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Part of the Disease Or Part of the Cure: the Financial Crisis and the Community Reinvestment Act
South Carolina Law Review Volume 60 Issue 3 Article 4 Spring 2009 Part of the Disease or Part of the Cure: The Financial Crisis and the Community Reinvestment Act Raymond H. Brescia Albany Law School Follow this and additional works at: https://scholarcommons.sc.edu/sclr Part of the Law Commons Recommended Citation Raymond H. Brescia, Part of the Disease or Part of the Cure: The Financial Crisis and the Community Reinvestment Act, 60 S. C. L. Rev. 617 (2009). This Symposium Paper is brought to you by the Law Reviews and Journals at Scholar Commons. It has been accepted for inclusion in South Carolina Law Review by an authorized editor of Scholar Commons. For more information, please contact [email protected]. Brescia: Part of the Disease or Part of the Cure: The Financial Crisis and PART OF TIE DISEASE OR PART OF TIE CURE: THE FINANCIAL CRISIS AND TIE COMMUNITY REINVESTMENT ACT RAYMOND H. BRESCIA* I. IN TRO D UCTIO N .......................................................................................... 6 18 II. THE SUBPRIME MORTGAGE MELTDOWN .................................................. 620 III. THE CRA: HISTORY, PURPOSE, AND IMPACT ............................................ 627 IV. THE CRA AND SUBPRIME LENDING: REGULATIONS, REGULATORS, AND THE COURTS ...................................... 642 A . The Scope of the CRA ......................................................................... 642 B. Efforts to Change the Regulations and Broaden the CRA 's Scop e ..................................................................................................64 -
Federal Reserve Bank of Chicago Annual Report
7 OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1931 SEVENTH FEDERAL RESERVE DISTRICT SEVENTEENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1931 SEVENTH FEDERAL RESERVE DISTRICT SEVENTEENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF CHICAGO Directors and Officers for 1932 CLASS A—DIRECTORS JAMES B. MCDOUGAL, Governor GEORGE J. SCHALLER, Storm Lake, Iowa JOHN H. BLAIR, Deputy Governor (1932) CHARLES R. MCKAY, Deputy Governor President, Citizens First National Bank JAMES H. DILLARD, Deputy Governor GEORGE M. REYNOLDS, Chicago, Illinois (1933) WILLIAM C. BACHMAN, Assistant Dep- Chairman, Executive Committee, Continental Illinois Bank and Trust Company uty Governor EDWARD R. ESTBERG, Waukesha, Wiscon- EUGENE A. DELANEY, Assistant Deputy sin (1934) Governor President, Waukesha National Bank DON A. JONES, Assistant Deputy Gov- CLASS B—DIRECTORS ernor ROBERT M. FEUSTEL, Fort Wayne, In- OTTO J. NETTERSTROM, Assistant Deputy diana (1932) Governor President, Public Service Company of Indiana MAX W. BABB, Milwaukee, Wisconsin FRED BATEMAN, Manager, Securities De- H933) partment Vice-President, Allis-Chalmers Manufacturing Company JOSEPH C. CALLAHAN, Manager, Member STANFORD T. CRAPO, Detroit, Michigan Bank Accounts Department (1934) ROBERT E. COULTER, Manager, Cash Cus- Secretary and Treasurer, Huron Portland Cement tody Department Company ALBA W. DAZEY, Manager, Investment CLASS C—DIRECTORS Department JAMES SIMPSON, Chicago, Illinois (1932) IRVING FISCHER, Manager, Check Depart- Chairman of Board, Marshall Field and Company ment EUGENE M. STEVENS, Evanston, Illinois ROBERT J. -
JP Morgan Chase Sofya Frantslikh Pace University
Pace University DigitalCommons@Pace Honors College Theses Pforzheimer Honors College 3-14-2005 Mergers and Acquisitions, Featured Case Study: JP Morgan Chase Sofya Frantslikh Pace University Follow this and additional works at: http://digitalcommons.pace.edu/honorscollege_theses Part of the Corporate Finance Commons Recommended Citation Frantslikh, Sofya, "Mergers and Acquisitions, Featured Case Study: JP Morgan Chase" (2005). Honors College Theses. Paper 7. http://digitalcommons.pace.edu/honorscollege_theses/7 This Article is brought to you for free and open access by the Pforzheimer Honors College at DigitalCommons@Pace. It has been accepted for inclusion in Honors College Theses by an authorized administrator of DigitalCommons@Pace. For more information, please contact [email protected]. Thesis Mergers and Acquisitions Featured Case Study: JP Morgan Chase By: Sofya Frantslikh 1 Dedicated to: My grandmother, who made it her life time calling to educate people and in this way, make their world better, and especially mine. 2 Table of Contents 1) Abstract . .p.4 