Reference - General

There is considerable income mobility in the U.S. economy as households move up and down in the income distribution over time. Previous studies have typically found that roughly half of the families in the bottom 20 percent of the income distribution have moved up...

This paper examines how corporations responded to temporary accelerated tax depreciation made available by the Jobs Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief and Reconciliation Act of 2003. Data for tax years 2002 through 2004 reveal that...

A number of authors have tried to discover how the residual U.S. tax on foreign corporate earnings (the U.S. tax after the foreign tax credit) affects business decisions. Some of them inferred the residual tax from data in the company's financial statement, whereas others...

The foreign share of the worldwide income of U.S. multinational corporations (MNCs) has risen sharply in recent years. Data from a panel of 754 large MNCs indicate that the MNC foreign income share increased by 14 percentage points from 1996 to 2004. The differential...

Although "small business owners" are often the subject of tax policy debate, a consensus does not exist regarding the specific attributes that distinguish small businesses from other firms. Previously, the Office of Tax Analysis had counted a small business owner as any individual who...

This paper explores the behavioral response of taxable bequests to estate taxation. To gauge its effects, the estate tax is converted to an equivalent income tax. This highlights the importance of expected rates of return, and also makes it possible to compare effective tax...

Since 2007, the number of bank failures has soared. A large percentage of the failures involved young banks formed during the mid-1990s amid the wave of new bank charters granted by federal and state banking supervisors. De novo bank supervisory choices could influence their...

This paper examines the determinants of creditor recoveries from defaulted debt instruments, an important yet under-studied area in investment and risk management. First, we argue that to properly measure a debt instrument's relative position in a firm's debt structure, debt pari passu to the...

This paper focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing. We argue that the loan approval or denial decision determines the loan origination population and therefore the underwriting policies might affect the fair lending...

Testing for discrimination in mortgage lending requires classifying consumers into treatment groups and control groups. Although this may seem like a straightforward task, it is actually quite complicated. Home Mortgage Disclosure Act (HMDA) data, the primary source of data for these analyses, contain information...

This paper uses Flow of Funds data on the level of net new credit extension to construct a bird's-eye view of what the financial market landscape might look like once the turmoil subsides and the economy has begun to recover. The paper targets two...

Examination of the charter choices made by the more than 1,600 new banks established from 1998 through 2008 reveals that since 2003 there has been a clear and persistent shift in preference away from national bank charters and in favor of state bank charters....

Under the Home Mortgage Disclosure Act (HMDA), lenders are required to gather and report information on applicants' and coapplicants' ethnicity, race, and gender. These three characteristics are used to define protected class and control groups used for fair lending analyses. Typically, each characteristic is...

Retail exposure at default (EAD) is one of the weakest areas of risk measurement and modeling in industry practices and in academic literature. The U.S. Basel II Final Rule is not specific about the approach to EAD. In this study, we use borrower and...

In credit markets, asymmetric information problems arise when borrowers have private information about their creditworthiness that is not observable by lenders. If these informational asymmetries do not negatively affect lenders' profitability, then they are irrelevant to lenders.Author: Viktors Steburnovs,Lewis GaulISBN-10: 150531030XISBN-13: 9781505310306Publisher: Createspace Independent...

This paper revisits the topic of relative performance evaluation (RPE) of top management using a large panel of community banks. We show that penalizing executives for poor performance arising from economic downturns is not necessarily inconsistent with the theory. Our empirical results indicate that...

As public pension plans steer more of their portfolios toward alternative assets such as hedge funds, private equity funds, and real estate, we examine how these investments have affected public pension plan performance. We find somewhat mixed results. When compared to pension plans with...

The Basel II Accord requires participating banks to quantify operational risk according to a matrix of business lines and event types. Proper modeling of univariate loss distributions and dependence structures across those categories of operational losses is critical for proper assessment of overall annual...

This paper studies residential mortgage loss given default using a large set of historical loan-level default and recovery data of high loan-to-value mortgages from several private mortgage insurance companies. We show that loss given default can largely be explained by various characteristics associated with...

This paper exploits a unique panel of U.S. community banks to re-examine the role of regulatory oversight in disciplining bank management and to consider the effect of such regulatory-linked disciplinary actions on subsequent bank performance. The results indicate that both weak bank performance and...

The problem in default probability estimation for low-default portfolios is that there is little reverent historical data information. No amount of data processing can fix this problem. More information is required. Incorporating expert opinion formally is an attractive option.Author: Nicholas M. KieferISBN-10: 1505309204ISBN-13: 9781505309201Publisher:...

Most community banks have been unable to increase dramatically the percentage of their revenue coming from non-traditional sources and so remain reliant on the net income generated by traditional intermediation activities. This continued dependence means that the lending strategy chosen by any community bank...

A dramatic rise in subprime foreclosures over the past several years has led to calls for restrictions of, or prohibitions against, a range of lending practices loosely termed "predatory." Several cities and states have enacted legislation or regulations aimed at eliminating predatory practices, and...

A manual review of applications is an important component of statistically modeled fair lending exams. How files to review are identified affect both resource allocation and reliability of conclusions.This study uses Monte Carlo simulation to compare how six outlier identification strategies perform at identifying...

Over the past 30 years, a great deal of research has investigated the potential usefulness of early warning models as offsite supervisory tools. Accurate offsite models allow bank supervisors to identify high-risk banks at a reasonable length of time prior to marked deterioration in...

