February 11, 2002 News Archive

Greenspan Testifies on Financial Literacy before the Senate Banking Committee
In his testimony before the Senate Banking Committee on February 5, 2002, Chairman Alan Greenspan commented on the importance of improving financial literacy and learning for consumers. He pointed out that the financial services industry benefited from technological advances that lowered the cost and broadened the scope of financial services for consumers of household and business credit. He also pointed out that "deregulation has created important structural changes in the financial services industry and contributed significantly to creating a marketplace that is increasingly competitive and highly innovative as a result of the entry or expansion of new players."

January 2002 Senior Loan Officer Opinion Survey Results
Results of the survey on bank lending practices indicated some further tightening of credit underwriting standards for loans to both businesses and households. Loan demand was generally weaker in the past three months, particularly demand for commercial and industrial loans and commercial real estate loans. Survey results also indicated that demand for residential mortgage loans was moderately stronger while overall demand for consumer loans was roughly unchanged.

Iowa Governor Appoints New Superintendent of Banking
Governor Tom Vilsack announced the appointment of Thomas Gronstal from Carroll as Iowa's new Superintendent of Banking. Gronstal replaced Holmes Foster who retired in December 2001. Gronstal formerly served as mayor of Carroll from 1994 through 1999 and was president of Carroll County State Bank where he was employed for over 20 years.