2) Introduction . .p.5 3) Mergers and Acquisitions Overview . p.6 4) Case In Point: JP Morgan Chase . .p.24 5) Conclusion . .p.40 6) Appendix (graphs, stats, etc.) . .p.43 7) References . .p.71 8) Annual Reports for 2002, 2003 of JP Morgan Chase* *The annual reports can be found at http://www.shareholder.com/jpmorganchase/annual.cfm) 3 Abstract Mergers and acquisitions have become the most frequently used methods of growth for companies in the twenty first century. They present a company with a potentially larger market share and open it u p to a more diversified market. A merger is considered to be successful, if it increases the acquiring firm’s value; m ost mergers have actually been known to benefit both competition and consumers by allowing firms to operate more efficiently. -
Download Testimony
Testimony of Ina R. Drew Former Head of the Chief Investment Office, JPMorgan Chase & Co. Before the U.S. Senate Permanent Subcommittee on Investigations Washington, D.C. March 15, 2013 Good morning, Chairman Levin, Ranking Member McCain, and members of the Subcommittee. Thank you for the opportunity to meet and discuss with you my perspective on the losses incurred last year in JPMorgan Chase’s synthetic credit portfolio, one of many portfolios managed by the Company’s Chief Investment Office (CIO) when I was the head of that office. I am greatly saddened by the entire episode, which has caused financial and reputational harm to JPMorgan Chase and a large number of people with whom I was honored to work, and I deeply regret that the losses occurred on my watch. I am also saddened that the losses led to my departure from the Company, to which I had devoted 30 years of my life. Before I address the synthetic credit portfolio, I believe it would be useful for the Subcommittee to know about my background and career and about the range of asset-liability management activities of the CIO at JPMorgan Chase. My background and career at JPMorgan Chase After attending public schools, I graduated from The Johns Hopkins University, as part of only the fourth class that admitted women, with a degree in international studies. I went on to earn a master’s in international affairs from Columbia University. I have been a member of the Board of Trustees of The Johns Hopkins University for the past twelve years. -
A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School
Fordham Urban Law Journal Volume 20 | Number 2 Article 2 1993 A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School Follow this and additional works at: https://ir.lawnet.fordham.edu/ulj Part of the Property Law and Real Estate Commons Recommended Citation Richard Marisco, A Guide to Enforcing the Community Reinvestment Act, 20 Fordham Urb. L.J. 165 (1993). Available at: https://ir.lawnet.fordham.edu/ulj/vol20/iss2/2 This Article is brought to you for free and open access by FLASH: The orF dham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Urban Law Journal by an authorized editor of FLASH: The orF dham Law Archive of Scholarship and History. For more information, please contact [email protected]. A GUIDE TO ENFORCING THE COMMUNITY REINVESTMENT ACT Richard Marsico* TABLE OF CONTENTS I. Introduction ........................................... 170 II. Step One: Assessing Community Credit Needs .......... 180 A. Defining the Community ........................... 180 B. Gathering Socioeconomic Data about the Community's Residents ............................. 180 1. Demographic Data ............................. 181 2. Income and Employment Data .................. 181 3. Business D ata .................................. 181 4. Housing Data .................................. 182 5. Quality of Life Data ............................ 182 6. Community Outreach Data ..................... 182 C. Preparing a Community Credit Needs Statement .... 182 1. Socioeconomic Profile ........................... 183 2. Credit Needs Statement ......................... 184 III. Step Two: Gathering Information about a Bank's CRA R ecord ................................................ 185 A. Choosing a Bank to Evaluate ....................... 185 B. Locating Information about the Bank's CRA Record ... ......................................... 186 1. The Bank ...................................... 186 a. CRA Disclosure Requirements .............. 186 b. The Home Mortgage Disclosure Act ....... -
Staff Study 174
Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects. -
The World of Startup Valuations Magic, Mystery Or Craft?
