Nevada Commission on
Minority Affairs Launches Website
The
Nevada Commission on Minority Affairs has launched an informational website.
The website provides the Commission’s mission and lists its members. The site
also includes meeting dates, agendas, and minutes. Additionally, the website
features a Press Room with press releases about the Commission’s activities.
The Commission’s website is a component of the website of the
Ombudsman for Consumer Affairs for Minorities, who also acts as the Commission’s
Executive Secretary in an ex-officio capacity.
“We are excited to launch this online resource for those
interested in the Commission’s activities,” said Lonnie Feemster, Chairman
of the Commission. “We want to make it easy for Nevadans to stay informed of
the initiatives the Commission is pursuing.”
To visit the Commission’s website, go to
http://fyiconsumer.org/CMA_AboutUs.htm.
To
contact the Nevada Commission on Minority Affairs, e-mail
info@minorityaffairs.nv.gov.
1st National
Bank of Nevada taken into Receivership by FDIC
The Nevada Financial
Institutions Division (FID) today announced that 1st National Bank of
Nevada was placed into Federal Deposit Insurance Corporation (FDIC) receivership
by the Office of the Comptroller of the Currency (OCC).
1st
National Bank of Nevada is a nationally chartered bank which operates under the
regulation and oversight of the OCC. The FID regulates and oversees State of
Nevada chartered banks, not nationally chartered banks such as 1st
National, but the demise of any bank operating in Nevada is of concern to our
state’s financial industry.
“We appreciate that the
OCC and the FDIC have taken necessary action to
protect the public interest and customers of 1st National Bank of
Nevada.
While the situation is of concern, we don’t want bank depositors or the general
public to become overly distraught,” said FID Commissioner George E. Burns. “Bank
customers should remember that their deposits are insured by the FDIC for up to
$100,000 per depositor, per type of account ownership, and up to $250,000 for
certain retirement accounts, such as IRAs (Individual Retirement Accounts).”
The FDIC insurance fund is
huge, with more than $52 billion in assets to protect bank depositors.
This year alone, the fund will add an
additional $5 billion from assessments on
banks and interest earnings.
“1st National
Bank’s entrance into receivership will protect Nevadans’ deposits as the
institution is merged or acquired by new ownership,” Governor Jim Gibbons
said. “We will be closely monitoring the transition to ensure there’s minimal
disruption to business and that employees’ jobs are protected as much as
possible.”
1st National Bank
of Nevada depositors will continue to have access to banking services. Normal
business hours and access to banking services will continue on Monday, July 28,
2008, under the control of the FDIC. Customers may phone the FDIC at
1-877-275-3342 or 1-866-806-5919 for additional information regarding the
receivership of 1st National Bank of Nevada. To determine if your
account is fully insured, visit
http://www4.fdic.gov/dip/index.asp. As a nationally chartered bank, 1st
National Bank of Nevada was regulated by the OCC. For additional information,
contact the OCC’s Customer Assistance Specialists by
phone at 1-800-613-6743 or by e-mail at
Customer.Assistance@occ.treas.gov.
“Despite the
challenges the financial industry is currently facing, the banking system
continues to be safe and sound,” said Commissioner Burns.
Regulation and supervision of bank risk has been enhanced
over many years.
Federal laws adopted since 1991 have significantly strengthened bank regulation.
The regulators have also fortified examination practices. They adopted a
supervision-by-risk approach to get bankers and examiners to focus on the
quality of risk management systems and have continued to advance expectations
for risk management. Auditing and internal control standards have also
toughened.
According to the American Bankers Association (ABA),
banks are highly capitalized and prepared for economic fluctuations.
Despite the turmoil in financial markets, 99
percent of banks are currently classified by the regulators as “well
capitalized,” the highest possible designation. Banks are well-positioned to
handle economic downturns and, if necessary, take steps to put losses behind
them. Banking’s capital—which serves as a buffer against any losses—is at
historic highs. As of March 2008, the industry held $1.36 trillion in capital
plus $120.9 billion in reserves for a total buffer of $1.48 trillion.
“As always, depositors should make
informed financial decisions,” said Commissioner Burns. “But, I remain
confident in the regulatory systems in place to protect bank customers doing
business with federally insured institutions.”
