Fed Cuts Fed Funds Rate 50 Basis Points to 1.50 Percent; Foreign Central Banks Follow
In an emergency meeting the Fed cut both the Fed Funds and Discount Window rates by 50 basis points.
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FASB Responds to AmBA’s Request for Fair Value Guidance 
In response to AmBA’s request for additional guidance, the Financial Accounting Standards Board this afternoon issued its proposed FASB Staff Position that clarifies how banks and their auditors are required -- under existing accounting standards -- to determine the fair value of assets in inactive markets. The clarification under FASB Statement No. 157 offers an example consisting of a collateralized debt obligation security in which the underlying collateral is unguaranteed nonconforming residential mortgage loans. Read more.....


President Bush Signs Economic Stabilization Bill
President Bush signed into law the economic stabilization bill shortly after the House passed the AmBA-backed legislation by a 263-171 vote. The House had rejected the original bill last Monday, 228-205. But on Friday, 32 Democrats and 26 Republicans switched their previous "no" votes. Read more.....

Bank Internal Auditing: The Fundamentals
October 15, 2008

Risk Based Internal Auditing
October 16, 2008

Trust Conference
October 22, 2008