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News Now

Washington
Inside Washington (03/01/2011)
* ALEXANDRIA, Va. (3/2/11)--Comments must be received by May 2 on the National Credit Union Administration’s proposal to remove credit ratings references from its regulations. The proposal, approved for comment at the agency’s last open board meeting on Feb. 17, and which NCUA board member Gigi Hyland acknowledged was a bear to put on paper, would implement a section of the Dodd-Frank Wall Street Reform Act. The act requires each federal agency to review: any regulation issued by such agency that requires the use of an assessment of the creditworthiness of a security or money market instrument; and any references to or requirements in such regulations regarding credit ratings … * WASHINGTON (3/2/11)--Federal Reserve Bank of Boston President Eric Rosengren, in a speech at Boston University, said there are four myths that brought the country to its economic crisis. They are: the real estate market would not decline, securitization protected mortgage-backed assets, the “originate-to-distribute” model had a protective effect on banks, and investment banks could never be hit with a run on short-term funding. Rosengren promoted better stress tests could serve to challenge those myths and shake up belief in them. He said improved stress testing could help directors and regulators better understand what drives risks, both in individual organizations and in the financial system. (American Banker March 2) … * WASHINGTON (3/2/11)--Financial Services Committee Chairman Spencer Bachus (D-Ala.), leading a hearing on the Obama administration’s report on housing finance Tuesday, said that the “new housing finance system” must be based on private capital and not government support. “A toxic combination of implicit government guarantees, lax underwriting standards, a captive (government-sponsored enterprise) GSE regulator, and misguided housing policies here in Washington has led to $150 billion in losses for the American taxpayer,” Bachus said in his opening statement. U.S. Treasury Secretary Timothy Geithner was the sole witness at the hearing …


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