Lenders use rating and scoring models to rank credit applicants on their expected performance. The models and approaches are numerous. We explore the possibility that estimates generated by models developed with data drawn solely from extended loans are less valuable than they should be...

Rapid growth in subprime lending over the past decade has led to rising concerns about abusivepractices by subprime lenders. By early 2004, those concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by...

This booklet describes unique assets and hard-to-value assets, risks associated with investing or holding these assets, and the fiduciary role in managing these assets. This booklet provides guidance for examining these types of discretionary assets held in fiduciary accounts in asset management areas of...

This paper compares key characteristics of banking systems across countries. A basic premise underlying our review is that the increasing globalization of banking and finance mandate a broad, cross-country perspective on banking issues. Indeed, cross-country comparisons can add insight into basic issues in banking...

The Uniform Bank Performance Report is an analytical tool created for bank supervisory, examination, and bank management purposes. In a concise format, it shows the impact of management decisions and economic conditions on a bank's performance and balance-sheet composition.Author: Federal Financial Institutions ExaminatiISBN-10: 1505299667ISBN-13:...

This guide, prepared by the Office of the Comptroller of the Currency (OCC), is intended to provide an introduction to tribal ownership of national banks. The OCC encourages tribes and national banks to consult with counsel familiar with banking law, federal Indian law, and...

The U.S. government considers its relationship with Nigeria, Africa's largest producer of oil and its second largest economy, to be among the most important on the continent. Nigeria is Africa's most populous country, with more than 170 million people, roughly divided between Muslims and...

The United States has led the international community in imposing economic sanctions on Iran, in an effort to change the government of that country's support of acts of international terrorism, poor human rights record, weapons and missile development and acquisition, role in regional instability,...

National Security Letters (NSLs) are roughly comparable to administrative subpoenas. Various intelligence agencies use them to demand certain customer information from communications providers, financial institutions, and consumer credit reporting agencies under the Right to Financial Privacy Act, the Fair Credit Reporting Act, the National...

On October 26, 2001, the President of the United States signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56. Section 366 of the USA PATRIOT ACT...

The financial performance of federally chartered institutions improved in 2013. The federal banking system set a new record level of net income in 2013, but this took seven years and $1.5 trillion (or 20 percent) growth in assets to achieve, highlighting the slow pace...

The offshore areas of the Gulf of Mexico provide a setting for domestic and international energy production, U.S. military training and border operations, trade and commerce, fishing, tourist attractions, and recreation. These governmental, commercial, and cultural activities depend on healthy and productive marine and...

Five federal statutes authorize intelligence officials to request certain business record information in connection with national security investigations. The authority to issue these national security letters (NSLs) is comparable to the authority to issue administrative subpoenas. The USA PATRIOT Act expanded the authority under...

The United States Constitution (Article 1, Section 5, clause 1) provides each House of Congress with the sole authority to establish rules, judge membership requirements, and punish and expel Members. From 1789 to 1967, the House of Representatives dealt with disciplinary action against Members...

The Financial Management Service (FMS) is a bureau of the United States Department of the Treasury. FMS performs many of the fundamental cash management functions that were delegated to Treasury when Congress created the Department in 1789. The Financial Management Service (FMS) plays a...

It is usually impractical or impossible to review all items or files when examining an area of bank operations, especially if the volume of information is large. Examiners use sampling to observe a random subset to learn about the multitude of items from which...

This section sets forth guidance for examiners reviewing bank nondepositinvestment product retail sales operations, including bank-related marketingand promotional activities. Examiners will review a bank's programs forconsistency with the Interagency Statement on Retail Sales of NondepositInvestment Products, dated February 15, 1994 (interagency Statement).Author: Comptroller of...

The "Retail Lending Examination Procedures" are structured to accommodate ongoing supervision of all types of retail lending products and operations, and more comprehensive examinations of high-risk operations or larger, more complex operations. Examiners have the flexibility to add or delete procedures based on the...

The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 USC 2601 et seq.) (the act) became effective on June 20, 1975. The act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature...

This booklet is designed as a reference tool and examination guide to assist bankers and examiners in understanding the various types of related organizations, risks that may be associated with these organizations, and the responsibilities of a bank's board of directors and management to...

This tome is an argot manual of the Egyptian gods and goddesses attributeAuthor: L. PISBN-10: 1505266866ISBN-13: 9781505266863Publisher: Createspace Independent Publishing PlatformLanguage: EnglishPublished: 12/02/2014Pages: 26Format: PaperbackWeight: 0.11lbsSize: 9.02h x 5.98w x 0.05d

Credit risk is the primary financial risk in the banking system and exists invirtually all income-producing activities. How a bank selects and manages itscredit risk is critically important to its performance over time; indeed, capitaldepletion through loan losses has been the proximate cause of...

Each national bank must submit to the Office of the Comptroller of theCurrency (OCC) various reports revealing its financial condition or the resultsof its operations. This information, which is reported for regulatory purposes, isalso available for public disclosure to enable investors, depositors, andcreditors to...

The Office of the Comptroller of the Currency (OCC) conducted its 17th annual underwriting survey to identify trends in lending standards and credit risk for the most common types of commercial and retail credit offered by national banks. The survey covers the 12-month period...

The Office of the Comptroller of the Currency (OCC) conducted its 18th annual "Survey of Credit Underwriting Practices" to identify trends in lending standards and credit risk for the most common types of commercial and retail credit offered by national banks and federal savings...