American Banker articles from October 2004

American Banker archives from October 2004

CEO of N.Y. Community: Revamp Still Right Move.
October 1, 2004... It seems that no matter what New York Community Bancorp does to clarify its balance sheet positioning, it winds up with the opposite result. Having failed to draw a buyer, it initiated a massive sale of investment securities in the second...

B of A's Latest Freebie Play -- Person-to-Person Payments.(Bank of America Corp.)
October 1, 2004... Consumers have long said they wanted an easier way to move their money electronically, but bankers have been wary that making such a service available would simply allow their deposits to flow out to other financial institutions. Now Bank...

'Brain Drain' Or a Facelift At Schwab?(executive personnel at Charles Schwab Corp.)
October 1, 2004... What's going on in the executive suite at Charles Schwab Corp.? It may look like a "brain drain," said Lon Gorman, a vice chairman and member of the executive committee, who this week announced his retirement just days after another top...

More Farm Credit Fallout: Lawmakers raise questions on Rabobank deal.(Rabobank Group's bid to purchase Farm Credit Services of America)
October 1, 2004... Rabobank Group's deal to buy a Farm Credit System lender has prompted Congress to consider the first changes to the Farm Credit Act in more than 30 years. Saying he was fearful that a sale of the $7.8 billion-asset Farm Credit Services of...

Breaking Ranks on Payday.
October 1, 2004... The FDIC's newest director, Tom Curry, assailed bank pacts with payday lenders as evasion of state laws. FDIC Chairman Powell has defended the arrangements. Story on page 4 Copyright 2004 Thomson Media Inc. All Rights Reserved....

People.(Citigroup Inc. sponsors foreign policy discussion program)(Bud Koch, Charter One Financial Inc.)(Jim Rohr, PNC Financial Services Group)
October 1, 2004... On the Air Last month the Japanese government ordered Citigroup Inc.'s private bank out of that country for alleged failures to adequately monitor accounts. Though the embarrassment brought a public rebuke from CEO Chuck Prince, it...

Fannie May Face Justice Probe, Loss of Support.(Federal National Mortgage Association)
October 1, 2004... Thursday was another bad day for Fannie Mae. Word of a Justice Department investigation punished its stock, its regulator vowed to release monthly capital reports, and a key ally said it was reevaluating support for the government-sponsored...

Critique of Terrorist Financing.(Senate Banking Committee hearing)
October 1, 2004... The vice chairman of the 9/11 commission testified that federal regulators need to do a better job of sharing information with banks and other financial institutions to prevent the financing of terrorists. "We'd like to see a higher...

Signaling Split, FDIC's Curry Assails Payday Lending Pacts.(Tom Curry, board member of Federal Deposit Insurance Corp.)
October 1, 2004... Partnerships between banks and payday lenders are an abuse of federal preemption powers and should be eliminated or restructured, a Federal Deposit Insurance Corp. board member said Thursday. Tom Curry broke ranks with FDIC Chairman Donald...

Cookies a Monster Hit, But Bank Making More Dough?(Fidelity Bank of Norcross)(Brief Article)
October 1, 2004... A Georgia bank credits equipment it installed a year and a half ago for the customers who are flocking to its branches. What is this miracle device? An oven. Tracy Grant, the marketing director at Fidelity Bank of Norcross, thought the...

In Brief: Bancshares of Fla. Cancels Horizon Deal.(Bancshares of Florida Inc., Horizon Financial Corp.)(Brief Article)
October 1, 2004... Bancshares of Florida Inc. in Naples has canceled its deal to buy Horizon Financial Corp. of Pembroke Pines. Michael L. McMullan, the president and chief executive officer of the $297 million-asset Bancshares of Florida, said in a press...

In Brief: Wells of Minn. Going Private, Buying Stock.(Wells Financial Corp)(Brief Article)
October 1, 2004... Wells Financial Corp. of Wells, Minn., is planning to go private to get out from under the regulatory requirements of being a public company. Shareholders in the $223.4 million-asset company can sell their shares now through Oct. 29 in a...

Decisions by Stock Exchange, First Data Have iBill in Limbo.(credit card processor Internet Billing Company Ltd.)(Care Concepts I Inc.)(First Data Corp.)
October 1, 2004... Internet Billing Co. has been hit by a one-two punch that is threatening to put the credit card processor out of business and has at least temporarily canceled its sale to Care Concepts I Inc. Last week a judge denied iBill's request for a...

