and importantly the occ. two, it suggests we should not rely upon artificial walls between banking and nonbanking. it will not solve our financial problems by overregulating banks and squeezing activities out to the unregulated sector. in my view quite the contrary. and three, to the extent an activity is risky, it should be regulated throughout the financial system and in an even-handed way. again, i come back to what i think is the right rule. like activity, like size of activity and entity, like regulation. of course this takes some doing. but, anyway, those are my thoughts and thank you very much for listening. [applause] >> i hesitate to get up because i met with larry for lunch a couple weeks ago and we agreed we would have no starting comments and since i thought i was going to be talking with paul volcker and he and i have often spoken about the volcker rule and so forth. so i'm sitting here, sort of reacting real time but let me say a few things. first of all, agree very much with jerry corrigan, ban

along with, i might say, jest key stiller of the occ -- jesse stiller of the occ. in this regard this is a particularly big event because it's the 150th anniversary of the occ. i myself aspire to 150. [laughter] personally. but at least the organization made it that far. we're also lucky as an organization not only to have an organization filled with extraordinary men and women of -- i may say our having once been a part of the occ, i take tremendous pride in the association, but also having an enormously capable and highly intellectually-strong controller of the currency, tom curry. and importantly, like the women of the occ, somebody who's dedicated to public service and the well being of the financial system. it's also an honor, i might say, standing in for my good friend, paul volcker, who i'm happy to say i think has a very bad cold but nothing worse, he's a person of exceptional character, intellect and integrity as everybody knows, and i'm proud to call him a friend. and, of course, i'm honored to be on the platform with john reid who i have a great deal of

since the alice griffith budget was created in 2010 and occ misunderstands the start of construction on each phase the d da said the costs will be funded after maximizing all the occ sources the total costs will be for any phase exceeds the phase originally projected the excess of the t d clshgs be a cost overrun so that's the common understanding of the phase really their post (off the record.) costs if there's cost increases the c p company must cover the replacement units and occ must cover the affordable units. the alice griffith redevelopment is broadly supported and the alice griffith in the hunters point shipyard resulted in extensive public review in hundreds of meetings the or cac have supported and the cac continues to support the development of alice griffith it has an active residence and depth team along with occ meets regularly the alice griffith tenants have shown strong support so far the revitalization and as you approve the predevelopment loans they've been involved in the resign for the new development. today, we're going to ask for the permanent loans for the firs

it's not the way it was when the occ was founded. they are inextricably intertwined with an ever more dynamic financial system and history has taught us they cannot be walled up. i must say that this is my biggest. the great depression as the scholars today understand was caused by restrictive monetary trade policies. bank failures did not cause the great depression. they were in many ways caused by the great depression. anytime there is a financial crisis in the united states we call it a banking crisis. the great depression people view it very much as a banking crisis but if you look at the academics like one of my most talented academic friends in this area find the great depression is a caused by governmental policies. it's also instructive to note that what is now called the great recession or the financial crisis of 2008. on the brink of the disaster it wasn't a bank disaster. bear stearns, lehman brothers, aig, fannie mae and freddie mac. the triggers for the crisis are not being. when the non- banks, less regulated financial

and i don't think the congress is going to abolish occ any time soon. i think most of the occ folks here would agree with, dealing with the funding base. they have to rely on examination fees which is difficult especially as the industry has become more and more concentrated. the fed and the fdic have the advantage of having different funding sources. some combination of shared fed fdic funding i think would make it a stronger and more independent agency. that's something i would hope would be in the short term doable. i think tom has done tremendous work here. i do think the examiners are some of the best and most sophisticated among the regulatory community. that said, unfortunately the occ i felt was an impediment not a partner in trying to get these problems fixed. >> thank you for a great panel. my question is about the bank funding molds. banks are supposed to be a liquid. they're a liquid by design i always thought because they borrow short and lend in trade long. if you look at the liquidity coverage ratio, the net stable funding ratio whose sta

i'm going to call occ up next. sorry about that. >> good morning, supervisors. chairman farrell. [speaker not understood], director of operations. as you know, the mission of tida is to develop and form a navy base and integrate it [speaker not understood] with the city. in the development process we create new housing and job opportunities for san franciscans including opportunities for the homeless and economically disadvantaged. as we wait for development to occur, tida continues to be responsible for property management and the provision of municipal services. to pay for the costs associated with these and development, tida donates money for housing, commercial space and special events. over the years tida's primary source of income had been derived from [speaker not understood] housing. with the successful rate of our commercial leasing program, revenue generated from commercial lease is now on par with housing income. the success indeed considering that since in [speaker not understood] the commission revenue has grown from 350,000 to nearly 4 million projected for next yea

