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anonymous

Los mercados de los EE.UU. rebotan a la espera de los anuncios de la Reserva Federal - 0 views

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    Los inversores aguardan con ansias los anuncios que realizará esta tarde el presidente de la Reserva Federal, Ben Bernanke sobre la economía del país.
anonymous

Si la Reserva Federal ve riesgos, ¿por qué no actúa? - 0 views

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    La moderada expansión de la economía estadounidense ha sido suficiente motivo para que la Fed se abstenga de adoptar nuevas medidas de estímulo, pese a los riesgos son evidentes para el ente emisor estadounidense.
Adalberto Palma

FRB: Speech--Raskin, Community Banking Supervision 2012.01.06 - 2 views

  • Governor Sarah Bloom Raskin
  • Community Bank Examination and Supervision amid Economic Recovery
  • community banks continue to face numerous challenges
  • ...41 more annotations...
  • challenges from an enhanced regulatory regime that has evolved in the wake of the crisis.
  • The ultimate focus of examination and supervision is the safety and soundness of the bank, as well as compliance with laws and an assessment of the bank's ability to withstand risks and shocks.
  • how the Federal Reserve's monetary policy aims to increase the availability of credit to foster economic growth, and how we are tailoring our examination and supervision of community banks to ensure that we are not inadvertently constraining lending. 
  • examination and supervision of community banks is a timely and important topic. Why do I say that? Because, as I will discuss shortly, lending by community banks plays an important role in the ongoing economic recovery, especially by providing credit to small businesses. And it is absolutely critical that examination and supervision do not produce outcomes that are barriers to small business expansion.
  • potential effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
  • Supervision and Examination of Large and Community Banks
  • good examiners will help them to be proactive and identify problems early, and because a strong and durable banking system is in everyone's best interest.
  • They are relatively diversified, but also tend to be more highly leveraged than smaller institutions, and often rely on more volatile wholesale funding. These organizations often are tightly interconnected, raising the prospect that the failure of one institution could rapidly destabilize the wider financial system, giving rise to the "too-big-to-fail" problem.7  
  • the examination and supervision of the lender should not hinder the ability of creditworthy businesses to access credit.
  • I am encouraged that community banks are faring better in the current environment.
  • While profitability remains below long-run historical norms, returns on equity and assets have reached their highest post-crisis levels.3
  • we must continue to think about how we can improve the examination and supervision of community banks. One issue that we constantly must evaluate is the appropriate balance in the allocation of responsibilities between banks and examiners.4
  • community bankers typically welcome effective and appropriate examination and supervision.
  • there are key differences between these two sets of institutions, and these differences have implications for our supervisory framework.
  • over at least the past decade indicates a trend toward greater concentration. Ninety-nine percent of banks in the United States are community banks, with most of these holding less than $1 billion in total assets. The remaining 1 percent of banks together hold more than 80 percent of the assets in the banking system, with much of this concentrated at a handful of the very largest banks. The four largest commercial banks, each of which has more than $1 trillion in consolidated assets, collectively hold just under half of all U.S. banking assets.6   
  • The largest commercial banks are characterized not only by their size, but also by their scope of operations and complexity.
  • we must always think about whether the allocation of responsibilities should be different depending on whether the supervision is of a community bank rather than a large bank,
  • The characteristics of the largest commercial banks stand in contrast with those of community banks.
  • community banks are not immune from taking on excessive risk. But there are reasons why risks at community banks are likely to be less dangerous to the financial system. First, community banks generally are less complex and more easily understood. Second, community banks tend to be more traditional in approach.
  • our supervision of these firms has become arguably much more intensive, which I believe is perfectly appropriate given the effect that problems at the largest firms had on the financial system and the broader economy. 
  • All of these characteristics have implications for how large and complex banks should be supervised, as compared with community banks. Notably, our supervision of large banks reflects the scope and complexity of their activities as well as their interactions with other firms and possible effects on financial markets, and incorporates systemic risk considerations that could arise from the failure of these banks.
  • In recognition of their systemic importance, the largest firms also are required to plan for their own orderly resolution in the event that they should fail. 
  • Because of their complexity and risk characteristics, these firms require intensive and continuous on-site supervision;
  • examiners also understand local market conditions to be able to put the bank's management and credit decisions in the proper context.
  • What does this have to do with community banks?
  • The community banking model is very different from that of the largest banks. Community banks are local by their very nature. They have deep roots in their communities.
  • This trait is particularly important when it comes to small business lending, where a local community bank may understand things about a prospective customer that cannot be captured in a more quantitative credit-scoring model that might be used by a larger institution.
  • these characteristics call for a very different model of examination and supervision than what is required for the largest banks.
  • Third, community banks are less interconnected, so when a community bank fails, the effects are less widespread. 
  • Strong lines of communication between examiners and community banks are vitally important.
  • Examiners need to listen carefully to management to understand their perspective where views may differ
  • We encourage our examiners to be responsive to questions from bankers and help banks understand new regulatory requirements, and they take this responsibility seriously.
  • the risk-management system of a healthy bank can be pictured as a series of concentric circles. The inner circles consist of the systems and functions that keep the bank healthy and allow it to meet the credit needs of its community while remaining financially sound and compliant with its legal and regulatory obligations. Moving outward, additional circles include processes and checks such as internal audit, executive management committees, risk-management and internal controls, and appropriate governance by the board of directors. The outermost circle is effective supervision. The critical element of this model is that problem identification is first and foremost the responsibility of the bank, while banking supervisors kick the tires of the bank's risk-management and internal control systems. The examiners are, in this sense, a last line of defense and do not substitute for a bank's own processes for risk identification and mitigation. They are not a guarantee of the bank's ultimate success or failure. 
  • this model of concentric circles generally holds true for banks of all sizes, the complexity of the largest institutions requires far more complex inner circles.
  • the outer circle that is necessary at a systemically important bank should be far more layered than what is needed at a small community bank. 
  • think about the effects these policies are likely to have on community banks and the areas they serve.
  • Federal Reserve are working to ensure that our supervisory program is properly tailored to the wide array of institutions
  • considering the effect that these policies might have on smaller institutions
  • we consider not only whether specific policies are appropriate for community banks, but also whether these policies could have the effect of reducing the availability of credit to sound borrowers.
  • Community Bank Supervision at the Federal Reserve
  • I hope my remarks will at least continue our conversation about how best to structure a regulatory and supervisory framework for the banking system that effectively supports the real economy and encourages sound and sustained lending to creditworthy borrowers. In order to sustain the economic recovery, we need strong, well-run community banks that operate in a framework of smart and effective supervision
anonymous