In Brief: Aon Founder to Resign; New CEO Sought.(Brief Article)
October 1, 2004... The founder of Aon Corp., the second-largest insurance agency in the country, announced Thursday that he intends to resign as chief executive, and the company has begun the search for his successor. Patrick G. Ryan, 67, will remain the CEO...

In Brief: Northeast Bank in Maine Buys 2d Agency.(Sargent Insurance Agency)(Brief Article)
October 1, 2004... Northeast Financial Services Co., a subsidiary of Northeast Bank of Auburn, Maine, announced Thursday that it had acquired Sargent Insurance Agency of Rangeley, Maine. The price was not disclosed. Northeast bought its first agency, Kendall...

In Brief: 3 American Century Funds Now Adviser-Only.(American Century Investments Inc.)(Brief Article)
October 1, 2004... American Century Investments of Kansas City, Mo., added loads Thursday to three of its Strategic Asset Allocation funds, which now will be sold to new investors only through financial advisers. The three funds -- conservative, moderate, and...

Management a Key to Pa. Deal.(KNBT Bancorp Inc., Pennsylvania, purchase of Oakwood Financial Corp.)
October 1, 2004... The chief executive of KNBT Bancorp Inc. of Bethlehem, Pa., said it will get stronger management on top of a bigger product selection and more investment revenue by buying its first broker-dealer, Oakwood Financial Corp. Oakwood is to be...

How to Privatize Fannie, Freddie.(Federal National Mortgage Association, Federal Home Loan Mortgage Corp.)
October 1, 2004... Though Congress is now considering tighter regulation of Fannie Mae and Freddie Mac, there are reasons to doubt that tougher regulation alone can protect the economy from the risks associated with these two government-sponsored enterprises....

Lesson to Warehouse Lenders On Collateral Arrangements.(Pioneer Commercial Funding Corp. v. American Financial Mortgage Corp.)
October 1, 2004... Pennsylvania's Supreme Court recently held that a bank's right of setoff -- the right to seize deposits to offset loan defaults -- took priority over a warehouse lender's perfected security interest in the proceeds of collateral on deposit at...

Another Good Idea From Europe for Bankers in the U.S.(Letter to the Editor)
October 1, 2004... To the Editor: I did enjoy your article about Celent Communications' suggestion that U.S. banks might learn from European Internet ideas. ["Ideas from Europe on Generating New Web Accounts," Sept. 28, page 10] The generally negative...

Risk-Assessment Rule Threatens Small Tech Firms.(Letter to the Editor)
October 1, 2004... To the Editor: Regulators now require banks to do risk assessments of their information technology vendors, and bank boards to review those assessments. Though the intention is good -- to protect banks -- some of the results are not. ...

TransUnion Title Alternative.(title insurance)
October 1, 2004... Despite many home equity lenders' willingness to skip outside protection against title issues, TransUnion LLC's real estate services unit says it has had some early success selling what it calls an alternative to typical insurance policies. ...

In Brief: New Fannie Rules on Arbitration, Mass.(Brief Article)
October 1, 2004... Fannie Mae has followed through on the pledge it made in February to stop financing subprime loans with mandatory arbitration clauses. However, the government-sponsored enterprise has exempted loans that include clauses that "immediately...

In Brief: PrimeQ of Calif. Acquiring IMCCAL Assets.(Brief Article)
October 1, 2004... PrimeQ Solutions Inc., an online advertising and lead generation company, has purchased the assets of IMCCAL Inc., a mortgage lead generator that owns such Web sites as PickYourLenders.com and LeadsMatrix.com. The deal was announced...

In Brief: Express Financial of Pa. Hires Wingle.
October 1, 2004... Christopher Wingle has joined the Mechanicsburg, Pa., branch of Express Financial Services as an account executive. Mr. Wingle was the chief executive of Access Capital, a mortgage brokerage in Harrisburg. He has 12 years of mortgage...

In Brief: Capital Lease Makes Loan on Kohl's Site.(Capital Lease Funding Inc.)(Brief Article)
October 1, 2004... Capital Lease Funding Inc. has provided a $48.3 million fixed-rate permanent mortgage on a 5.97-acre site in Chicago where a department store is under construction. The New York firm could do so because the loan is secured by an assignment...