. >> occ director's report. discussion, and review of recent activities. >> director hicks? >> good evening, president mazzucco. and commissioner, and chief suhr and members of the audience, on sunday in the parade and marching in mayor lee's, and i have no recent activity to report this evening, but next week i will present the june comprehensive statistical reports and related reports. >> thank you. >> thank you. >> call line item number 2 c, which is commission reports commission president's reports, and commissioner's reports. and i have nothing to report. and for this week, commissioners do you have anything that you would like to report? >> commissioner loftus? >> susie. >> that is okay. >> on behalf of my fellow commissioner turman, we proudly participated with the pride alliance of sfpd in the pride parade. and it was like the chief said i think not only the largest pride that i have been in, but so full of great energy, and joy, and the police officers i noticed that there was a lot of photographs of them and all of the joy that they were exhibiting and i want to th

so it is a clear issue for the industry and i think it is also a major one for the regulators and 40 occ. for the regulatory perspective, i think that we need to think about our current approach which is bible college regulation by a charter. if you are a bank that cam talked about it gets thrown at you and the systemic at the bank holding companies with $150 billion in assets even though i think that it's silly. they are close to cam's model and the globally systemic banks. conversely, if you are in non- banked even if you are directly engaging and financial services that are regulated capitalize on the subject to liquidity and resolution requirements at a bank, you have none of those requirements. that has been true for a long time in bits and pieces of finance but the banking industry got something in return for all of its rules. it got monopoly charters because of the rapid increase in the financial intermediation especially in the way with coal deposit taking that monopoly franchise model is broken. so the regulation by charter model encourages what we call regulatory arbitrage. whe

i regret the occ did that. i think it hurt its reputation. i think it did result in many states of consumers not having protections they should have had. we'll have to agree to disagree on that. >> what are your thoughts on sheila and -- >> two things i want to comment on briefly. first i'm not prepared to accept the suggestion that prompt corrective action can't work. in fact, i would argue that based on the experience of 1980 to 1982 it worked quite well and indeed because it worked quite well, we were able to get through an extraordinarily difficult situation that, that was involved banks and investment banks and insurance companies, domestically and internationally. that was not an accident we got through that without spending one nickel of taxpayer money. that's what it's all about. and if you contrast that experience with the fall of 2007 where industry leaders, central banking leaders, and other leaders were basically saying, don't worry, the mortgage thing is manageable. well, that was obviously quite wrong, to put it mildly. beyond t

agency and i'm very proud of the occ. and the work done by controllers hawke, ludwig, dugan and by acting controller walsh, were first rate. they were terrific controllers. they made wonderful policy decisions and they certainly contributed to the resolution of the problem when the financial crisis hit. and in that regard i also want to compliment sheila and tim geithner and secretary polson and the others who i think were extremely courageous, sometimes taking actions that were needed when, to be diplomat, the statutory authority may not have been entirely clear, but it stepped up to the plate and did things that took quite a bit of courage to do. and i think we all owe a debt of gratitude to the leadership we had, both in the administration and in the regulatory agencies. one of the concerns or criticisms i would make of the immediately following the crisis was the lack of attempts to educate the american public about what exactly was happening, what caused it, and why we needed to take extraordinary steps. as a result,

i applaud the occ for its leadership. the absolute type of thing the regular baiters -- regulators need to do. i think monetary policy does contribute to asset bubbles. i do not think it is hard to call it, it is important to know who is going to learn. knowing when it is going to turn is very difficult and telling people to stop the madness. when the music is still playing, you have to keep dancing. that kind of dynamic is something regulators have to defend against. some of the things we are seeing now will help constrain some the silliness. >> the practical matter is that when you're in the middle of an asset bubble it is almost impossible not to stop it and .et me in 2006, the regulators issued downt guidance to stamp music's criminal court. they were pulled before congress -- there werehere attempts to rein in fannie mae and freddie mac. they were undercapitalized in 2004. one chance in 500,000. he became the regulator from hell. that is what he was called. he tried to tempt down -- camped on spending. it happens ove

