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Today, the U.S. Treasury Department and American International Group, Inc. (AIG) announced that they had reached an agreement-in-principle with the Federal Reserve Bank of New York (FRBNY) and the trustees of the AIG Credit Facility Trust regarding the repayment by AIG of funds made available to it by U.S. taxpayers
Today, the Financial Accounting Standards Board (FASB) issued an Exposure Draft of a proposed Accounting Standards Update (ASU) to improve accounting for financial instruments
Today, the Financial Crisis Inquiry Commission (FCIC), a congressionally appointed commission tasked with researching the financial collapse, held the second day of a three day hearing entitled, "Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs)."
Today, a consortium of interested trade associations, including the American Bankers Association, the Financial Services Roundtable and the Mortgage Bankers Association, sent a letter to Senators Christopher J. Dodd (D-CT) and Richard C. Shelby (R-AL), the Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, respectively, urging the Committee to address potential systemic risks posed by accounting standards in the consideration of the Senate’s comprehensive financial industry reform legislation