In Brief: Harland to Take $8M Charge.(John H. Harland Co.)(Brief Article)
October 1, 2004... John H. Harland Co. said it will take a charge of $7.9 million, or an estimated 18 cents a share, against third-quarter earnings for scaling back a customer-care project in its printed products business. The project was mean to improve...

In Brief: More Protection from PayPal.(Brief Article)
October 1, 2004... PayPal Inc., the payments subsidiary of eBay Inc., said Thursday that it had doubled the buyer protection it offers to eBay users who spend up to $1,000 on certain transactions. The service reimburses PayPal users who lose money when they...

In Brief: Image Checker from Mitek.(Brief Article)
October 1, 2004... Mitek Systems Inc. has introduced an image quality analysis tool that will allow banks to verify digital check images. The Poway, Calif., technology vendor also said that Harland Financial Solutions would incorporate the ImageScore software...

Correction.(Correction Notice)
October 1, 2004... In the Sept. 24 paper, a page 7 story confused two Bank of New York deals with Wilshire Associates. The bank expects their alliance in risk-management services -- not the pending purchase of Wilshire's institutional brokerage execution and...

In Brief: Capital One Closing Tex. Center.(Brief Article)
October 1, 2004... Capital One Financial Corp. plans to cut 220 jobs at its call center in Irving, Tex., and move most of the work to its Richmond, Va., facility. In a press release issued after the market closed Thursday, the credit card issuer said it...

In Brief: Redlining Alleged in Baltimore.(National Community Reinvestment Coalition to file lawsuit, Maryland)(Brief Article)
October 1, 2004... The National Community Reinvestment Coalition plans to file a lawsuit in the next few weeks that accuses a financial services company of redlining in the Baltimore area, an official said Thursday. David Berenbaum, the senior vice president...

In Brief: Democrats Offer Remittance Bill.(Brief Article)
October 1, 2004... Sen. Paul Sarbanes of Maryland and eight other Democrats introduced a bill Thursday intended to encourage more banks to offer remittance services. "We encourage the federally insured financial institutions and their regulators to move into...

Wachovia Names A New Boss for Investment Unit.
October 1, 2004... Wachovia Corp. said Thursday that it will bring in a new leader for its embattled capital management group at yearend. David M. Caroll will take over as the group's president from Donald A. McMullen Jr., who will retire. Wachovia said...

U.S. Individual P&C Insurers with Most Net Premiums Written: In the first half of 2004. Dollars in thousands.(property and casualty insurance)(Illustration)
October 1, 2004... (part 1 of 2) Rank 1 State Farm Mutual Auto Insurance Co. Bloomington, Ill. 2 Allstate Insurance Co. Northbrook, Ill. 3 Nationwide Mutual Insurance Co. Columbus, Ohio 4 State Farm Fire and Casualty Co....

Bay View Acquisition Plan Builds From Losses.
October 4, 2004... After it dissolved its thrift charter and sold its branches, Bay View Capital Corp. of San Mateo, Calif., had planned a complete liquidation, but instead it wants to be a community bank again. Now just a finance company, Bay View aims to...

Why City National's Next Deal Probably Won't Be for a Bank.
October 4, 2004... City National Corp., a Los Angeles company focused on business and private banking, is hunting for strategic deals to fill out its network in southern California. Acquisitions have been a source of growth for the $13.5 billion-asset...

Scenario One: A Major Bank Has Failed ...
October 4, 2004... Banking experts from around the world convened here last week to contemplate the unthinkable: systemic financial crisis. Many agreed that if and when it happened, it would come quickly. One of the roughly 15 global banks big enough to cause...

Executive Changes.
October 4, 2004... NEW ENGLAND Bank of America Corp. said that Betsey Greenstein and Michael C. Whitney have been named the presidents of its Maine and New Hampshire banking operations, respectively. They had the same jobs at Fleet Bank, which B of A...

Washington People.
October 4, 2004... New Kids in Town When the House Financial Services Committee meets Wednesday to discuss the Office of Federal Housing Enterprise Oversight's recent 211-page report into Fannie Mae's accounting problems, Director Armando Falcon Jr. will be...