there was a proposal by senator dodd to give all the regulation of the banks to the occ. and the state chartered banks, they said, no, we don't want to be in there with the big banks. we want to stay with the fed because we want to regulator that pays attention to us. and here the problem is this. one of the best things that happened from my standpoint from regulation going forward with senator rooefd getting the senate to say we're not going to allow judges to be filibustered because you're a very conservatism balanced court. and the circuit in d.c. you had a lack of funding and i think the biggest single problem has been the incredible underfunding of the cd fd. the cfdc was given the biggest grant of new authority. derivatives are very complicated and wieltdly underfunded and that's why people regret that. what many of my friends here would like to do is follow the cfpb with underfunding the way they've done. and then you have the official industry with the comments on the agency and you have the court requiring a very specific analysis and then saying, oh, no, that's

a proposal to give all the regulation of the bank's to the occ, and the state-chartered banks said, no, we do not want to be in there with the big banks. we want a regulator that pays attention to us. the other problem is this. and one of the best things that happened from my standpoint for regulation going forward was senator reid's getting the senate to say we are not going to allow judges to be filibustered because you have a very conservative in balanced court in the circuit in d.c. you have a lack of funding and i think the biggest single problem has been the incredible underfunding of the cftc. given the biggest grants authority, derivatives, very complicated. they are wildly underfunded which is why people regret we did not let this cfpdp in that situation. what many of my friends would like to do is throw them with underfunding the way they have the cftc. then you have -- and then you have the financial industry promoting all these comments on the agency and the court requiring a very specific analysis. and then saying, oh, no, that is not good enough. to the cftc put out of gr

not going to leave the group in singing happy birthday to the occ, but i will wish you and your staff here standing in for generations of the occ staffers wishing you all the best and congratulations and i think that deserves a round of applause. started the day with the jersey boys and i'm trying to characterize the motivation of the speakers but looking at the crowd that still here i'm stunned. try into make the world a better place than when he found it speaking not only for the speakers but all of you in that regard when we are thinking about making a transcript of this event so many of the issues were raised, so many interesting questions from you. i know a lot of you are only here because you signed up to prevent getting more e-mails. [laughter] i understand that. so, developing this list of issues might mean you get more e-mails from me and i'm sorry. but i thank you very much for your attention and involvement and participation. i think tom and jesse and my wife who is extensively involved in this. paul, amy, everyone else that i neglected to mention. this is a great collabora

federal case moves forward on the police incident i requested documentation on that report from the occ. and in the past, there has been a habit between the sfmta and not the police commission, by the way but they have lost several of my requests, and almost nonstop and so i am giving this commission, seven copies of my request as well as the copy of the letter to gregory under wood who was the investigator. i thank you for your time on that issue. >> thank you, neal. >> all right, please call line item three. >> line item three, adjournment. >> do i have a motion? >> so moved. >> all in favor? >> second. >> or aye. >> or both. >> all of the above. thank you very much ladies and gentlemen. good night. >> welcome, everyone, to the san francisco board of supervisors budget and finance committee special meeting for friday, june 20th, 2014. my name is mark farrell, i will be chairing this committee. i am joined by supervisors e mar, john avalos, scott wiener and london breed. want to thank the members of sfgtv covering this meeting jeff smith and mark bunch as well as the clerk of the commi

stipulated to people is that the only way healing can ever commence is if we acknowledge that wrong doing occ occurred. >> reporter: earlier the sheriff's department sent out a press release in spanish letting people in this community know about the d.a.'s decision. in that press release, sheriff steve said, i would like to express my sadness and my condolences to the lopez family and friends. again, this is all in spanish. i am a father and could not imagine going through a tragedy like this one. now, tomorrow there are plans to have a mass picket at the d.a.'s office at 1:00 p.m. the message they told me will be the same -- justice delayed is justice denied. live in santa rosa, abc 7 news. >> thanks very much. we now know the punishment for a concord man sentenced today. after his three pit bulls fatalally mauled his own 2-year-old step-grandson in 2010. laura anthony joins us outside the courthouse 0 in martinez. lau laura? >> reporter: hi, sheryl. it was an emotional court hearing this morning. nearly two dozen people either spoke or sent letters to the judge on behalf of steven high aush

