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Inside Washington (02/02/2012)
  • ALEXANDRIA, Va. (2/3/12)--The National Credit Union Administration (NCUA) board has revised its 2012 meeting schedule. The board meeting scheduled for Thursday, Dec. 13 will now occur Thursday, Dec. 6. The revised 2012 board meeting schedule is available online  ...
  • WASHINGTON (2/3/12)--The House Oversight and Government Reform Committee on Wednesday held a hearing to address President Barack Obama's recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau last month (American Banker Feb. 2). The president also appointed four commissioners to the National Labor Relations Board while the Senate was in a "pro forma" session. House Oversight Committee Chairman Rep. Darrell Issa (R-Calif.) called the move "unprecedented." During testimony, Sen. Mike Lee (R-Utah) supported the popular Republican view that the Senate can only recess if the House provides permission. But Democrats said Senate Republicans were obstructing the confirmation process. In such cases, the president can exercise his judgment to make appointments, testified Michael Gerhart, a constitutional law professor at the University of North Carolina School of Law …
  • WASHINGTON (2/3/12)--The Obama administration's latest plan to help middle-class families refinance their homes would come with a cost of between $5 billion and $10 billion--paid for through a fee charged to the nation's largest banks (American Banker Feb. 2). Secretary Shaun Donovan of the Department of Housing and Urban Development told reporters at a press briefing at the White House those banks will pay the fee because they were largely responsible for the financial crisis. Republicans have called the fee a tax on big banks. More details on the refinancing plan will be available when the White House releases its fiscal 2013 budget in two weeks …
  • WASHINGTON (2/3/12)--The Federal Housing Finance Agency (FHFA) is scrapping a plan that would change the minimum fees paid Fannie Mae and Freddie Mac loans to a fee-for-service model. The FHFA faced industry wide opposition to the proposal. In an e-mailed statement, FHFA spokeswoman Corrine Russell said the agency received "useful input" on the proposal (American Banker Feb. 2). Servicing advisory firms have said that a fee-for-service plan would remove any financial stake servicers have in the compensation model. Most major servicers opposed any change, the Banker said. Critics of the current model maintain that because compensation is tied to performing loans, servicers have little incentive to invest in the human-resource intensive process of reforming delinquent loans …


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