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...immediately apparent that Acting Comptroller Marshall Diggs, FDIC Chairman Leo Crowley and Secretary of the Treasury Morgenthau preferred to regard bank regulations as safeguards for depositors. Last week, after hot & heavy debate, the four reached a compromise "through the usual democratic processes of give & take." The National Association of Supervisors of State Banks approved. So did Franklin Roosevelt. The new rules go into effect July first. Important changes...
...activities of the three Federal agencies which supervise U. S. banking activities-the Federal Reserve System, Federal Deposit Insurance Corp. and Comptroller of the Currency. Franklin Roosevelt asked for such action in an inconspicuous part of his April 14th message to Congress. Last week Secretary of the Treasury Morgenthau, FDIC Chairman Leo Crowley, Acting Comptroller of the Currency Marshall Diggs and several Federal Reserve officers sat down to see if the simplification could not be accomplished without legislation. First problem tackled was bank examinations, now conducted differently by all three agencies. At week's end it was reported...
...headline form the news looked bad-not only had bank failures in the last six months of 1937 almost doubled but in that period FDIC's earnings failed for the first time to cover its operating expenses. This did not reflect two important facts, however: 1) for the whole year FDIC earnings exceeded expenses by $1,000,000; 2) FDIC does not consider as earnings the assessments paid by insured banks. Besides its $1,000,000 net earnings on operations it collected $38,800.000 of such assessments in 1937. Last week FDIC's white-shocked Chairman Leo Thomas...
...total assets which FDIC has in hand to wager amount to some $385,000,000, of which about a fifth has come from assessments (one twelfth of 1% per annum of total deposits) on those 13,800 U. S. banks which are now insured. In case of another crisis such as 1933, the FDIC could issue its bonds, notes or debentures to a total in one year of $975,000,000. Thus FDIC has or can raise a maximum of a billion and a quarter dollars as an anchor to windward for some 20 billion in deposits. Whether the anchor...
When Bergen Trust passed the deadline, FDIC promptly notified all depositors, thus broadcasting the bank's shortcomings to those best able to bring the management to heel. Insurance on present deposits continues two years after cancellation but new deposits are unprotected...