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Wachovia also had two insured thrift subsidiaries with total assets of 5 billion.Thus, the assets of the lead national bank and two insured thrift subsidiaries comprised about 95 percent of the assets of the holding company.The financial system was also deteriorating quickly.On September 7, 2008, the Federal Housing Finance Agency had placed Fannie Mae and Freddie Mac into conservatorship and the Treasury had used its authority, granted by Congress in July 2008, to make financial support available to these two government-sponsored entities.The examinations conducted by the Federal Reserve are designed to review the organization's systems for managing risk across the organization and to evaluate the organization's overall financial strength.The Federal Reserve also establishes consolidated capital, liquidity, risk management, and other prudential requirements for bank holding companies.These statutory provisions require that we rely to the fullest extent possible on the examinations of the bank, thrift, and other functionally regulated subsidiaries, such as the securities broker-dealer, conducted by the primary regulator of the entity.
The Federal Reserve routinely conducts inspections of bank holding companies and their nonbank subsidiaries under authority granted by the Bank Holding Company Act (BHC Act).
At the end of the second quarter of 2008, Wachovia had assets of 2 billion, making it the fourth largest banking organization in the United States in asset terms.
Wachovia's principal subsidiary was Wachovia Bank, which had assets of 1 billion.
Wachovia's insured depository institution subsidiaries had a very large retail presence--serving more than 27 million deposit accounts totaling more than 0 billion--and operated a large mortgage business.
These subsidiaries were supervised, examined, and regulated by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), respectively.