Financial Institutions News

The state Department of Financial Institutions reported Wednesday that counterfeit cashier's checks bearing the name of DuPont-based Venture Bank are now in circulation.

Just in case you were wondering, the registered warrants now being issued by the state of California to pay its debts, are not cash nor even checks that can be cashed against demand deposits.

July 9, 2009 - House and Senate panels acting this week on 2010 appropriations retained the cap lift for the Central Liquidity Facility, a NAFCU-backed provision that would ensure the CLF's continued ability to borrow up to $40 billion through the period to meet credit union liquidity needs.

Three current Five Star Bank employees have been promoted this week to the position of executive vice president as part of the Warsaw-based bank's succession plan.

Sageworks has released two new analytical procedure modules for auditing government entities, banks and other financial institutions.

July 6, 2009 - NAFCU will testify Wednesday in a Senate Banking subcommittee hearing on the effects of the economic crisis on credit unions and community banks in rural areas.

An anonymous informant distributed documents this week to local media indicating a candidate for Port of Bremerton commissioner had been found to be improperly selling securities several years ago, leading to a cease-and-desist order from the Securities Division of the Department of Financial Institutions in 2002.

The securities division of the Indiana Secretary of State's office has filed a complaint against a Hagerstown finance company, alleging the business has sold more than $300,000 worth of unregistered securities.

An audit done by Arizona regulators found Sottsdale-based Lancmarc Capital and Investment Co.

The Office of the Superintendent of Financial Institutions has issued a proposed set of principles to guide the creation of a new capital adequacy framework for the property & casualty insurance business.

The clock is ticking for Temecula Valley Bank as shareholders and debtholders of the bank's parent company continue watching their stocks drop in value.

The California Department of Financial Institutions announced today that regulators have closed MetroPacific Bank, citing inadequate capital.

June 26, 2009 - The lift of the artificial cap on Central Liquidity Facility borrowing, pressed by NAFCU and NCUA, would continue under a fiscal 2010 appropriations bill cleared Thursday by the House Appropriations Subcommittee on Financial Institutions.

Canada's banking regulator says it has no oversight authority over the sector of the market that created the non-bank asset-backed commercial paper market that recently emerged from its frozen state, Reuters reports.

June 22, 2009 - Hearings on the impact of financial industry regulatory restructuring on consumer protections and financial literacy efforts are slated June 24-25 by the House Financial Services Committee and Financial Institutions and Consumer Credit Subcommittee.

Introduction Late last year, Canada's Office of the Superintendant of Financial Institutions released its long-awaited discussion paper on OSFI's regulatory and supervisory approach to reinsurance .

The Arizona Department of Financial Institutions pulled the plug on the formation of Scottsdale Business Bank after organizers failed to raise the required capital.

RICHMOND New laws that cut down on the number of payday loans borrowers can get have drastically reduced the number of the short-term, high-interest loans issued in Virginia.

A Barbadian local mortage company seems set to take over the operations of CLICO Mortgage Finance Company.

Powerchex, the leading vetting and pre-employment screening agency for Financial Institutions supports the efforts of the Met Police to raise awareness on the importance of Vetting and Screening through the launch of PREFiT.