DOCSLIB.ORG

CAIB 2005 Draft

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CAIB 2005 Draft Mission Objectives To promote networking among Caribbean indigenous • To foster a spirit of goodwill and camaraderie among the commercial banks and related financial institutions with a view to indigenous Banks and Financial Institutions of the region providing a range of services to members to facilitate their with a view to solving their common problems through efficiency, effectiveness and profitability and to influence policy understanding and co-operation. formulation in the Caribbean, particularly that which impacts on • To assist in and influence the development and improve- the practice and conduct of banking and financial services and ment of the codes of conduct and standards of the the development of the region. Banking and Financial Services Industry in the Caribbean/CARICOM Region. • To provide a forum for the exchange of ideas and informa- Values tion on various aspects of operations in order to broaden the scope and knowledge of its officers. • The CAIB is an Association of trusted and proac- tive business partners working together to achieve • To assist its members wherever possible in the areas of common goals and objectives. training, management, systems and processes, inspection or any other related areas of operations. • There is an environment of trust and openness • To collect and disseminate statistical, technical, economic among members. and other information relating to banking and all its • The CAIB values cooperation among its members aspects. as this is critical to the unity and organisation. • To print and publish any magazines, newsletters, periodi- • Members are committed to sharing experiences cals, books or leaflets that the Association may consider that benefit and develop other members and desirable for the promotion of its objects. strengthen the organisation. • To foster an increasing awareness of the presence of its members at Governmental level and to seek assistance in • Relationships both internal as well as external are promoting its objectives. driven by a high level of integrity. • To do whatever is deemed necessary within the limits of its • Relationships among members are characterised members’ powers to develop and strengthen indigenous by an understanding of sensitivity to the needs Banks and Financial Institutions of the Caribbean and concerns of others. Region/CARICOM Region. • Relationships among members are characterised • To amalgamate with any companies, institutions, societies by respect for the views and feelings of each other. or associations having objects altogether or in part similar All members are treated fairly and equitably. to those of this Association. The Magazine of the Caribbean Associationaccount of Indigenous 2005 Banks Inc. contents 4 Chairman’s Message 5 CEO’s Message 6 Regional Round-up 9 Oil Prices, Growth & Debt in the Caribbean: Is there Light at the End of the Tunnel? 13 Caribbean Banking: Looking Good but Caution Warranted 19 An Equity Market Conundrum 22 Knowledge: Your Bank’s Most Important Asset & How to Manage It 24 CBM: Component Business Modeling 27 Visa Stimulates Economic Development 29 How can Regional Banks Buy a Place in the Minds & Hearts of Customers? CAIB Caribbean Account 2005 is a publication of The Caribbean Association of Indigenous Banks Inc. Editor-in-Chief Art & Design Pre-press & Print Mr. Hanzel Manners Leigh Morton Star Publishing Co. Ltd., St. Lucia Editorial & Advertising Mrs. Patricia Hamilton Marketing & Distribution Production CAIB Inc. Editor Morton Publishing Kim Morton [email protected] Copyright © CAIB Inc. 2005 contents 33 Transforming Payment Processing & Tapping Undiscovered Profit 41 Deploying Business Process Management in Banks 45 ABI Financial Group: Leveraging the Opportunities & Mitigating the Risks of the CSME 48 Transforming the CAIB using the Balanced Scorecard 53 Effective Credit Risk Management 59 Implementing Basel II in the Compliance Continuum 63 Cutting off the Money & Uncovering Terrorist Financing 67 Risk Modeling under Basel II: Getting to grips with the Detail 71 Standing Together against Big-Time Fraud 75 Boost Customer Profitability with Predictive Analytics 79 CAIB Members Round-Up 101 The Process Imperative 107 The Changing Face of Corporate Caribbean The Caribbean Association of Indigenous Banks Inc. (CAIB) Address Contact Officers of the Secretariat Chakiro Court Telephone: (758) 452 2877 Mrs. Patricia Hamilton, Chief Executive Officer Vide Bouteille Facsimile: (758) 452 2878 Mrs. Adela Frederick, Manager: Research, Development & Training P. O. Box CP 5404 E-mail Address: [email protected] Mrs. Mary Louis & Ms. Cheryl Delice Castries, St. Lucia Website: www.CAIBInc.org Administration The information contained herein has been