The World of Startup Valuations Magic, Mystery or Craft? AUGUST Valuation Investment Banking Restructuring Advisory Services 2019 Content 1 Foreword 2 Introduction to Start-ups 3 Growth Stages for a Start-up 4 Funding Stages for a Start-up 5 Valuation Methods for valuing Start-ups 5.1. Venture Capital Method 5.2. Berkus Method 5.3. Scorecard Method 5.4. Risk Factor Summation Method 5.5. First Chicago Method 5.6. Backsolve Method 6 Concluding Remarks The World of StartupValuation Valuations Methods – Magic, for ValuingMystery Start-ups or Craft? 02 FOREWORD The dotcom bubble of the 2000 was one of the most phenomenal disruption that took place in the history of equity markets. Also known as the internet bubble it was a surge in the prices of stocks in the U.S. primarily pertaining to Internet / Tech companies. This was supplemented by the bull market run around the same time which fueled the upsurge in prices. From 1994 to 2000 the equity stock of these so called “Internet-Based” Companies grew aggressively 5x-6x. Such exponential growth was driven by the sentimental estimates of analysts/investors that, internet would be the next big thing. Nevertheless, the internet did end up being a phenomenon. However the value expectation may have been slightly over-estimated. The entire episode led to the crashing of NASDAQ with an estimated loss of $ 5 trillion in Market Capitalization. The aftermath being NASDAQ taking 15 years to recover its all time high it once honed at the peak of the dotcom bubble which can be seen in the figure shown below: -
Indiana National Bank Records, 1833–1998
Collection # M 0724 OMB 0075 BV 5001–5011 F 1818–1875 INDIANA NATIONAL BANK RECORDS, 1833–1998 Collection Information Historical Sketch Scope and Content Note Series Contents Processed by Annie Kruse December, 2014 Manuscript and Visual Collections Department William Henry Smith Memorial Library Indiana Historical Society 450 West Ohio Street Indianapolis, IN 46202-3269 www.indianahistory.org COLLECTION INFORMATION VOLUME OF 160 manuscript boxes, 2 color photo boxes, 15 photo boxes, 49 COLLECTION: oversized boxes, 11 Bound Volumes, 1 slide box. 1 35mm negative box, 1 3x5 negative box, 1 4x5 negative box, 1 5x7 negative box, 1 8x10 negative box, 57 microfilm boxes, 3 boxes VHS and audio tapes, 3 Artifacts Boxes COLLECTION 1833-1998 DATES: PROVENANCE: NBD Bank, Indianapolis, November, 1998 RESTRICTIONS: None COPYRIGHT: REPRODUCTION Permission to reproduce or publish material in this collection RIGHTS: must be obtained from the Indiana Historical Society. ALTERNATE FORMATS: RELATED HOLDINGS: ACCESSION 1999.0039 NUMBER: NOTES: HISTORICAL SKETCH INB National Bank traced its history to 1834 when the Indiana General Assembly granted a twenty-five year charter for the Second State Bank of Indiana. Twelve Branches were located around the state, including Indianapolis, to provide currency and short-term commercial and agricultural loans. The charter for the Second State Bank expired in1857 and many of the same investors sought a charter for the third state bank, The Bank of the State of Indiana, which also had a branch in Indianapolis. In 1865, the investors of the Indianapolis branch secured a national charter under the National Bank Act of 1865; the new bank was The Indiana National Bank of Indianapolis. -
Financial Institutions That Have Agreed to Overdraft Notification
Financial Institutions that have agreed to Overdraft Notification The following list includes the names of all financial institutions that have agreed to provide Overdraft Notification on Lawyer Trust Accounts, as of April 23, 2021. This list will be updated periodically as the financial institutions submit their Trust Account Overdraft Notification Agreements. To confirm whether your financial institution also offers IOLTA accounts within the requirements of Illinois Supreme Court Rule 1.15(f) please check the Lawyers’ Trust Fund of Illinois website: www.ltf.org. (Note: If a financial institution’s name begins with the word “The,” in most cases that word was omitted in the following listing.) 1st Community Bank (Sherrad) Bank of Pontiac 1st Equity Bank Bank of Rantoul 1st MidAmerica Credit Union Bank of Springfield Albany Bank & Trust Co. NA Bank of Stronghurst Algonquin State Bank NA BankChampaign NA Allied First Bank SB BankFinancial FSB Alpine Bank & Trust BankOrion Amalgamated Bank of Chicago Banterra Bank American Bank & Trust Co. NA Barrington Bank & Trust Co. NA American Chartered Bank Baytree National Bank American Community Bank & Trust Belmont Bank & Trust American Eagle Bank Better Banks American Eagle Bank of Chicago Beverly Bank & Trust American Enterprise Bank Blackhawk Bank American Midwest Bank Blackhawk Bank & Trust American National Bank of DeKalb County Bluestem National Bank AmericaUnited Bank & Trust Co. USA BMO Harris Bank NA Anna State Bank Bradford National Bank Anna-Jonesboro National Bank Buena Vista National Bank Apple River State Bank Builders Bank Archer Heights Credit Union Burling Bank Arcola First Bank Burr Ridge Bank & Trust Area Bank Busey Bank Arthur Community Bank Business Bank of St. -
H.2 Actions of the Board, Its Staff, and The