Los anuncios de la Reserva Federal debilitan al dólar frente al franco suizo - 0 views

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    Según el analista de Sala de Inversión América, el billete verde podría seguir cayendo hasta alcanzar niveles cercanos a los 0,905 francos suizos.
anonymous

La revisión bajista del PIB arremete contra Wall Street - 0 views

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    La revisión a la baja del crecimiento económico del tercer trimestre en los EE.UU. ensombrece la posibilidad de que la Reserva Federal implemente nuevos estímulos.
anonymous

Wall Street orquesta el mayor rally del año, antes del comunicado de la Fed - 0 views

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    Según el analista de Infosel, los índices bursátiles en los EE.UU. mantienen el optimismo respecto a que la Reserva Federal aliviará la difícil situación en su comunicado de política monetaria.
anonymous

El Dow Jones recupera los 11.000 puntos por la promesa de tasas bajas hasta 2013 - 0 views

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    Tras el desconcierto inicial inmediatamente después del comunicado de la Fed, al final el mercado tomó a bien que la Reserva Federal mantendrá las tasas de interés en mínimos hasta mediados de 2013.
anonymous

Wall Street rompe racha bajista y especula que la Fed saldrá al rescate - 0 views

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    Las expectativas de que la Reserva Federal saldrá al rescate de la economía salvó a los índices de su noveno cierre en negativo.
anonymous

El petróleo West Texas cotiza al alza posible estímulo de la Fed - 0 views

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    El West Texas opera con ganancias apoyado en la expectativa de que la Reserva Federal anuncie un nuevo estímulo cuantitativo en la reunión económica de Jackson Hole el viernes.
anonymous

Wall Street logra romper una racha de cinco días a la baja - 0 views

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    Según el analista de Infosel, la renta variable estadounidense logra romper una racha de cinco sesiones bajistas apoyada en la esperanza de que la Reserva Federal brinde apoyo a la economía en la reunión del viernes.
anonymous

El petróleo avanza apoyado en la esperanza de un nuevo estímulo de la Fed - 0 views

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    Según el analista de Infosel, el mercado petrolero en los Estados Unidos opera con ganancias moderadas impulsado por la expectativa de que la Reserva Federal anunciará medidas adicionales para impulsar la economía.
anonymous

Los mercados de los EE.UU. caen a la espera del anuncio de la Fed - 0 views

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    Los inversores se muestran expectantes ante el discurso que dará esta tarde el presidente de la Reserva Federal donde anunciaría nuevos planes de estímulo para la economía del país.
anonymous