obtained from sources believed to be reliable. CAIB disclaims all warranties as to the accuracy, complete- ness, or adequacy of such information. CAIB shall have no liability for errors, omissions or inadequacies in the information contained herein or for inter- pretations thereof. The reader assumes sole responsibility for the selection of these materials and to achieve its intended results. The opinions expressed herein are subject to change without prior notice. Chairman’s Message very year the Caribbean Association of Indigenous Expanding Membership: Allow me to take this opportunity Banks Inc. (CAIB) brings you a magazine packed with to welcome six new Members to the CAIB fold. They are: Ecutting-edge, practical information about the financial Caribbean Union Bank Ltd., Cayman Island Development services sector. This year’s Caribbean Account 2005 is no Bank, Jamaica National Building Society (JNBS), Signia exception. In this outstanding publication, you’ll find up-to-date Financial Group Incorporated, The Belize Bank Limited, and information on the regional environment and on just about The Mutual Finance Inc. It is heartening to see more regional every issue affecting the sector. indigenous banks heed the clarion cry of the Association! We are confident that you will benefit from your participation in the Leveraging our Strength as an Industry: Caribbean CAIB. Not only will you benefit from our strong networking Account has long highlighted the need for industry players to function ,and widen your span of peer associations, you will also strengthen their global positions by acting together – this “com- derive the benefits of shared information about the financial ing together” is the raison d’etre of the CAIB! We must take uni- sector from the Region’s most reliable source. Welcome to the fied positions in order to withstand, and benefit from, global CAIB! shocks resulting from continuing industry deregulation. Conference Theme: “Transformation: The Way Forward”, is The region’s players must also prepare - together - for the fact the theme of this year’s Annual CAIB Conference. Through that compliance requirements will become ever more strin- this theme we encourage you to think outside the box and gent and international in character (particularly under the change the way you do business. Challenge yourselves to take Basel II Accord). For this reason we include a new section in our up the role of leaders in the industry! Throughout this maga- magazine: “Risk Management”, with incisive discussions on zine you will find articles that enable you to think in new ways aspects of risk, and suggestions for regionally-appropriate risk about technology, processes, behaviours, and management modeling. Close to home, nothing better exemplifies the chal- techniques. Using these tools, you can align your organisation lenges attendant on “coming together” than the need to pre- to trends and developments in our very dynamic sector. pare for the Caribbean Single Market and Economy (CSME). Transformation surrounds us and we play a critical role in man- The implementation of the CSME is guaranteed to change the aging the outcome of change. face of regional banking and financial services. Ask yourself: “Is Sydney Maynard: The CAIB would not be where it is today my organisation ready for the CSME; Can we take full advan- were it not for the sterling contribution of Mr. Sydney Maynard, tage of the opportunities it will offer?” who sadly passed away on September 29, 2005. Mr. Maynard Adding Value for Members: Knowledge and information was the first Chief Executive Officer of the CAIB Secretariat. are vital if we are to understand and meet the demands of a He was a driving force in the professionalisation of the new and complex financial landscape. This, Readers, is what Association, and was also responsible for revamping the Caribbean Account 2005 offers. We are very proud to say that Caribbean Account Magazine. A man of integrity, Mr. Maynard two of the CAIB’s offerings to Members, this Magazine and our had a vision for the CAIB and for Caribbean Account, and he Annual Conference, have become the industry platform for worked tirelessly to make that vision a reality. On behalf of the information sharing. This is just one way that the CAIB fulfills its Executive, The Secretariat and the Members of the CAIB, I mandate of providing added-value for Members. extend sincere sympathy to the Maynard family on his passing. He will be deeply missed by his countless friends and peers in Economies of scale and scope have always been a challenge the industry and across the region. for regional financial institutions, and this is another area where the CAIB has created tremendous value for its membership. A Word of Thanks: Thanks to the Executive Committee, As you read Andrea Gaillard St.
