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- W319054734 abstract "The Federal Reserve conference room where Richard Spillenkothen sits as he is being interviewed is bulging with hidden memories banking history. The veteran regulator has seen, made, a great deal happen in this room. Today Spillenkothen, who retired in June from his position as director of the Fed's Division of Banking Supervision Regulation, is particularly recalling the days working there with his predecessor, the late William Taylor. Taylor had the top Fed supervision job (and was later, briefly, FDIC chairman), during the 1980s early 1990s, was also a mentor to Spillenkothen. The conference room, Spillenkothen recalls, was where the regulators the regulated often found themselves reasoning together in the wake of the horrific problems of the 1980s. Frequently, the Fed officers present would be jawboning the bank representatives to hike their capital. Bill had a way of communicating that was very persuasive, says Spillenkothen, and he was an outstanding supervisor. Spillenkothen recalls that Taylor used to like to say, during the troubled 1980s, that he his fellow supervisors are in a bad business--and business is good. Farewell to the Fed Taylor is one of a long line of Fed notables, both board members staffers, that Spillenkothen looks back on after 30 years in Fed banking supervision. He came aboard in the latter days of Fed Chairman Arthur Burns, served through the terms of G. William Miller, Paul A. Volcker, Alan Greenspan, into the start of the term of Chairman Ben Bernanke. Spillenkothen, 56, joined the Fed's Washington staff in 1976 as a review examiner after a short stint in Chicago banking, worked his way up. He eventually stepped into Taylor's post in 1991 after his mentor moved to FDIC. In addition to his Fed post, Spillenkothen served as a member of the Basel Committee on Banking Supervision the Federal Financial Institutions Examination Council's Supervision Task Force. Not bad for a young banker who decided he wanted to join a financial regulator to work where public policy, economics, finance came together. With multiple agencies to choose from, Spillenkothen sent out resumes to all of them, hoping for a bite. The Fed was the agency that responded to his search for a job, there he stayed. Spillenkothen's tenure spanned the surging inflation of the late 1970s, the go-go/go-bust 1980s, the recovery growth years of the 1990s, the post 9/11 environment in which banks currently operate. After three decades at the central bank, Spillenkothen decided to retire move on, effective June 30. He says his decision was to try alternate opportunities pursuits, to take a look at some of what he's been missing. Much to remember Veteran bankers who wonder what it would have been like to have been in a ringside seat for some of the Fed's biggest most challenging episodes would envy Spillenkothen. He was far more than a spectator, however. He was in the ring for much of what went on--in both a supervisory policy role. The advent of much of what was once new is now part of the landscape--interstate banking branching, expanded products services powers, the intense focus on terrorist financing--became realities on Spillenkothen's watch. So too were some potential disasters that didn't blow up--Y2K for instance-partly as a result of actions taken by the regulators. In the course of an hour-long interview with ABA Banking Journal, Spillenkothen reels off crises shocks he played some role in addressing that could probably each make a book by themselves (not something he included in discussions of future plans). Among the many episodes: the oil patch debacle, including Penn Square's ripple effects the rescue of Continental Illinois; the commercial real estate crunches; the leveraged buyout mess; the ag lending crisis; the various chapters of the thrift industry's troubled days; the Barings affair; more. …" @default.
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- W319054734 date "2006-08-01" @default.
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- W319054734 title "30 Years of Lessons Wraps Up at Bank Regulation Central" @default.
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