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Washington
Inside Washington (07/30/2012)
  • WASHINGTON (7/31/12)--Since the financial crisis of 2009, the U.S.'s Financial Standards Accounting Board (FASB) has been working to harmonize U.S. accounting standards with International Financial Reporting Standards (IFRS), but the effort appears to some to be unraveling.  Once the convergence of standards seemed inevitable, but a reluctance by FASB to accept an international deal on loan-loss provisions has introduced doubt.  Due to concerns that an international model for loss provisions could result in under-reserving, FASB at a joint July 18 meeting put off agreeing with The International Accounting Standards Board (IASB) on a joint impairment proposal. Leslie Seidman, the U.S. board's chairman, said FASB still wants to hammer out a converged standard on impairment but believes the U,S,'s questions must be addressed before moving forward with an Exposure Draft.  IASB Chairman Hans Hoogervorst,  according to a transcript of the joint meeting, noted that both boards have made three attempts to address concerns.  He added that he is worried that the whole effort is going to unwind (American Banker July 30). …


  • WASHINGTON (7/31/12)--As the U.S. Treasury Department continues to work to wind down its Troubled Asset Relief Program (TARP) and recoup the $1.2 billion used to bailout banks, the department announced its latest effort fell short of its recoupment goal.  Treasury was unable to sell some of the preferred shares it owns of two community banks because it did not receive sufficient bids for the securities. According to an announcement made Friday, Treasury will regain about $248.5 million from its latest auctions.  However, it did not sell its Series B preferred stock in First Community Financial, Joliet, Ill., and its Series A preferred stock in First Western Financial, Denver, Colo.  The department also noted it sold only about two-thirds of its Series C preferred stock in First Western. There were 10 other banks included in this most recent round of auctions. The 12 banks had received a combined $322 million from December 2008 to December 2009 under TARP (American Banker July 30). …


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