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Inside Washington (03/01/2012)
  • WASHINGTON (3/2/12)--The Credit Union National Association (CUNA) has named former Capitol Hill staffer Sam Whitfield to serve as its new vice president of legislative affairs. Whitfield, a native Mississippian with a BS from the University of Mississippi, has previously worked on Sen. Trent Lott's (R-Miss.) staff, in the senator's roles as both Senate majority leader and Republican leader. He also served President George W. Bush's administration as a legislative analyst/public affairs specialist with the White House Office of National Drug Policy, and worked as a press officer for the Coalition Provisional Authority in Baghdad, Iraq. He most recently served as a legislative representative for the National Association of Realtors. Whitfield's primary role will be to manage the association's team of congressional advocates and their efforts to execute credit union/CUNA strategies on Capitol Hill. Whitfield takes on a position that was formerly held by CUNA Senior Vice President of Legislative Affairs Ryan Donovan, who now leads the association's advocacy efforts with Congress. John Magill, CUNA executive vice president and special assistant to the president, will continue his role as the association's chief lobbyist on Capitol Hill as well as providing high-level strategic counsel to CUNA President/CEO Bill Cheney. Cheney said "Sam's broad experience on the Hill and in government, as well as his effectiveness as an advocate, will serve credit unions well in his new role with us." …
  • WASHINGTON (3/2/12)--U.S. regulators are unlikely to make the July 21 deadline to finalize a rule that would ban proprietary trading by banks and limit their investments in private equity and hedge funds, Federal Reserve Chairman Ben Bernanke told Congress Wednesday (American Banker March 1). The deadline to finalize the so-called Volcker Rule is July 21. Bernanke told the House Financial Services Committee he couldn't provide an exact date when the rule would be finalized. The Fed has received about 17,500 comments on the rule, which has received criticism from banks and foreign governments. Concerns are primarily related to the exceptions the rule allows. Banks would be permitted to make certain kinds of trades, including those for market-making activities. Bernanke said regulators are having difficulty distinguishing between proprietary trading and market-making activities …
  • WASHINGTON (3/2/12)--In a new Securities and Exchange Commission filing, Fannie Mae said it cancelled Bank of America's (BofA) loan delivery contract. The cancellation bars BofA from selling most types of loans to Fannie because of delays by the bank in making good on outstanding buyback requests (American Banker March 1). BofA accounted for 59% of buyback requests that were more than 120 days past due, Fannie said in the filing. Last week, BofA announced it would stop selling purchase money loans made to Fannie Mae. Although BofA has yet to honor its repurchase obligations, Fannie has not changed the amount it expects to collect from them, the government-sponsored enterprise said, adding that it will continue to work with the bank to resolve the issues …


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