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Washington
Inside Washington (02/13/2009)
* WASHINGTON (2/16/09)--House Financial Services Chairman Barney Frank (D-Mass.) Friday released a letter received from JP Morgan Chase CEO Jamie Dimon announcing a three-week mortgage foreclosure moratorium. Earlier in the week, Frank had called on all holders and servicers of mortgages to initiate such a moratorium until President Barack Obama announces the administration’s plan to reduce foreclosures. Dimon said his company’s moratorium extends through March 6. Also last week, the Office of Thrift Supervision had urged its institutions to suspend foreclosures. (See News Now Feb. 12 for more) … * WASHINGTON (2/16/09)--Sen. Christopher Dodd (D-Conn.) Thursday re-introduced the Credit Card Accountability, Responsibility and Disclosure Act to protect consumers from predatory credit card practices. The bill would protect consumers from rate increases and account changes, prohibit unfair application of card payments, protect cardholders who pay on time, limit fees and penalties, ensure that cardholders know the terms of their account and protect young consumers from credit card solicitations ... * WASHINGTON (2/16/09)--The Office of the Comptroller of the Currency and the Office of Thrift Supervision are expanding the scope of mortgage performance data gathered from national banks and thrifts to include information on the affordability and sustainability of loan modifications. The new data will indicate how the modifications changed the total amount of borrowers’ monthly principal and interest payments in 2008. The next Mortgage Metrics Report, scheduled for release in March, will review categories for loan modifications that increased borrowers’ monthly principal and interest payments, did not change payments, and reduced payments by 10% or more ... * WASHINGTON (2/16/09)--John Reich, director of the Office of Thrift Supervision (OTS), announced Thursday that he will leave his position Feb. 27. Scott M. Polakoff, senior deputy director and chief operating officer, will serve as acting director until President Barack Obama appoints a successor. Reich joined the OTS in November 2002 after serving as vice chairman of the Federal Deposit Insurance Corp. (FDIC) board and acting chairman of the FDIC from July 2001 to August 2001 ... * WASHINGTON (2/16/09)--National Credit Union Administration (NCUA) Vice Chairman Rodney Hood met with the Louisiana Credit Union League’s Large Asset Roundtable in Baton Rouge, La., on Wed., followed by the Texas Credit Union League’s Small Credit Union Meeting in Houston on Thursday. Hood met with the groups to discuss the NCUA’s recent action to stabilize corporate credit unions. “It is imperative that all natural-person credit unions continue to maintain their deposits in and continue their support of the corporate credit union system,” he said. “We need everyone to work toward a safe and common goal of creating a safe and secure financial industry for the entire nation” ...


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