Load more

Recommended publications
  • Meeting the Legal and Regulatory Challenges – Lessons Learnt
    MEETING THE LEGAL AND REGULATORY CHALLENGES – LESSONS LEARNT A Paper delivered by the Hon. Justin L. Simon QC, Attorney General of Antigua and Barbuda at the 2nd CARIFORUM Conference on the International Financial Services Sector in the Caribbean Region at Sandals Grande Antigua Resort & Spar – October 30 & 31, 2012 Our experience here has been unique and may serve as a call to the entire Region fore a more focused attention on the need for implementing measures to ensure that the guardians of our financial services regulatory framework are themselves not allowed a carte blanche remit. In 2007, Antigua and Barbuda was the subject of a CFATF Mutual Evaluation Examination, which assessed the effectiveness of our legal and regulatory regime in respect of our offshore financial services sector. We had in place then, and still do, one piece of legislation, the International Business Corporation Act passed in March 1983 but subsequently amended through the years, which establishes the Financial Services Regulatory Commission as the regulatory body for off-shore financial corporations, and also provided for the incorporation of off-shore corporations, the financial reporting of these corporations, the licensing requirements of international banking businesses, trust businesses, and insurance businesses, and additionally spoke to the investigation and winding up of these businesses. In February 2009, in the midst of our implementation of the recommendations made by the Examiners in their Report, to “place our house in order” so to speak, came news of the seizure by the US Securities and Exchange Commission of all assets wherever located of Stanford international Bank, Stanford Group Company, and Stanford Capital Management LLC, and the arrest of R Allen Stanford accused of fraudulently selling US$8 billion in high yield certificates of deposit in a Ponzi Scheme that stretched from Texas to Miami through Latin America and the Caribbean.
    [Show full text]
  • PLEDGING BROTHERHOOD: an INTRODUCTION to FRATERNAL, Jen Baldwin BENEVOLENT and SECRET SOCIETIES [email protected]
    PLEDGING BROTHERHOOD: AN INTRODUCTION TO FRATERNAL, Jen Baldwin BENEVOLENT AND SECRET SOCIETIES [email protected] @ancestryjourney During the 1800’s, one in every seven people in the US was a member of a fraternal society. There is a good chance your ancestor was one of them! If the first thing you piCture when you think of fraternal soCieties is a scene from The Da Vinci Code or National Treasure, you may want to reConsider. Understanding the fraternal part of our anCestors’ life Could lead to inCredible genealogiCal disCoveries. HistoriCally, these organizations are the keepers of history – they did more than just take meeting minutes. LoCal Chapters often reCorded important events in the Community and those of their membership. These inClude marriages, “Nothing in life is to be births, and certainly deaths, especially in relation to benefit societies that provided financial support. Many organizations maintained their own feared. It is only to be cemeteries, or sections within cemeteries. understood.” There is also an endless list of possibility for the researCher – thousands of these organizations pop up through United States history, and thousands more ~ Marie Curie when you Consider the global impaCt. They existed in urban and rural areas, had various objectives and goals, and an individual could Certainly be a member of more than one. The first known organization was in the 14th century (perhaps earlier) with the establishment of the “operative” (stone working) masons. “ACCepted” Masonry began in about 1600, and really became important to society a Century later. What is a fraternal soCiety? There are many definitions of these groups, however there is a legal view on the definition of a fraternal soCiety, originally produCed as the Court’s opinion in National Union v.
    [Show full text]
  • United States District Court Northern District of Texas Dallas Division
    Case 3:12-cv-04641-L Document 1 Filed 11/15/12 Page 1 of 172 PageID 1 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION RALPH S. JANVEY, in his capacity § as court-appointed receiver for the § Stanford receivership estate; § The OFFICIAL STANFORD § INVESTORS COMMITTEE; § SANDRA DORRELL; § SAMUEL TROICE; and § MICHOACAN TRUST; individually § and on behalf of a class of all others § similarly situated § § Plaintiffs § CIVIL ACTION NO. _________ § VS. § § GREENBERG TRAURIG, LLP; § HUNTON & WILLIAMS, LLP; and § YOLANDA SUAREZ § § Defendants § PLAINTIFFS’ ORIGINAL COMPLAINT - CLASS ACTION 1 Case 3:12-cv-04641-L Document 1 Filed 11/15/12 Page 2 of 172 PageID 2 TABLE OF CONTENTS I. PARTIES ........................................................................................................................... 2 II. OVERVIEW OF CASE .................................................................................................... 4 III. PERSONAL JURISDICTION ......................................................................................... 7 IV. SUBJECT MATTER JURISDICTION & VENUE ...................................................... 8 V. FACTUAL BACKGROUND ........................................................................................... 8 A. The Stanford Financial Group Empire .................................................................... 8 B. Stanford Financial’s Operations in the United States and Texas Base ................. 10 C. The Anatomy of the Stanford Illicit Securities Scheme .......................................
