"Window Dressing" in Bank Reports: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, Eighty-eighth Congress, First Session. October 2, 1963
U.S. Government Printing Office, 1963 - Banks and banking - 39 pages
Reviews Federal bank supervision practices and allegations of deceptive reporting practices by national banks.
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accompanied actual ALLEN amendment ANDERSON answer assessment authority balance bank examination bankers basis believe Bloom Board call dates call report Chairman CHIEF committee Comptroller Congress coordination correct Counsel course Currency December December 31 Deposit Insurance Corporation determination Director discuss don't effect effort engage examiners example existing fact FASCELL Federal Deposit Insurance Federal Reserve System figures FISHER fixed give going hearing helpful HENGREN hope idea increase inflated institution interest June larger last business day loan MACDONALD MATAN matter McClory means meetings ment national banks normally Office Operations opinion particular practice present problem proposed publish question reasonable regulation reports of condition result ROBERTSON selected serve staff statement statistics statute stop sure surprise calls Thank thing tion transactions true understand voluntary Watson window dressing yearend
Page 6 - Now, here, you see, it takes all the running you can do, to keep in the same place.
Page 8 - We will be happy to answer any questions that you or the members of the committee might have about our individual programs.
Page 4 - Report of Condition of XYZ State Bank * * *" published in accordance with call made by whomever it would be; instead, they relax calmly in the shelter of Federal deposit insurance. Those who are interested in the condition of a bank — such as the treasurers of corporations with millions on deposit — are seldom misled by window dressing. They know it exists and make necessary allowances, checking against the surprise reports, and often they can directly ask banks for the information they want....
Page 21 - We recently began a series of meetings with representatives of the Federal Reserve System and the Federal Deposit Insurance Corporation to discuss revisions in the call report. We are hopeful that by the June 1964 call a uniform report will be devised which will provide the necessar...
Page 5 - This was demonstrated in 1962. Reports of condition were called for as of Friday, December 28, which, for most banks, was just 1 business day before the end of the year. It can be assumed that since banks are accustomed to December 31 calls, the December 28 figures were not appreciably inflated by window dressing. Most banks, particularly large banks, published not only their call reports as of December 28, 1962, as required by law. but also voluntary reports as of December 31, and the latter were...
Page 1 - DRESSING" IN BANK REPORTS WEDNESDAY, OCTOBEE 2, 1963 HOUSE OF REPRESENTATIVES, LEGAL AND MONETARY AFFAIRS SUBCOMMITTEE OF THE COMMITTEE ON GOVERNMENT OPERATIONS, Washington. DC The subcommittee met, pursuant to notice, at 9:45 am in room 100-B George Washington Inn, Hon.
Page 7 - This might also be helpful from the statistical viewpoint, although it would add to the reporting burdens of banks — including the majority which do not window dress — and it would not, by itself, prevent window dressing in the yearend balance sheet, and that is where it is principally used. I should like to summarize my ideas on this subject. Window dressing is an undesirable practice. Every reasonable effort should lie made to eliminate it.
Page 3 - Fifty or a hundred years ago commercial banks' customers were almost exclusively people of substance, to use a phrase of the time. Wage earners and white-collar workers rarely had accounts. Typical customers were manufacturers, wellto-do farmers, and wholesale and retail merchants. This was long before the days when 49 of every 50 bank depositors were completely covered by deposit insurance. In that era, the majority of bank customers could and probably did read reports of condition, to decide whether...