La nómina no agrícola neutraliza la esperanza de nuevo estímulo en Wall Street - 0 views

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    El decepcionante dato de empleo eliminó por completo el ánimo que infundieron los comentarios del presidente de la Reserva Federal y barrió las ganancias acumuladas durante la semana en los índices neoyorquinos.
anonymous

El peso mexicano prosigue depreciación frente al dólar - 0 views

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    La cautela de los inversores respecto a las medidas que podría anunciar la Reserva Federal mañana debilita al al peso mexicano acercándolo a 12,52 unidades, donde frenaría temporalmente su caída.
anonymous

La Bolsa de México se repliega a la espera de las minutas de la Fed - 0 views

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    El nerviosismo de los inversores antes de la publicación de las minutas de la última reunión de la Reserva Federal, penaliza a la Bolsa de México que acumulaba varias sesiones de ganancias.
anonymous

Las Actas de la Fed propician el tercer día de ganancias en Wall Street - 0 views

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    Las minutas de la última reunión de la Reserva Federal revelan que varios de sus miembros apuestan por la aplicación de medidas adicionale, justificadas por la elevada tasa de desempleo y los bajos niveles de inflación.
anonymous

Las acciones mexicanas escépticas ante la apertura de Wall Street - 0 views

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    El escepticismo reina en las bolsas respecto al programa de creación de empleo anunciado por el presidente estadounidense, que no vino acompañado del estímulo de la Reserva Federal anticipado por los inversores.
anonymous

Wall Street cierra con tono mixto en espera de las Actas de la Fed - 0 views

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    El mercado neoyorquino se toma un respiro tras el rally de ayer a la espera de la publicación de las Actas de la última reunión de la Reserva Federal y el análisis de los resultados de Alcoa.
Adalberto Palma

The Shrinking U.S. Banking Sector: On Balance, Who Benefits? - 0 views

  • There were 157 bank failures in the country last year, the most since 1992, according to the Federal Deposit Insurance Corporation (FDIC)
  • consolidation process is now under way.
  • 6,529 commercial banks and 1,128 savings institutions by the end of this year. That is a 4.4% decline from the previous year, and it leaves the country with nearly half as many institutions as it had 20 years ago
  • ...34 more annotations...
  • wave of consolidation occurred in 1994
  • Kenneth H. Thomas
  • not all customers will benefit from greater consolidation
  • U.S. federal government rolled out various laws in 1784 to encourage multiple banks in individual states.
  • In 1933 alone, about 4,000 commercial banks and 1,700 savings and loans institutions failed.
  • "Many small banks feel that they are being pushed out of existence by new regulations,
  • swing of the pendulum last year, consolidation returned to 1994 levels. But in contrast to previous times, much of the consolidation has been due to failures
  • Loretta J. Mester
  • "In the short term, I think consolidation will pick up as weaker banks go through mergers and acquisitions, and stronger banks take time to get their capital shored up" in their pursuit of greater efficiency and economies of scale,
  • experts expect consolidation to continue, and predict that the trend will leave the banking system better off in the long run. "We don't really need as many banks as we used to,"
  • have less than $1 billion of assets, but account for 92% of all banks and savings institutions,
  • Dodd-Frank Wall Street Reform and Consumer Protection Act was a death knell
  • institutions that will likely be hardest hit by all this activity will be the community banks
  • Their plight hasn't been lost on the FDIC, which has launched various initiatives to give community banks some relief.
  • guidelines that lighten requirements for how these banks manage customers whose accounts are consistently overdrawn.
  • borrowers with low incomes or bad credit are significantly less likely to default on loans if they borrow from a local bank than if they receive a loan from a distant bank or mortgage company.
  • Todd A. Gormley,
  • "Smaller firms and local individuals trying to get loans from larger banks could be a subset of the population that is worse off because of consolidation,
  • concentration in geographic markets
  • are an important factor in the reciprocal relationship between lender and borrower
  • consolidation also leaves a handful of banks controlling the majority of certain types of products.
  • Four "mega banks" -- Wells Fargo, Bank of America, JPMorgan Chase and Citigroup -- now hold three-fifths of the home mortgage market, which limits consumers' choice of products and their ability to shop around for competitive pricing. "It's a textbook issue of a concentration of power," Guttentag says. "A limited number of firms control the market, and they will engage in implicit collusion."
  • community banks play an important role in local economies. They typically have close relationships with individual customers
  • some cities, states and regions have just one dominant bank.
  • Pittsburgh metropolitan area, PNC Bank has 47% of the deposit share, according to the FDIC. The second-largest bank in the area is Citizens Bank of Pennsylvania, which has 8.5% of the deposit share.
  • no limits on deposit shares in certain markets, 1994's Riegle-Neal Act imposes a 10% cap on nationwide deposits for a single bank.
  • Treasury Department is now looking into modifying the cap to include all consolidated liabilities.
  • consumers need not worry
  • Mester
  • While the total number of banks may be declining, the number of branches isn't.
  • In the last 10 years, the number of bank branches nationwide has increased 15%, although that expansion has primarily involved banks with $500 million or more in assets. The number of branches dropped slightly for the first time in a decade in 2010.
  • Guttentag
  • the number of banks will continue to shrink, but he doubts the U.S. will ever look like, say, Canada -- which has just 22 banks. Indeed, if consolidation continues as it has over the past 20 years at the average annual rate of 3.3%, it would take 60 years for the total number to fall below 1,000 banks and nearly 130 years to get below 100.
  • if the number of banks shrinks from 6,000 to 100, if those 100 are operating in all market segments and if consumers have many options, there is no reason for concern," Guttentag
Adalberto Palma