    [Show full text]
  • The Tax Exemption Under Section 501(C)(4)
    The Tax Exemption under Section 501(c)(4) DANIEL HALPERIN A TAX POLICY AND CHARITIES WORKING PAPER MAY 2014 Copyright © May 2014. The Urban Institute. Permission is granted for reproduction of this file, with attribution to the Urban Institute. This publication is part of the Urban Institute’s Tax Policy and Charities project. The purpose of this project is to analyze the many interactions between the tax system and the charitable sector, with special emphasis on the ongoing fiscal debates at both the federal and state levels. For further information and related publications, see our web page, http://www.urban.org/taxandcharities. The Tax Policy and Charities project is funded by the Bill and Melinda Gates Foundation, the Charles Stewart Mott Foundation, the Wasie Foundation, the Rasmuson Foundation, and other donors through June 2014. The Urban Institute is a nonprofit, nonpartisan policy research and educational organization that examines the social, economic, and governance problems facing the nation. The views expressed are those of the author and should not be attributed to the Urban Institute, its trustees, or its funders. Contents Section 501(c)(4) 2 Special Treatment Is Appropriate for Charities 3 Subsidy for Section 501(c)(4) Organizations 4 Action Organizations–Lobbying 5 Action Organizations–Political Activities 7 Insufficient Community Benefit 9 Conclusion 11 Notes 12 The Tax Exemption under Section 501(c)(4) Note to Readers: Organizations exempt from tax under section 501(c)(4) of the Internal Revenue Code have achieved a great deal of notoriety lately as the go-to entity for political campaign expenditures for those seeking to avoid disclosure of contributors and possibly other non-tax rules applicable to PACs or political parties.
    [Show full text]
  • Special Report: Mutual P/C Insurers Managing Market Challenges
    U.S. Property/Casualty BEST’S SPECIALOur R Insight,EPORT Your Advantage. Trend Review September 22, 2016 Mutual P/C Insurers Managing Market Challenges All mutual companies operate with a common goal to serve their policyholders, which Mutual allows management to focus on the long-term goal of financial stability. In the mutual company organization structure, policyholders maintain a defined set of rights with carriers are ownership interests. While it’s true that mutuals are customer-focused, there is also heavy expanding emphasis on preserving and steadily increasing surplus levels, which is evidenced by strong pretax return measures. Despite some limited financial flexibility, mutuals benefit from into more surplus notes, Federal Home Loan Banks, and other sources to aid liquidity. In addition, of the small mutuals have been actively participating in affiliations over the years, expanding product and geographic diversification efforts. A.M. Best understands the mutual organization and commercial is cognizant of the operating philosophy that drives performance metrics. Regardless of the market to stay structure, all insurers must have a clearly defined strategic position and solid enterprise risk management capabilities in order to be successful in today’s highly competitive and dynamic competitive. operating environment. Balance sheet strength, operating performance, business profile and enterprise risk management influence the success of all companies. When evaluating a company’s balance sheet strength and long-term financial credit- worthiness, business profile plays an important role. It is A.M. Best’s opinion that a strong business profile drives favorable and sustained operating performance. This can be influenced by a rating unit’s mix of business, both geographically as well as business line concentration.
    [Show full text]
  • Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise
    Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise Marc Schneiberg† ABSTRACT Discussions of economic reform focus on two strategies for tempering corporate excess and mobilizing corporations for growth and prosperi- ty: restructuring markets via competition policies and various forms of countervailing power. Populists, Progressives, and New Dealers looked to anti-trust, regulatory states, and unions as counterweights to corpora- tions. Contemporary efforts look to not-for-profit watchdogs, NGO cer- tification and standard setting, privatization, and corporate governance reform to upgrade markets and deflect corporations from low road paths. This essay recovers a third strategy for regulating and reforming corporate capitalism: promoting organizational diversity via the forma- tion of parallel systems of cooperative, mutual and local, state-owned enterprises. During the “era of corporate consolidation,” producer and consumer groups in the US formed tens of thousands of such enterpris- es in just in agriculture, but also in banking, insurance, and technologi- cally advanced industries like electricity and telephones. These efforts produced enduring systems of cooperatives and kindred enterprise in the American economy, creating alternatives to corporations and orga- nizational legacies for present day problem solving. They provided regulators and policy makers with new options and capacities for state intervention. And they demonstrated possibilities for using mixed or- † John C. Pock Professor of Sociology, Reed College. B.A., Haverford College, 1980; Ph.D., Soci- ology, University of Wisconsin-Madison, 1994. Research for this Article was funded in part by the National Science Foundation grant #0318466, and the Levine and Corbett-Goldhammer Funds at Reed College. I thank Charles O’Kelley, the participants at the Berle II Symposium at Seattle Uni- versity School of Law, Jerry Davis, and the participants at the ICOS seminar at the University of Michigan for helpful feedback on this research.
