Word: fdic
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...customers in the U.S., Europe and Japan from withdrawing $8 billion a day in deposits. By week's end the Federal Deposit Insurance Corporation and private lenders had to pump $2 billion directly into Continental. Though it normally does not insure amounts of more than $100,000, the FDIC went so far as to pledge that all the bank's depositors and creditors would be "fully protected." In addition, the Federal Reserve Board, which had also been supplying credit to Continental, promised to continue doing so until the bank's problems have been solved. And the Morgan...
Preparations for the federal bailout, the swiftest and most complete on record, began shortly after rumors started circulating about Continental on May 10. Details were hashed out in meetings and phone calls between Federal Reserve Chairman Paul Volcker, FDIC Chairman William Isaac and Comptroller of the Currency C. Todd Conover. "This is a very historic thing," said one New York banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose...
...latest challenge to Volcker stemmed from a debate over who should rule U.S. banking. Authority over some 4,700 national banks is shared by the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC). In addition, Volcker's board regulates about 1,000 state-chartered banks that are members of the Federal Reserve System, while the FDIC supervises nearly 8,800 state banks that do not belong...
...potential for conflict among the bank regulators has grown enormously in recent years because of the rapid proliferation of financial services. Disputes have arisen about what businesses banks should be permitted to handle. The FDIC, for example, wants the banks it oversees to be able to offer brokerage services, insurance and travel assistance, but the Federal Reserve Board generally opposes such diversification...
...December 1982, the White House set up a task force to draft a plan to overhaul bank regulation. Headed by Vice President George Bush and Regan, the group includes Volcker, FDIC Chairman William Isaac and C.T. Conover, the Comptroller of the Currency. After a year of study, the task force reached a general consensus that the power to examine and regulate banks should be consolidated in a new federal banking agency, with the Office of the Comptroller of the Currency forming its nucleus. Under this proposal, the FDIC would concentrate on insuring bank deposits, while the Federal Reserve would focus...