Pa.'s Susquehanna Will Combine 8 Banks into 3.
October 4, 2004... Susquehanna Bancshares Inc. of Lititz, Pa., is merging its eight community banks into three, all bearing the holding company's name. William J. Reuter, Susquehanna's chairman, president, and chief executive officer, said Friday that the...

In Brief: Elan Offers New Terms on ATMs.(Brief Article)
October 4, 2004... Banks and credit unions can now choose to let Elan Financial Services own and maintain their automated teller machines for them. Jan Estep, the president of Elan, the transaction processing arm of U.S. Bancorp of Minneapolis, said in an...

In Brief: Certegy Makes It 3 Deals in Week.(Brief Article)
October 4, 2004... The credit card processor Certegy Inc. has added Pulaski Bank and Trust of Little Rock and Bank of Louisiana to its client list. The $400 million-asset Little Rock bank will use Certegy's credit card and merchant processing services. The...

In Brief: Co-Op to Cut PINPOS Fees.(Brief Article)
October 4, 2004... Co-op Network, the nation's largest credit union electronic funds transfer network, announced Friday that it was reducing its PIN point-of-sale switch fees. The move will save the network's 1,742 credit union members about $7.4 million a...

Financial Stock Pro Sees Sales Looming For Metris, Providian.
October 4, 2004... A prominent hedge fund manager questioned the viability of stand-alone subprime card issuers and said both Metris Cos. Inc. and Providian Financial Corp. will be sold sooner rather than later. "Both companies had credit problems," Thomas K....

Oppenheimer Funds Office Eyes European Institutions.
October 4, 2004... OppenheimerFunds Inc. says the London office opened recently by its OFI Institutional Asset Management division strengthens its focus on establishing a wider global presence. The decision to expand internationally was made in April 2002,...

Insiders Remain Bullish on Their Stocks.(bank stocks)
October 4, 2004... Bank stocks have outperformed the broader market for four years and continue to rally this year despite the uncertain interest rate environment, so you would think this warrants a correction. But bankers continue to buy more of their...

In Brief: SunTrust Investor Page Hit.
October 4, 2004... Scam artists attacked SunTrust Banks Inc. using a new "phishing" technique that exploited the Atlanta company's relationship with a third-party information provider, according to a notice posted Thursday on the Anti-Phishing Working Group's Web...

In Brief: Mobile Approval by Wachovia.(Brief Article)
October 4, 2004... Wachovia Corp. has begun notifying customers about loan approval using text messages delivered to their mobile telephones. The Charlotte banking company's education finance operation, Educaid, Wachovia Education Finance, expects that the...

All Are Welcome, Clearing House Payments Says.
October 4, 2004... By offering a hosted version of its image-exchange software, The Clearing House Payments Co. plans to extend its clearing and settlement service to all 1,600 institutions that use the company for check processing. The New York company...

Select, Formerly Fairbanks, Lines Up $570M of Credit.(Select Portfolio Servicing Inc.)
October 4, 2004... Select Portfolio Servicing Inc. of Salt Lake City, which gained subprime notoriety under the name Fairbanks Capital Corp., said Friday that it had lined up $570 million of financing to complete the second stage of a recovery program. It...

Fincen, Regulators in Data Pact.(Financial Crimes Enforcement Network)
October 4, 2004... The Financial Crimes Enforcement Network announced Friday that it had struck a deal with federal bank, thrift, and credit union regulators to improve the sharing of information about financial institutions' compliance with anti-money-laundering...

Corrections.(Correction Notice)
October 4, 2004... In Friday's paper, a page 1 story mistakenly said the Farm Credit Act had not changed in 30 years and misquoted Nancy Pellet, the chairman of the Farm Credit Administration, to that effect. Editing errors were to blame. There have been 19...

Two Deals Close: Let the Integrations Begin.
October 4, 2004... Two big regional bank acquisitions that closed Friday have set up a new round of battles for customers in the Southeast and the New York area. SunTrust Banks Inc. of Atlanta acquired National Commerce Financial Corp. of Memphis for $7...

Sale/Leaseback May Boost State Street's 3Q Earnings.(Brief Article)
October 4, 2004... State Street Corp. may sell and lease back two of its four processing facilities in Quincy, Mass., producing a third-quarter gain of $25 million to $30 million, an analyst said. That would add 7 cents to 9 cents a share to the Boston...

