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Washington
Inside Washington (09/08/2008)
* WASHINGTON (9/9/08)--Downey Financial Corp., a $13 billion asset Newport Beach, Calif.-based thrift, was issued a cease-and-desist order last week by the Office of Thrift Supervision (OTS). OTS ordered the thrift to meet a minimum Tier 1 capital ratio of 7% and a minimum total risk-based capital ratio of 14% (American Banker Sept. 8). Downey sent out a press release Friday that did not mention the cease-and-desist order specifically, but said that the company would sell certain non-core real estate assets to a third party for $110 million. Downey also is working on a capital plan and has enhanced the bank’s regulatory capital by $176 million through the third-party real estate sale and previously disclosed contributions of capital from its parent company. In 45 days, the bank plans to submit to the OTS an asset-reduction plan, long-term business plan, real estate-owned disposition plan, and a plan to strengthen executive management ... * WASHINGTON (9/9/08)—The House Small Business Committee has scheduled a 10 a.m. hearing for Thursday on “Examining Expiring Tax Incentives and the Needs of Small Businesses.” The focus of the hearing is expected to be on tax extenders that expired in 2007 and are set to expire in 2008 and that affect and benefit small businesses, and which many small businesses use as incentives to grow and expand their businesses. A witness list was not yet available…


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