"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, 1963Reviews Federal bank supervision practices and allegations of deceptive reporting practices by national banks. |
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Page 3
... calls on a surprise basis ? Perhaps I should make clear that a " call " is issued by a bank super- visor to all banks under its supervision , for a report as of a prior date . For example , the Comptroller of the Currency may inform ...
... calls on a surprise basis ? Perhaps I should make clear that a " call " is issued by a bank super- visor to all banks under its supervision , for a report as of a prior date . For example , the Comptroller of the Currency may inform ...
Page 4
... surprise reports , and often they can directly ask banks for the information ... calls . Bankers have repeatedly informed us that it is most difficult to ... surprise call panacea . Plainly stated , this is the argument that all the ...
... surprise reports , and often they can directly ask banks for the information ... calls . Bankers have repeatedly informed us that it is most difficult to ... surprise call panacea . Plainly stated , this is the argument that all the ...
Page 5
... call reports would be retained and perhaps even enhanced and the evils , particularly window dressing , would disap- pear , if all calls were made on a surprise basis . What I have already said suggests some of the weaknesses of that ...
... call reports would be retained and perhaps even enhanced and the evils , particularly window dressing , would disap- pear , if all calls were made on a surprise basis . What I have already said suggests some of the weaknesses of that ...
Page 6
... surprise call " approach clearly is not the answer . As I have said , it would impose additional burdens on banks , would not materially improve public understanding , and might weaken essential statistics rather than improve them . In ...
... surprise call " approach clearly is not the answer . As I have said , it would impose additional burdens on banks , would not materially improve public understanding , and might weaken essential statistics rather than improve them . In ...
Page 7
... call re- ports to include daily average figures for important items . This might also be helpful from the statistical viewpoint ... Calling for all reports of condition on surprise dates is not a satisfactory answer . I believe that bank ...
... call re- ports to include daily average figures for important items . This might also be helpful from the statistical viewpoint ... Calling for all reports of condition on surprise dates is not a satisfactory answer . I believe that bank ...
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Common terms and phrases
actual advertise ALLEN amendment ANDERSON assessment bank examination bank reports bank supervisory agencies bankers banking industry banking practice banking public believe BLOOM call dates certificate Chairman Comp Comptroller Comptroller's Congress CONKLING coordination CORNELIUS E Counsel Currency day of June December 28 December 31 deceptive Deposit Insurance Corporation depositors Director Wolcott effort engage fact FASCELL FDIC Federal Deposit Insurance Federal Reserve System financial institution FISHER going GOVERNMENT OPERATIONS HENGREN inflated insured banks June 30 LANKFORD largest bank last business day loan MACDONALD MATAN McCLORY ment moral suasion national banks Office official condition reports practice of window problem of window published statement purpose question regulation report dates reports of condition Robert Bloom ROBERT MCCLORY ROBERTSON staff statement date statistics statute stop subcommittee supervisory authorities surprise basis surprise calls surprise dates Thank thing tion total deposits transactions troller WATSON window dressing
Popular passages
Page 6 - Now, here, you see, it takes all the running you can do, to keep in the same place.
Page 34 - Institutions and trust companies subject to regulation and examination by the Comptroller of the Currency or the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation.
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...