Homework - identifying and taking action in response to...

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Yi Chen Homework 1. How many banks failed in each year? 2008—2011 There were 25 banks failed in 2008. There were 157 banks failed in 2009. There were 140 banks failed in 2010. There were 45 banks failed in 2011 till June 6. 2. DODD—Frank Act a. What is it? The Dodd-Frank Wall Street Reform and Consumer Protection Act (henceforth, the “Dodd-Frank Act”), was signed into law by President Obama on Wednesday July 21, 2010. The Act spans over 2,300 pages and affects almost every aspect of the U.S. financial services industry. The objectives ascribed to the Act by its proponents in Congress and by the President include restoring public confidence in the financial system, preventing another financial crisis, and allowing any future asset bubble to be detected and deflated before another financial crisis ensues. b. What was/is it supposed to do? Aimed at addressing the causes of the financial crisis of the last few years, the Act, among other things, provides for a more comprehensive, macro perspective for
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Unformatted text preview: identifying and taking action in response to emerging risks in financial sectors and closing regulatory gaps; heightened prudential supervision of systemically important nonbank financial companies and large, interconnected bank holding companies; orderly liquidation of systemically important nonbank financial companies and bank holding companies; elimination of open assistance to preserve a failing insured depository institution; improved consumer financial protections and mortgage lending practices; and enhanced transparency and supervision of over-the-counter derivatives, swaps, and securities activities; and other investor protections. The Act significantly impacts the FDIC in its roles as supervisor, receiver, and deposit insurer, as well as making changes to the FDIC’s corporate structure. 3. How many New York State banks failed in 2010? There were 3 banks failed in 2010. Each bank is USA Bank, The Park Avenue Bank, LibertyPointe Bank....
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