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Inside Washington (02/12/2008)
* WASHINGTON (2/13/08)--The Treasury Department announced Project Lifeline, which would help borrowers who have missed more than three mortgage payments. Though they are not required, lenders would attempt to modify borrowers’ loans to be more affordable (The New York Times Feb. 12). Those who are bankrupt, who will face foreclosure within one month, or who purchased vacant or investment properties do not qualify for Project Lifeline. Lender participants include Citigroup, Bank of America, Countrywide Financial, Washington Mutual, JPMorgan Chase and Wells Fargo. About 575,000 borrowers could be helped by the project, according to Moody’s Economy.com. Ted W. Lieu (D), chairman of the banking and finance committee of the California State Assembly, said the plan was “like giving six students a homework assignment but not requiring that they turn in the assignment or even report on its progress.” Lieu told the newspaper that the banking industry has not followed through on its commitment to help homeowners ... * WASHINGTON (2/13/08)--The Office of the Comptroller of the Currency (OCC) has suspended the chairman of First National Community Bank in Dunmore, Pa. Louis A. DeNaples was charged with four counts of perjury on Jan. 23 during his testimony to Pennsylvania state officials. The suspension prohibits him from participating in any other depository institutions while his criminal charges are pending ... *WASHINGTON (2/13/08)--The Federal Reserve Board announced Wednesday that it has made amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Tenth and Eleventh Districts. As of April 19, 2008, the head office of the Federal Reserve Bank of Kansas City no longer will process checks, and banks currently served by that office will be reassigned to the head office of the Federal Reserve Bank of Dallas. As a result of these changes, some checks deposited in the affected regions that currently are nonlocal checks will become local checks that are subject to shorter permissible hold periods…


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