    [Show full text]
  • Mutual Health Organizations and Micro-Entrepreneurs’ Associations
    MUTUAL HEALTH ORGANIZATIONS AND MICRO-ENTREPRENEURS’ ASSOCIATIONS GUIDE Copyright © International Labour Organization 2001 First published 2001 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to the Publications Bureau (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland. The International Labour Office welcomes such applications. Libraries, institutions and other users registered in the United Kingdom with the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P OLP (Fax: + 44 (0)20 7631 5500), in the United States with the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923 (Fax: + 1 508 750 4470) or in other countries with associated Reproduction Rights Organizations, may make photocopies in accordance with the licences issued to them for this purpose. ILO Mutual health organizations and micro-entrepreneurs’ associations. Guide. Geneva, International Labour Office, Strategies and Tools against social Exclusion and Poverty Programme (STEP), Small Entreprise Development Programme (SEED), 2001 Guide, mutual benefit society, health insurance, microentreprise. 02.03.2 ISBN 92-2-112398-7 Chapters III, IV et V of this Guide have been reproduced from the “Manuel de formateurs. Mutuelles de santé en Afrique: caractéristiques
    [Show full text]
  • (Ponzi's Scheme) That Enabled Him to Get Very Rich. He
    then early 1920s, Charles Ponzi created a scheme (Ponzi's scheme) that enabled him to get very rich. He promised investors unreasonably high rates of return, and used the money of new investors to pay the ear- Ilier investors and himself. Inevitably, the scheme collapsed because people stopped investing. Ponzi's name became forever linked to the thousands of Ponzi schemes in which an enormous number of investors have been cheated out of millions, if not billions, of dollars. Creditors and investors are increasingly forcing the perpetra- tors of the fraud and the entities the perpetrator owns and controls into bankruptcy court. When the individual perpetrator of the scheme and the entities which he owns and controls are forced into bankruptcy, creditors and investors sometime ask the judge to combine all of the separate cases into one. If the judge grants the request, there are major impacts on the bankruptcy trustee's ability to recover money. Before asking the bankruptcy judge to combine the cases, creditors should carefully consider whether they really want what they ask for. 58· THE FEDERAL LAWYER· JANUARy/FEBRUARY 2013 The Original Ponzi Scheme relinquished all investment authority to Madoff. Madoff collected Charles Ponzi was born in Italy in 1882, and died in Rio de Janeiro funds from investors, claiming to invest their funds in a "split-strike in 1949. In 1903, he arrived in Boston. It is believed that Ponzi had as conversion strategy" for producing consistently high rates of return little as $2.50 in cash when he arrived in the United States. on investments.
    [Show full text]
  • Disclosure 1
    ANNUAL REPORT 2012 Social Responsibility Vision MAPFRE wants to be the most trusted global insurance company Mission We are a multinational team that continuously strives to improve our service and develop the best relationship possible with our customers, distributors, suppliers, shareholders and Society Values SOLVENCY INTEGRITY SERVICE VOCATION INNOVATIVE LEADERSHIP COMMITTED TEAM Values SOLVENCY Financial strength with sustainable results. International diversification and consolidation in various markets. INTEGRITY Ethics govern the behaviour of all personnel. Socially responsible focus in all of our activities. SERVICE VOCATION Constant search for excellence in the development of our activities. Continuous initiatives focused on minding our relationship with our customers. INNOVATIVE LEADERSHIP Willingness to surpass ourselves and to constantly improve. Useful technology for servicing the businesses and their objectives. COMMITTED TEAM Total team commitment with MAPFRE’s project. Constant training and development of the team’s capabilities and skills. ANNUAL REPORT 2012 Social Responsibility Table of contents 2 1. Chairman’s Letter 4 4. MAPFRE’s social dimension 26 2. General Information 6 MAPFRE and its employees 27 MAPFRE and its customers 38 Presence 8 MAPFRE and its shareholders 55 MAPFRE Group’s corporate organization chart 9 MAPFRE and the professionals and entities Key economic figures 10 that help distribute products 57 Governing Bodies 11 MAPFRE and its suppliers 62 3. MAPFRE and Corporate Social 5. MAPFRE’s environmental
    [Show full text]
  • Credit Unions and Demutualization Kevin Davis Commonwealth Bank
    Credit Unions and Demutualization Credit Unions and Demutualization Kevin Davis Commonwealth Bank Group Chair of Finance Department of Finance The University of Melbourne* Ph: 61 3 8344 5098 Fax: 61 3 8344 6914 Email: [email protected] ABSTRACT This paper reviews experience with credit union demutualization to date in the light of increasing discussion about whether demutualization is a likely (or inevitable) future stage in the evolutionary process. It is argued that the credit union industry faces an inherent demutualization bias which emerges as the sector develops maturity. Contributing factors include the emergence of professional management pursuing personal objectives, together with the economic realities of technological change, financial liberalization, increased competition, and prudential regulation based on minimum capital requirements. Demutualization incentives may partially reflect the unsuitability of the mutual form of governance in larger, more sophisticated financial institutions, but there is also a significant risk of demutualization based on wealth expropriation motives. Alternative policies and strategies which might avoid this demutualization bias are examined. Keywords: Demutualization; Credit Unions; Governance; Regulation Credit Unions and Demutualization I. Introduction Although Credit Unions are active in many countries1, there are stark international differences in their financial sector importance2, regulation, and range and sophistication of activities. In some countries larger credit unions are indistinguishable from retail banks (with whom they compete), with membership drawn from all income groups3. In many other countries, credit unions are in more formative stages of the development process and are typically smaller institutions with more limited product offerings, serving lower income groups neglected by mainstream financial institutions.4 Consequently, there are marked cross-country differences in issues of current importance.
