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Washington
Inside Washington (05/21/2012)
  • WASHINGTON (5/22/12)--New York City's Emigrant Bank is asking Congress to pass a bill that would push back the date by which banks needed to be under $15 billion in assets to avoid the new capital requirement. The bank received a $2.3 billion advance from the Federal Home Loan Bank of New York during the financial crisis because it was concerned that its uninsured high-balance depositors might flee. The loan temporarily pushed Emigrant's total assets over $15 billion--the threshold at which banks are subject to a provision of the Dodd-Frank Act that prevents them from counting trust preferred securities as part of their Tier 1 capital. The Dodd-Frank Act set the cut-off date for the threshold Dec. 31, 2009. The bill, which is sponsored by Rep. Michael Grimm (R-N.Y.) and co-sponsored by six of other House representatives from New York, would push that deadline back by three months. Emigrant Bank, which would be the only financial institution affected by the bill, currently has $10 billion in assets …


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