If you knew - "a few weeks ago, the federal government had to commit several hundred billion dollars for a guarantee of Citicorp's assets, though examiners from the Office of the Comptroller of the Currency (OCC) have been inside the bank full-time for years, supervising the operations of this giant institution, under the broad powers granted by the Federal Deposit Insurance Corporation Improvement Act of 1991 to bank supervisors" - what would you think about the effectiveness of U.S. bank regulation? The above quote comes from a thoughtful and important new paper, "Regulation without Reason," by Peter J. Wallison, former general counsel of the U.S. Treasury and now a fellow at the American Enterprise Institute. Mr. Wallison warned for years - in books and articles - that Fannie Mae and...
Federal Deposit Insurance Corporation Improvement Act of 1991 - Brief Article
... System under section 304 of the Federal Deposit Insurance Corporation Improvement Act of 1991, 12 ...
Federal Deposit Insurance Corp. Federal Deposit Insurance Corporation Improvement Act of 1991 final regulations significantly change the coverage for IRC section 457 passthrough deposits as well as other areas of retirement benefits. The section 457 changes include per participant coverage as well as per plan, requiring covered deposits be made to adequately capitalized institutions and allowing welfare plans to be covered as passthrough plans. The regulations also deny passthrough coverage eligibility to benefit responsive bank investment contracts and require all affected customers be notified of the changes.
The public depends on audit committees to maintain corporate accountability but there are no current guidelines for committee formation. The new rules included in the Federal Deposit Insurance Corporation Improvement Act of 1991 and other surveys can be used to establish benchmarks for the creation or correction of audit committees. Audit committees should be staffed by persons without other ties to the corporation and who have some auditing, accounting and legal experience. The committees should review financial statements, financial reporting and external audits among other aspects of the corporation.
The regulations of insured banking institutions are expected to change radically when the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) becomes effective in fiscal years starting in 1993. The FDICIA will require all insured depository institutions with assets exceeding $150 billion to submit reports regarding the adequacy of their internal control systems, which must also be attested to by external auditors. Some members of Congress have indicated that the new law may be extended beyond the banking industry. To prepare for this possibility, all internal auditors should be knowledgeable about FDICIA requirements. The potential costs involved in complying with the law are considerable, which should serve to motivate internal auditors to keep abreast of development...
Federal Deposit Insurance Corp. - Includes related articles The Federal Deposit Insurance Corporation (FDIC) Improvement Act of 1991 addresses the American Institute of Certified Public Accountants' (AICPA) problems with draft legislation that expanded the FDIC's power to regulate accountants and auditors. Independent accountants' responsibility and legal liability have increased but generally accepted auditing and accounting standards have been supported. The AICPA's participation in the legislative process has resulted in a law that reflects realistic regulating expectations.
Federal Deposit Insurance Corporation Improvement Act of 1991
This Essay examines the subprime crisis through the lenses of the known, the unknown, and the unknowable in financial policymaking. The first two Parts focus on information and incentive problems faced by monetary policymakers and prudential supervisors in trying to prevent crises. The third Part emphasizes challenges that arise when preventative measures fail and financial policymakers must manage financial crises. These include pressures to oversupply public subsidies in the short-run at the risk of providing incentives for institutions to take greater risks and cause larger crises in the long run, and conflicts and gaps between micro- and macro-prudential supervision. Some micro-prudential regulation may make individual institutions safer, while increasing the vulnerability of the fi...
... action measures contained in the Federal Deposit Insurance Corporation Improvement Act of 11991(6) by removing a substantial degree of supervisory...
Audit committees have become increasingly important in recent years and the Federal Deposit Insurance Corporation Improvement Act of 1991 requires all banks with more than $150 million in assets to have a committee formed of outside directors. The effectiveness of audit committees to carry out their oversight responsibilities can be evaluated based on a 12 question checklist, which is included, covering the makeup of the committee, its awareness of auditing standards, its control of financial reporting and other important aspects.
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