In Brief: Hudson: MBS Gains Will Offset Charges.(Brief Article)
October 4, 2004... Hudson United Bancorp of Mahwah, N.J., said Friday that it had restructured its balance sheet by selling securities in the third quarter and will report three charges that will offset the gain realized. The $8.9 billion-asset company said...

In Brief: Bill Would Eliminate Controversial Subsidy.(Brief Article)
October 4, 2004... House and Senate lawmakers have introduced legislation that would kill a controversial subsidy for nonbanks lending to students. The one-year plan would eliminate a subsidy received by lenders that finance education loans with tax-exempt...

In Brief: Effort to Extend 7(a)Fee Cuts Defeated.(Brief Article)
October 4, 2004... In the face of opposition from the Bush administration, a bipartisan group of lawmakers failed in their bid to extend a law that temporarily halved most of the fees that lenders pay to participate in the Small Business Administration's 7(a)...

Dimon of JPM Chase Named Banker of Year.
October 5, 2004... In his nearly four years as the chief executive of Bank One Corp., James Dimon scrubbed the loan book, consolidated multiple data networks, slashed costs, and pushed a focus on improved customer service. Along the way, Mr. Dimon also...

Freddie Chief To Dismantle Broker-Dealer.
October 5, 2004... Richard Syron's retrenchment of Freddie Mac advanced another step on Monday, as the government-sponsored enterprise said it would dismantle its broker-dealer operation, a unit that had been a source of criticism. The move, which surprised...

Court Acts; Discover Sues; Amex May Too.
October 5, 2004... One consequence of the Supreme Court's refusal to hear an appeal of the antitrust suit against MasterCard International and Visa U.S.A. was predictable: more litigation. Just moments after the decision was announced, Discover Financial...

Syndicated Lending Soars; Top 3 Retain Their Spots.
October 5, 2004... U.S. syndicated lending picked up steam in the third quarter and rose sharply in the first nine months of the year, nearly matching the total for all of last year, when the industry was in a slump. Third-quarter syndicated loans rose 41%...

Comptroller Urges Industry to Mend Its Ways.
October 5, 2004... A week before he plans to retire, Comptroller of the Currency John D. Hawke Jr. said the banking industry could get a regulatory hammering if it did not clean up many lending and credit card practices. He also said banks are fighting a...

ABA Chief to Push Grass-Roots Participation.(American Bankers Association)
October 5, 2004... Betsy Duke wants bankers to make sure that when their blood starts boiling, Washington policymakers hear about it. "I'd like to see bankers much more involved, much more passionate... much more vocal," said the Virginia banker, who today...

Damage Cap on the Docket.
October 5, 2004... The Supreme Court is scheduled to hear arguments today in a case against an auto dealer that could expose lenders to higher fines for Truth-in-Lending Act violations. The court has been asked to decide whether a cap on damage awards in...

Promontory Network Raising Coverage to $10M.(Promontory Interfinancial Network )
October 5, 2004... In response to rising demand from large depositors, Promontory Interfinancial Network is once again raising the level of Federal Deposit Insurance Corp. coverage it offers to customers of its member banks. Promontory chairman and chief...

Acquisition Helps Pa.'s Sterling Do Others.(Sterling Financial Corp.)
October 5, 2004... Roger Moyer, Sterling Financial Corp.'s president and chief executive, knew Sterling was getting a profitable company when it paid $30 million in stock and cash for Equipment Finance Inc. in February 2002. What he could not have guessed...

A Man, a (Book) Plan, a Banker.(Brief Article)
October 5, 2004... The historian David McCullough, the keynote speaker for the opening general session at the American Bankers Association's convention here Sunday, said he has a "great abiding affection for small-town bankers." Without the help of a banker...

In Brief: Hartford to Sell Its Crop Insurance Line.(Rural Community Insurance )
October 5, 2004... The Hartford Financial Services Group Inc. said Monday that it has agreed to sell its multiperil crop insurance business to Rural Community Insurance Co., a subsidiary of Wells Fargo & Co., for an disclosed price. The agreement calls for...

In Brief: Hancock Enables Card Payments for LTC.(long term care insurance premiums)(Brief Article)
October 5, 2004... John Hancock Financial Services of Boston said Monday that it has added a credit card payment option to its long-term-care insurance products. New policyholders will immediately be able to charge their monthly or quarterly long-term-care...