and so therefore, i do not think, i do not want the same kind of focus on safety that we have at occ and ots. i want to roll the dice a little bit more on the situation toward subsidized housing. in the gsc act congress initially specified affordable housing goals of 30% of mortgage purposes. that goal is continually raised over the years to 42%, 50% and finally, 56%. more than 70% of subprime and all-day mortgages that led to the crisis were backed by freddie and fannie. fha and other taxpayer-backed programs. if you have to point to a root cause of the financial crisis, that is it absolutely that is it. mr. wilson, i want to get back to you. in september 2012, a survey found 55% of bankers decreased their business due to the expense of complying with the requirements for higher priced mortgages that took effect in 2010. i wonder if your bank still does offer and issue mortgages and if so, have you decreased the number of mortgages you issue because of regulatory uncertainty? >> yes, sir. most all of our mortgages would have fallen into the higher price mortgage and we did not have

could see 90s for places like an pi occ, pittsburgh. 70 degrees in oakland, napa hitting a high of 82 degrees. tonight if you want to enjoy the fireworks, we are looking at good skies for the upper showing. clouds will roll in around 11:00. i think most people will be heading home at that time. wind approaching from the west at 11 miles per hour. high pressure rebuilds, we will continue to see a lot warmer weather, take a look at sunday into monday, upper 90s for in in land area. upper 60s for the coast. fog makes a come back as you head into tuesday and temperatures gradually cool down. we are not tracking any hot spots. we do have a few incidents we are monitoring. quickly looking at the bridges, here is your bay bridge ride, not anticipating any backups, it is a friday and a holiday. traffic moves well, drive time 12-13 minutes. no problems for you heading down to the golden gate. we do have a new accident to report, southbound 280 at almeda boulevard. traffic is light in the area so it is not producing slow downs. between 101 and king street is going on until 5:00 early monday mor

let me begin by saying that i am the occ andf how .he work done wonderful policy decisions. certainly contributed to the resolution of the problem when the financial crisis hit. i also want to complement sheila others whothner and were extremely courageous and sometimes taking actions that diplomatic.to be they did things that took quite a bit of courage to do. i think we all owe a bit of gratitude to the airship that we had. concerns or criticisms that would make of the -- you medially following to crisis was the attempts educate the american public about what exactly would happen and what caused it and why we need it to take extraordinary steps. as a result, there's a popular misunderstanding and the function of the banking system and my allowing it to collapse would have been a pastor fee for not only the u.s., but the whole world. it is that type of educational been madet could have -- unless it is made, it could have negative implications for policy decisions going forward. briefly if this is an example of how sometimes the popular understanding about the houses of the

. >> that is one occ i think we all have our favorite childhood movies the the one you watched over andver. so we have up to a list. lets look back at the top three, we loved the most, according to, msn.com. >> come in number three, the sandlot. movie came out in 1993, young boy new and in town joins neighborhood baseball team, of course, this crew gets into all sorts of trouble including playing with the city life guard. they lose this priceless baseball and, of course, try to out run a beast of a dog. >> this is one of my favorite growing up, number two parent trap, with haley mills. original version in 1961. >> yes. >> most of us know the story, identical twins separate by their parents and they need summer camp and they hatch this plan to switch places. this was so much fun. lindsey came to fame. >> it is really good. >> yes. >> second parent trap, i would say that it was just as good as this movie. >> yeah. >> yeah. >> when she really was loved. >> all of the promise ahead in the world. >> yes. >> all right. i would say this is one of my favorite movies might be in my top 20, stand

i wanted to follow-up on a la y letter i sent to the federal reserve, occ and fdic regarding the liquidityoverage ratio standard. i've heard from a number of, heard a number of concerns from communities in north carolina about the exclusion of the municipal securities from the high quality liquid assets designation, and in particular, i'm concerned that this exclusion of the municipal securities could restrict the abilities of state and local governments to raise the capital they need to finance public hospitals, schools, roads, airports and all the other infrastructure systems, and these projects are really the cornerstone of the u.s. economy. what is the justification for excluding these municipal securities, when other types of debt including foreign sovereign debt are covered? seems a strange outcome for debt of foreign country to be treated more favorably than the aaa rated debt of states like north carolina. >> so let me say this is a proposal we've put out for comment, and we will look very carefully at the comments we receive on this, and other topics. the rationale for excluding t