    [Show full text]
  • Global Fintech Regulation and Supervision Practices
    GLOBAL FINTECH REGULATION AND SUPERVISION PRACTICES Regulation for Responsible and Competitive Financial Sector Innovation DECEMBER 2019 BOARD OF DIRECTORS Chairman Juan Pedro Cantera (until October 2018) Banco Central del Uruguay Paulo Sérgio Neves Banco Central do Brasil Vice Chairman José A. Arévalo (until September 2018) Superintendencia de Bancos de Guatemala Jorge Castaño Superintendencia Financiera de Colombia Director for the Andean Region Jorge Castaño (until October 2018) Superintendencia Financiera de Colombia Socorro Heysen Zegarra Superintendencia de Banca, Seguros y AFP, Perú Director for the Caribbean Region Ingeborg Geduld-Nijman Central Bank van Suriname Director for the Central American Region Ethel Deras Comisión Nacional de Bancos y Seguros, Honduras Director for the North American Region Teresa Rutledge (until October 2018) Office of the Comptroller of the Currency José Antonio Quesada Palacios Comisión Nacional Bancaria y de Valores, México Director for the Southern Cone Region Paulo Sérgio Neves (until October 2018) Banco Central do Brasil Juan Pedro Cantera Banco Central del Uruguay Secretary General Rudy V. Araujo (until December 2018) Pascual O’Dogherty CONTENT I. INTRODUCTION ............................................................................................................... 1 II. GENERAL FINTECH REGULATORY AND SUPERVISION PRACTICES .................................................... 2 1. Regulating Fintech activities with existing general framework ....................................................
    [Show full text]
  • Examination Handbook 110, Capital Stock and Ownership
    CapitalRESCINDED Section 110 Capital Stock and Ownership This Section of the Handbook presents information concerning the following: • Mutual organization. • Mutual holding companies. • Stock organization. • Types of capital stock. LINKS Program • Conversions from mutual to stock organization. Appendix A • Securities and Exchange Commission (SEC) reporting requirements for publicly traded companies. • Insider stock trading. • Change in control. • Divestiture of control. • Contributed capital. • Savings and loan holding companies. • Capital distributions. • Loans by savings associations on its own stock. • Employee stock ownership plans (ESOPs). MUTUAL ORGANIZATION Savings associations organized as mutual institutions issue no capital stock and therefore have no stockholders. Mutual savings associations build capital almost exclusively through retained earnings. Mutual savings associations may receive pledged deposits and issue mutual capital certificates and Office of Thrift Supervision December 2003 Examination Handbook 110.1 Capital Section 110 subordinated debentures, however, mutuals rarely use these capital forms. When a new mutual savings association organizes, certain founding members pledge savings for the time required for the new mutual to build-up capital and operate profitably. Background The first savings associations appeared in the United States in the first half of the nineteenth century. Savings banks first appeared in Boston and Philadelphia in 1816. The first savings association was in 1831 in Frankford, Pennsylvania, now part of the city of Philadelphia. All thrift type institutions were originally mutual institutions. All federal savings associations were in mutual form from 1933 until 1974, when Congress amended the Home Owners’ Loan Act (HOLA) to permit the conversion of federal mutual savings associations to stock form. The Garn-St. Germain Depository Institutions Act of 1982 first authorized the direct chartering of federal stock savings associations.
    [Show full text]