AB Kansas City Fed Chief Esther George Takes Simpler-Is-Better Approach 2012.03.07 - 0 views

  • Esther George
  • president and chief executive of the Federal Reserve Bank of Kansas City
  • funding advantage that has come from growing consolidation in the industry
  • ...36 more annotations...
  • didn't the Dodd-Frank Act of 2010 end "too big to fail," and won't its "living wills" provision nudge our largest banks to become smaller and simpler?
  • "I can be hopeful. I am an optimist at heart, but I don't see any evidence of that."
  • his plans to protect commercial banking from riskier forms of finance
  • realizes regulatory tactics and strategies must evolve as banks balloon in size and scope, George insists boots-on-the-ground supervision is crucial. She worries complex approaches are overshadowing common-sense judgments.
  • Stress testing is a "useful tool to gauge potential losses from different economic scenarios. It is no substitute for supervisory judgment and examination," she said.
  • helps calibrate capital,
  • "but to really know a bank's condition, you have to go in and examine those credits."
  • While the central bank has taken many steps in recent years to open its monetary policy decisions to more scrutiny by outsiders, its regulatory policy making has grown more opaque. Gone are the days when Fed governors debated policy decisions in open meetings. George would reverse that trend.
  • we have to apply the transparency pledge to everything we do
  • Part of what we have succumbed to is a sense of urgency. Things are moving fast."
  • time to "ponder the unintended consequences."
  • These rules have big import
  • her philosophy on regulation.
  • concern I have
  • You can make any rule as complicated or as simple as you want. The more complicated you make it, and I learned this watching Basel II get crafted, I don't think you ensure any chance of success."
  • I would like to see us go back to a time when examiners were required to use judgment. You gave them simple, clear rules and they had to make judgments."
  • I have watched over the years. It is an accumulation of compliance, and community banks do not have the scale to spread those costs, so they bear them disproportionately."
  • I worry about the burden on small banks,
  • Consumer compliance issues seem to cause the most friction among bankers and their examiners, she said.
  • due to prescriptive rules that tell the examiner that you don't get to apply judgment here. If it meets this, this and this test, then it's a problem. That's the frustration of bankers."
  • Forbearance drags things out,
  • I think about it pretty simplistically. Anytime you have an asset, a loan, that gets into trouble, somebody has to take the loss. The sooner you take the losses," the better.
  • George belongs to a growing cohort of folks who question some of the conventional wisdom growing up around community banks, namely that a massive wave of consolidation is coming and the average size must increase.
  • I don't think there has to be a wave of consolidation."
  • I don't think they all have to be $1 billion" in assets
  • worried about credit risk at community bank
  • both margin pressure and competition from larger banks that can use lower funding costs to undercut smaller rivals.
  • is they [banks] need more yield so they will go out for more risk," she said. "And when they do that in a low interest rate environment it can look OK. But those borrowers start looking worse when rates start ticking up.
  • it's all going to affect a lot of people.
  • I hear bankers saying
  • I am going to have to start making some credits that I wouldn't normally make because I have to generate earnings.'
  • community banks also are telling her about losing business to large banks.
  • but that big bank is coming in and pricing a loan in a way that I cannot and would not."
  • They say I am trying to compete with the big bank in my market
  • Community banks that survive will be the ones that hold the line on risk but continue to adapt, she said
  • community banks are core to the payments system and core to lending in these markets. I don't see that model being outdated. It's always got to be tweaked, but I worry the thing that is going to drag them down is regulation. That seems like something we could address and should address."
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