In Brief: N.Y. Life Hires Two Execs Reporting to CFO.(Brief Article)
October 5, 2004... New York Life Insurance Co. announced Monday that it has hired Gregory Deavens to be a senior vice president and Russell Bundschuh to be a first vice president. Both executives report to Michael Sproule, the company's executive vice...

Boston Private in $30M Deal To Add Heft with N.Y. Wealthy.(KLS Professional Advisors Group)
October 5, 2004... Boston Private Financial Holdings Inc. said Monday that it has a $30 million agreement to buy an 81% stake in KLS Professional Advisors Group Inc., a move intended to expand its New York operations. The definitive purchase agreement would...

SunGard of Pa. to Spin Off Disaster Recovery Operations.(Brief Article)
October 5, 2004... SunGard Data Systems Inc. plans to spin off its disaster recovery business. The Wayne, Pa., company said Monday that it expects the transaction, to be structured as a tax-free distribution of shares, to be completed by the end of March....

The Next Frontier in Account Alerts: Cell Phones.
October 5, 2004... Banks are increasingly turning to text-messaging technology as a way to reach their customers. Some banks have offered e-mail account alerts for years, but a growing number have begun sending messages to their customers' text-enabled cell...

In Brief: HSBC Rebranding Household Int'l.(Brief Article)
October 5, 2004... HSBC Holdings PLC said Monday that it is rebranding Household International Inc., but it did not specify which of the unit's businesses would be affected. The London banking company said in a press release that Household's retail lending...

In Brief: Origen Says It Will Miss 3Q Estimates.(Brief Article)
October 5, 2004... Origen Financial Inc. said Monday that even though it expects third-quarter earnings to equal or beat the $1.7 million it posted for the second quarter, its "earnings run rate lags our internal estimates and Street projections." In a press...

In Brief: Freddie Mac to Avoid Some Mass. Loans.(Brief Article)
October 5, 2004... Freddie Mac says it will not buy "high-cost home mortgage" loans made in Massachusetts. Freddie made the announcement Friday in an industry letter. Fannie Mae announced a similar policy earlier in the week. Last month Standard & Poor's...

In Brief: QSI, Equinox Sign Outsourcing Contract.(Brief Article)
October 5, 2004... QSI, a subsidiary of Quintek Technologies Inc. of Huntington Beach, Calif., has agreed to provide offshore mortgage outsourcing for Equinox Corp. The "teaming agreement" was announced Friday. QSI said it will provide lenders with ways to...

In Brief: A New Name for AppIntell of St. Louis.(AppIntelligence Inc.)(Brief Article)
October 5, 2004... The St. Louis provider of mortgage fraud and compliance tools that previously called itself AppIntell Inc. has renamed itself AppIntelligence Inc. The name change was announced Friday. Stephen Gott, AppIntelligence's president and chief...

In Brief: NetBank Reorganizes Its Mortgage Unit.(Brief Article)
October 5, 2004... RBMG Inc., the mortgage subsidiary of NetBank Inc., has begun operating as a division of its bank, and the unit's correspondent and wholesale business has been rebranded NetBank Funding Services. In a press release Friday announcing the...

In Brief: Citi Buys Hibernia's Servicing Portfolio.(Brief Article)
October 5, 2004... Hibernia Corp. has sold its third-party mortgage servicing portfolio, which contains about $10 billion of assets, to Citigroup. The deal was originally announced in August; Hibernia announced its closing last week. The New Orleans banking...

Charles Schwab Trims Prices Again.
October 5, 2004... Charles Schwab Corp. is cutting commissions again in an effort to boost retail trading levels at the San Francisco company. For the second time in five months, Schwab said it would cut the fees it charges customers to trade online and over...

In Brief: B of A to Upgrade Global Investment Unit.(Bank of America)(Brief Article)
October 5, 2004... Bank of America Corp. plans a major overhaul of its global corporate and investment banking division, including "a substantial investment" to expand its sales and trading, investment banking, and international operations. Alvaro G. de...

In Brief: Ginnie President Picked for Finance Board.(Government National Mortgage Association)(Brief Article)
October 5, 2004... The White House said it plans to nominate Ronald Rosenfeld, the president of the Government National Mortgage Association, to be the fifth member of the Federal Housing Finance Board. Mr. Rosenfeld a former deputy assistant Treasury...