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Q:For two years now, I have been keeping track of our clients' future travel credits (FTC) for flights and cruises that were canceled in 2020 and 2021. This has been [...]

Byline: George Yacik Receiving Wide Coverage ... Limited exposure: The Federal Reserve has completed a new rule that limits the exposure the largest banks operating in the U.S. can have [...]

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.accfor.2009.04.001 Byline: Mervyn K. Lewis Keywords: Global financial crisis; Sub-prime mortgages; US current account deficit; Greenspan monetary policy; Shadow banking system; Collateralised debt obligations Abstract: This article analyses the origins of the sub-prime crisis. It argues that a series of serious policy errors in the United States created the conditions in which the sub-prime lending phenomenon took root, which were then compounded by regulatory developments and further policy mistakes as the credit crisis unfolded. These factors further explain why the sub-prime crisis assumed such global proportions. Author Affiliation: School of Commerce, University of South Australia, Adelaide, SA5001, Australia

The Sarbanes-Oxley Act prohibits any one from giving credit to the executive officer or director. However it does not address the problem or danger of executive officers and directors dealing in stocks without using cash.

Regulation U governs the obligations of a lender whose loan is secured by margin stock. The author discusses the regulation and the type of transactions in which it applies.

Senior Economist and Adviser to the Director of Research, Federal Reserve Bank of Boston. The author is grateful to Ralph Kimball, Richard Kopcke, Katerina Simons, and Curtis Turner, all of this Bank, for constructive comments. John N. Doyle at National Financial Services Corporation was extremely helpful in clarifying broker-dealer margin practices. Anonymous readers at the Board of Governors of the Federal Reserve System have helped to clarify the study, without necessarily agreeing with its conclusions. Any remaining errors are the author's responsibility., ********** The Board of Governors of the Federal Reserve System establishes initial margin requirements under Regulations T, U, and X. Regulation T applies to broker-dealers, Regulation U applies to banks [...]

Several issues affecting the credit industry were discussed during the 28th Annual Legislative Conference of the National Assn of Credit Management (NACM) led by NACM officials James Sczudlo, Chuck Tatelbaum and Jim Wise. The guest speaker was Harvard University professor Elizabeth Warren who talked about the NACM Amicus Curiae brief and its impacts to creditors' rights in bankruptcy cases. Other issues discussed were the Bankruptcy Reform Act of 1999, NACM Policy Issue Brief '99, Uniform Commercial Code and the concept of collateral, attachment, perfection and priority., A general session kicked off the 28th Annual Legislative Conference, presenting an overview of current issues affecting the business credit profession, led by James Sczudlo, CCE, Chairman of the NACM [...]

Banks can lessen their exposure to lawsuits by examining and following the regulations that courts have implemented for lender conduct. Lenders often find themselves subjects of litigations that end up hurting their bottom line-profitability. Sixteen recent cases are critiqued to provide lenders with the rules that the courts have been articulating for lender conduct. These cases include fraudulent concealment, 'final settlement' checks received from the borrower, negligence in performing an appraisal, cancelation of a note and mortgage, and storage charges for collateral.

The 'Bankruptcy Reform Bill' (H.R.3150) passed the House early this month, leaving the credit card industry largely satisfied that individuals soon may have to work harder to prove they are [...]

The authors examine the protections afforded spouses under the Equal Credit Opportunity Act and Regulation B in the context of spousal guaranties of commercial loans to business entities. They discuss remedies available to injured plaintiffs, proposes compliance guidelines for commercial lenders seeking to avoid the pitfalls in this area, and consider viable strategies for claimants seeking to invoke the Act's remedial provisions.

After several years' experience with the new budgetary treatment of federal credit activity, or credit reform, it is appropriate to consider how this innovation is working. One objective of the new approach was to provide both estimates of the cost of credit assistance and a means of monitoring the performance of those estimates over time. In at least one - admittedly difficult - case, FHA single-family mortgage insurance, the reform is not succeeding in reporting the performance of the subsidy estimate because the agency's budget submissions are not consistent with the new accounting. This failure may result from the agency's inability to accept or adopt the fundamental changes in accounting concepts affected by credit reform. This article attempts to explain some of those changes and to show how they may be used to provide relevant information in the budget.