ANNOUNCEMENT H.2, 1992, NO. 44 Actions of the Board, its Staff, and BOARD OF GOVERNORS the Federal Reserve Banks; OF THE Applications and Reports Received FEDERAL RESERVE SYSTEM During the Week Ending October 31, 1992 ACTIONS TAKEN BY THE BOARD OF GOVERNORS ADVISORY COUNCILS Consumer Advisory Council. Convened, October 29, 1992. BANK HOLDING COMPANIES AMCORE Financial, Inc., Rockford, Illinois — to acquire by merger Dixon Bancorp, Inc., Dixon, Illinois, and Dixon National Bank. Approved, October 26, 1992. Banc One Corporation, Columbus, Ohio, and Banc One Texas Corporation — to acquire Team Bancshares, Inc., Dallas, Texas, Team Bancshares II, Inc., Wilmington, Delaware, and Team Bank, Fort Worth, Texas. Approved, October 28, 1992. Barnett Banks, Inc., Jacksonville, Florida — to acquire 7L Corporation, Tampa, Florida, First Florida Banks, Inc., and First Florida Bank, N.A., and to merge certain state member banks of Barnett with First Florida Bank, N.A., to establish branches and to engage in credit related insurance and data processing activities through FFB Insurance Agency, Inc. and Southeast Switch, Inc., Maitland, Florida, respectively. Approved, October 28, 1992. Carolina First Corporation, Greenville, South Carolina — to acquire up to 9.8 percent of ComSouth Bankshares, Inc., Columbia, South Carolina. Approved, October 26, 1992. First Bank System, Inc., Minneapolis, Minnesota — to acquire Western Capital Investment Corporation, Denver, Colorado, and Bank Western. Approved, October 28, 1992. First Interstate BancSystem, Inc., Billings, Montana — to acquire First Interstate Bank of South Missoula, N.A., Missoula, Montana, and First Interstate Bank of Commerce, Billings, Montana; FIBC to become a member of the Federal Reserve System, and to merge with South Missoula Bank and other subsidiary banks of FIBM, and to establish branches. -
California Reinvestment Committee
q d CALIFORNIA REINVESTMENT COMMITTEE GkDQE.Loaey presidino officer Boanl of Governors Federal RiServc system Washington, DC. 20551 RE: cdifornfa Rchrm Committee tcdmony for Citkorp I Trsvelem -. TkcalifomiaRein- committeelcgrets it c9nnot presenttlb testimonyio person We authorize the her City Press I Community on the Move tn enter our testimony into the record, and request your consent on this matter. -- ; Testimony of the California Reinvestment Committee RE: Citicorp / Tra~krs Merger June 25, 19y8 Panel Eight we would like to exrend OUI pppno;mon to the Federal Reserve for inviting public comment on tbc Citiuxpffravekn proposed merger. J am repnxnting the Cahfomia Rciovestrnent Committee (CRC) !ium San Franciscu. California. We regret that we cannot attend in person and with our coahtion embers. who represent nearly 200 communiry-based organizations around California. For a number Of crilkal rcasor& described below, we urgently request that th: Federal Re&zrvc deny Travelers applkation to acquire Ciricorp Tk cmx of our argument rests on thz records Travkrs and Citicorp have established in wmmunities of color. and on how thir merger win adversely affect low-hum communitks. As you have heard or may bear in subsequent testimony from othx groups, both Travelers and Ciikorp have programs supporting community investment and charitabk giving Yet both groups also ban poor histories of serving pcopk of color, and of underserving low-inconr communitks. In addition, tk annouuced 0115 b&on dollar CRA pkdgc lacks scope, size, and detail fnr an instimtion ti tire and scope of the proposed Citigroup. Citibank has one of the worst reinvestment programs for a maJor California financial insritution The tank has a record of scvercly undcrscrving Hispanics in the state. -
July, 1973 the FRANKFURT DOCUMENTS Secret Bank Loans
CIC Brief — July, 1973 THE FRANKFURT DOCUMENTS Secret Bank Loans to the South African Government The Corporate Information Center tions of secret loans suggest the opposite. By selling participation in the vari- recently obtained confidential internal ous credit arrangements to American and documents known as the "Frankfurt Doc- With the documents' revelations, multinational banks, EABC tapped the uments " originating from sources within church agencies and other organizations U .S. money market, largely through the a U.S.-based multinational banking firm, concerned about South African issues offshore subsidiaries of these banks . It the European American Banking Corpora- have begun organizing protest of the then re-lent the money to the South Afri- tion. These materials reveal that a group loans. The following discussion provides can government . Three of the six credit of forty banks from the United States, an initial basis for action (see Item II) on transactions, each $50 million and made Europe, and Canada have been jointly in- the developing new bank campaign. from the bank's Nassau branch, were ar- volved in direct loans totaling over $210 ranged with the Ministry of Finance in million to The South African government Pretoria . The three other loans were made and its agencies since late 1970. with METKOR, ISCOR, and ESCOM, all EABC 's Role South African government agencies. Participants for two of the six Sources within EABC have indicated that loans, representing $70 million of the to- a further credit of approximately $50 tal, include 11 American banks. It is like- According to the secret documents, million has been negotiated with the Fi- ly that other American banks are involved the European-American Banking Corpora- nance Ministry within the last few in the additional loans.