Fraud and Abuse by Insiders, Borrowers, and Appraisers in the California Thrift Industry: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, One Hundredth Congress, First Session, June 13, 1987U.S. Government Printing Office, 1987 - 568 lappuses |
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ADLER affiliated outsiders Agency Group appraisal assets Assistant U.S. Attorney bank fraud Bank Secrecy Act Barnard Committee borrowers BUSTAMANTE California California thrift Chairman compliance CRAWFORD criminal misconduct criminal referrals Department of Savings direct investments directors Doug Barnard embezzlement examiners failed institutions failure FBI agents Federal Home Loan Federal Savings FHLBB filed financial institution fraud Financial Privacy FSLIC fee counsel funds going Home Loan Bank insider abuse institution's insured institutions involved law enforcement litigation Loan Association Loan Bank Board Los Angeles losses Major Fraud Unit Major Frauds Section MARTINEZ million MONETARY AFFAIRS SUBCOMMITTEE monitoring operating Orange County percent personnel priority problem procedures Ramona real estate receivership regulations regulatory agencies requirements responsibility S&LA San Diego San Francisco San Marino Savings and Loan South Bay Special Agents supervisory testimony thrift industry tion transactions U.S. Attorney's Office United States Attorney white-collar crime
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502. lappuse - Honorable Doug Barnard. Jr. Chairman Subcommittee on Commerce, Consumer, and Monetary Affairs Committee on Government Operations House of Representatives Washington, DC...
449. lappuse - Faulty and fraudulent real estate appraisals have become an increasingly serious national problem. Their harmful effects are widespread, pervasive, and costly. They have seriously damaged and contributed directly to the insolvency of hundreds of the nation's financial institutions...
240. lappuse - ... The House bill creates an elaborate appeal and arbitration mechanism that can be used whenever a supervisory agent requires a thrift to recognize a loss. This is a perfect device for those engaged in insider abuse and fraud to delay any enforcement action that would stop such abuses. Those abusing a thrift have the strongest incentive to use the arbitration mechanism. The fact that the thrift has to pay the arbiters' costs is plainly irrelevant to such insiders.
277. lappuse - Part with respect to certain creditors is assigned to the Comptroller of the Currency, Board of Governors of the Federal Reserve System...
226. lappuse - Reappraisals ordered by the principal supervisory agent (PSA) of our ninth district, which includes Texas, took an average of nine months to complete. By the time the reappraisal was complete, the thrift often had already doubled in size. Once the reappraisal came in indicating a serious loss, the property could be refinanced or purchased by another thrift or a shill in a back scratching deal at a purported profit. The shills who purchased such properties generally received a nonrecourse loan for...
278. lappuse - Such compliance program shall at a minimum (1) Provide for a system of Internal controls to assure ongoing compliance; (2) Provide for independent testing for compliance to be conducted by...
273. lappuse - GAAP, and items based on risk analysis reporting (RAR) that are not part of GAAP equity capital. Mutual insured institutions can only obtain external capital through the sale of subordinated debt, which would not qualify as GAAP capital, but is generally treated as capital for RAR purposes. In keeping with this policy of applying GAAP accounting standards to insured institutions to the extent it is reasonable and possible to do so, the Board has proposed to amend its statements of policy relating...
242. lappuse - Board is now working with the other federal financial institutions' regulatory agencies to develop a joint legislative package for the enhancement of the civil enforcement authorities of all the agencies. We would, however, like to take this opportunity to reiterate a few of those key enforcement areas in need of legislative revision.
216. lappuse - Any attempt to predict the course of regulatory developments is speculative at best. 2. Competition and Management Shortage. With large numbers of new applications and expansion of existing associations, there is strong competition for business and a shortage of top quality, experienced management. If you are not prepared to operate an StL in a competitive environment, you should not become involved with one.
560. lappuse - 1. Regulatory Environment. S&Ls are subject to extensive regulation by federal and state agencies. Many successful business people simply lack the patience needed to tolerate a highly regulated environment. Moreover, regulators can react sharply if they believe their regulations have been intentionally violated. Although financial institutions are generally going through a rapid deregulation, the threat of reregulation is constantly present, especially if the regulators perceive abuses.