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Daily Archives: August 14, 2009

Largest Bank Failure this Year: FDIC Closes Colonial BancGroup

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Failed Bank Information Information for Colonial Bank, Montgomery AL. “On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was closed by the Alabama State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.”

  • BB&T acquisition of Colonial boosts position in Atlanta: “Colonial operated 20 branches in Georgia…The FDIC entered into a purchase and assumption agreement Friday with BB&T to acquire the deposits, branches and most assets of Montgomery, Ala.-based Colonial.”
    CNNMoney.com: “Troubled Colonial BancGroup will be bought by rival BB&T Friday, the government said after state regulators closed the bank whose assets had been frozen by a federal judge. The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas, is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.

  • FDIC Failed Bank List: “This list includes banks which have failed since October 1, 2000.”
  • Related postings on financial system

Treasury, Energy Announce More Than $2 Billion in Recovery Act Tax Credits

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News release: “As part of an innovative partnership aimed at increasing economic development while setting our nation on the path to energy independence, the U.S. Department of the Treasury and the U.S. Department of Energy today announced a program to award $2.3 billion in tax credits to manufacturers of advanced energy equipment. Authorized by the… Continue Reading

New GAO Reports: Consumer Safety, Federal Student Aid Formula, Superfund

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Consumer Safety: Better Information and Planning Would Strengthen CPSC’s Oversight of Imported Products, GAO-09-803, August 14, 2009 Federal Student Aid Formula: Cost-of-Living Adjustment Could Increase Aid to a Small Percentage of Students in High-Cost Areas but Could Also Further Complicate Aid Process, GAO-09-825, August 14, 2009 Superfund: Litigation Has Decreased and EPA Needs Better Information… Continue Reading

Survey: Consumer Confidence Slips

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Reuters/University of Michigan Surveys of Consumers, July 2009 release: “Consumer confidence slipped in July as consumers anticipated that their personal finances would improve more slowly than they had anticipated several months ago…Financial reversals were reported with equal frequency across all income subgroups, as was the expectation that joblessness would continue to increase..Although consumer spending will… Continue Reading

Federal Websites: Cookie Policy

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Federal Websites: Cookie Policy – Posted by Michael Fitzpatrick is Associate Administrator, OMB Office of Information and Regulatory Affairs, Vivek Kundra is Federal CIO: “During the Open Government Initiative outreach, Federal employees and the public have asked us questions about the federal government’s policy on cookies. As part of our effort to create a more… Continue Reading

Report: Future Budget Deficits Almost Entirely Due to Rising Private Sector Health Care Costs

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“If the U.S. can get private health care costs under control, federal budget deficits will not rise uncontrollably in the future, according to an updated analysis released today by the Center for Economic and Policy Research (CEPR). CEPR’s interactive Health Care Budget Deficit Calculator allows users to see that the bulk of projected U.S. budget… Continue Reading

New Near-Earth Object Report from National Research Council

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“In the 2005 NASA Authorization Act, Congress mandated that by 2020 NASA should be capable of detecting at least 90 percent of objects over 140 meters wide in the vicinity of Earth’s orbit. Near-Earth Object Surveys and Hazard Mitigation Strategies, an interim report of a congressionally mandated study by the National Research Council, examines NASA’s… Continue Reading

FDA Issues Final Rules to Help Patients Gain Access to Investigational Drugs

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News release: The U.S. Food and Drug Administration published two rules that seek to clarify the methods available to seriously ill patients interested in gaining access to investigational drugs and biologics when they are not eligible to participate in a clinical trial and don’t have other satisfactory treatment options. To support the effort to help… Continue Reading