i wanted to follow up on a letter that i sent to the federal reserve, the occ and the fdic. it's regarding the liquidity coverage ratio standard. i've heard from a number of -- i've heard a number of concerns from communities in north carolina about the exclusion of the municipal securities from the high quality liquid assets designation. in particular, i'm concerned that this exclusion of the municipal securities could restrict the ability of state and local governments to raise the capital that they need to finance these public investments in schools and hospitals and roads, airport, and all the other infrastructure systems. and these projects are really the cornerstone of the u.s. economy. what is the justification for excludeing these knmunicipal securities, which other types of debt, including foreign sovereign debt, are covered? it seems like a strange outcome to me for the debt of some foreign countries to be treated more favorably than the aaa-rated debt of states like north carolina. >> so let me say, this is a proposal we've put out for comment, and we'll look very

i wanted to follow up on a letter that i sent to the federal reserve, the occ and the fdic. it's regarding the liquidity coverage ratio standard. i've heard from a number of -- i've heard a number of concerns from communities in north carolina about the exclusion of the municipal securities from the high quality liquid assets designation. in particular, i'm concerned that this exclusion of the municipal securities could restrict the ability of state and local governments to raise the capital that they need to finance these public investments in schools and hospitals and roads, airport, and all the other infrastructure systems. and these projects are really the cornerstone of the u.s. economy. what is the justification for excludeing these knmunicipal securities, which other types of debt, including foreign sovereign debt, are covered? it seems like a strange outcome to me for the debt of some foreign countries to be treated more favorably than the aaa-rated debt of states like north carolina. >> so let me say, this is a proposal we've put out for comment, and we'll look very

the occ curtain wall reduces the weight which influences the foundation and it's all able to go up faster than a traditional concrete building would have been able to go up in that place. so both materials and base building in certain cases. >> last question. is it your -- do you anticipate being able to take, say, that box -- london is very unique. but other -- perhaps, the creation of another box or something that you can use in more than one place? you follow what i'm saying? as you're developing. how does that play into that? do you follow me? >> yes, i think i do. >> in other words, if you build a embassy and you do all the things you just said and now weave gth a great design and we've got security and this. this is the best bang for our buck, time, everything is straight. do you anticipate being able to use, say, for example, that model? a model like that somewhere else? aye follow me? >> yes. let me use an example which may be too common but i think it sort of demonstrates the point. there was a time when most people who drove had a model t. it was a great car. a simple car. as we

i wanted to follow up on a letter that i sent to the federal reserve, the occ and the fdic. it's regarding the liquidity coverage ratio standard. i've heard from a number of -- i've heard a number of concerns from communities in north carolina about the exclusion of the municipal securities from the high quality liquid assets designation. in particular, i'm concerned that this exclusion of the municipal securities could restrict the ability of state and local governments to raise the capital that they need to finance these public investments in schools and hospitals and roads, airport, and all the other infrastructure systems. and these projects are really the cornerstone of the u.s. economy. what is the justification for excludeing these knmunicipal securities, which other types of debt, including foreign sovereign debt, are covered? it seems like a strange outcome to me for the debt of some foreign countries to be treated more favorably than the aaa-rated debt of states like north carolina. >> so let me say, this is a proposal we've put out for comment, and we'll look very

so a little bit of this is also kind of establishing themselves, saying we're on par with the occ, with the cfpb. we can regulate these banks. >> do you think there are too many regulators? i mean industry often says there's this alphabet soup of regulators. on the other side they say there's competition, competition is good because it's forcing everybody to try to jump in front of the next guy. >> right. so there's two versions -- there's sort of two theories about this. there's a plurality version that competition is good and arguably the financial crisis proved one thing, at least on the insurance side, we had 50 state insurance regulators, which you think that's got to be chaos. from a solvency perspective, insurance did extremely well throughout the crisis, as you recall. i mean, aig aside -- but it was not about insurance. it was about sort of the operating at the holding company level and activities that were not really insurance activities. >> but who was responsible for -- >> well that is a -- that's, that's to the previous point which is there was kind of an alphabet soup arou