. The Steelers are currently 3-0. The worst that their pre-bye record will be after Sunday’s showdown with the Ravens will be 3-1. Is it too much to suggest that we should all expect to end the 2010 season at 15-1 or 14-2 because Big Ben will be back? Seriously “yinzers,” no one player should receive all the accolades for a victory or all the blame for a defeat, football is a team game.(Aubrey Bruce can be reached at: [email protected])
Darren Medeiros scored the other goal for Castlegar.Beaver Valley out shot the Rebels 25-19 making a winner out of Perehudoff.Netminder Jarrod Schamerhorn, injured in Game five of the Murdoch semi final against Nelson, was back on the bench as the back-up goalie for Beaver Valley.Edwards, leading the KIJHL in playoffs scoring with 15 points, has 12 points in his last four games.The series shifts to Fruitvale for Games three and four Thursday and Friday.Knights need extra time to take lead on EaglesIn Armstrong, Marty Saharchuk scored in overtime to lift the North Okanagan Knights to a 6-5 win over Sicamous Eagles in Game one of the Okanagan/Shuswap Conference Semi Final.The Knights lead the series 1-0 with Game two set for Tuesday in Armstrong. Ryan Edwards continued his hot scoring streak, scoring a power play goal midway through the third period to spark the Beaver Valley Nitehawks to a 3-2 Kootenay International Junior Hockey League playoff victory over the Rebels Monday night in Castlegar.The Hawks, winners of four straight, lead the best-of-seven Murdoch Final 1-0.Game two is Tuesday in the Sunflower City.Castlegar, entering the game the hottest team in the KIJHL with 10 wins in 11 games, opened the scoring on Beaver Valley netminder Zach Perehudoff less than two minutes into the game when Diego Bartlett combined with Brenden Heinrich and Bryan Lubin.The goal, however, never fazed the Hawks which outshot the Rebels 10-7 in the period and tied the game on a marker from Michael Bell.Beaver Vallley rookie Riley Brandt scored his first playoff marker with seconds remaining in the middle frame before Edwards notched the winner in the third giving the Hawks a 3-1 lead.