Senate Banking Panel Confirms Three Fed Board Nominees
Senate Banking Panel Confirms Three Fed Board NomineesThe Senate Banking Committee yesterday approved three nominees to the Federal Reserve Board. Those approved were Janet Yellen, president of the San Francisco Federal Reserve Bank, who will serve as vice chairman of the Fed’s board; Peter Diamond, an economist at the Massachusetts Institute of Technology; and Maryland bank regulator Sarah Bloom Raskin. The nominations now go to the full Senate for final confirmation. ... More
A Special Event for Thrifts: Managing Opportunites - From Market and Policy Forces to Charter Options
We are pleased to be partnering with the Maryland Bankers Association to offer a very timely event for thrifts on August 26th at the Richmond Fed’s Baltimore Office. With the coming merger of the OTS into the OCC and the overall impact of the Dodd-Frank Regulatory Reform legislation, changes are coming from many directions for your institution. Please review the seminar mailing here and register for the event as noted. ... More
Lights, Camera, Save!
Lights, Camera, Save! is part of the ABA Education Foundation's Teach Children to Save program. It's a unique competition that encourages youth to use video to communicate the value of saving and inspire others to become lifelong savers. Contestants will develop a creative way to illustrate the value of saving money and record it. The ABA Education Foundation will fund and award national prize winners with up to $3,000 in U.S. savings bonds. U.S. Savings bonds will be issued in host bank's name and funded by the ABA Education Foundation. Bank registration ends July 30. ... More
ABA Insurance Program Distributes $4 Million to ABA Member Banks
ABA INSURANCE PROGRAM DISTRIBUTES $4 MILLION TO ABA MEMBER BANKSReinsurer changes name from ABPFIC to American Bankers Mutual Insurance Ltd.The American Bankers Association announced that the reinsurer of its sponsored insurance program, ABA Insurance Services, will distribute
$4 million in underwriting profits to insured member banks in the program. It also announced that the reinsurer, American Bankers Professional and Fidelity Insurance Co. has changed its name to American Bankers Mutual Insurance Ltd., effective immediately.American Bankers Mutual Insurance Ltd. has declared $71.5 million in distributions to eligible member banks since 1991. Insured banks that are ABA members are automatically members of the company. The program offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products to community banks.
“Especially during these challenging economic times, we’re pleased to once again offer profit distributions back to our members through this well-established insurance program," said Edward L. Yingling, ABA president and CEO. “Designed and directed by bankers, ABA Insurance Services continues to provide reliable and innovative insurance policies to address increasingly complex insurance needs of community banks.”
“Our program is the only one of its kind that distributes profits directly to member banks,” said John Manor, chairman of American Bankers Mutual Insurance Ltd. “True to the mutual concept, insured ABA members benefit from the company’s profitability as well as the vital insurance protection we offer. That is a major achievement that is a source of pride for our company and a valuable benefit for ABA members.” ... More
Cardinal Bank Opens In-School Branch
Cardinal Bank recently opened up a branch at Herndon Middle School. Their mission is to reinforce the importance of financial literacy and budgeting.The young managers and tellers are handling real money and real accounts connected to any branch of Cardinal Bank. In fact, the student accounts get a higher interest rate than regular accounts.At Herndon Middle School, they have opened about a dozen accounts since the bank opened. Eventually, Cardinal Bank wants to have each one of their 26 branches open up a branch in a school. ... More
The Bank of Lancaster’s Second In-School Bank
Last month, the Bank of Lancaster opened its second in-school bank at Northumberland High School in Heathsville, Va. ... More
Federal Reserve Board, Office of Thrift Supervision and National Credit Union Administration Proposed New Restrictions on Credit Card and Overdraft Practices
On May 2nd, the Federal Reserve Board joined the Office of Thrift Supervision and the National Credit Union Administration in proposing new restrictions on credit card and overdraft practices. The rules are proposed under the Federal Trade Commission Act and are open for public comment. Among other things, the proposed rules on credit cards would: ... More
Bankers Insurance Annual Members Meeting
Bankers Insurance Annual Members Meeting The Bankers Insurance Annual Members Meeting took place at the Farmington Country Club from 12pm-2pm on April 18, 2008. Bank CEOs and/or your bank's key Bankers Insurance contacts attended the meeting for a company update, an overview of current and future company initiatives, and board elections. ... More