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LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
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MICHELLE WILLITSManaging Editor
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ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (03/10/2010)
* WASHINGTON (3/11/10)--The Federal Reserve Board announced that its Consumer Advisory Council will meet March 25. The council is slated to discuss proposed rules to implement the Credit Card Accountability, Responsibility and Disclosure Act; foreclosure issues; and short-term and small-dollar loan products. Alan Cameron, Idaho Credit Union League president, is a member of the council ... * WASHINGTON (3/11/10)--The Securities and Exchange Commission’s (SEC) chief economist, James Overdahl, will step down March 31 to join NERA Economic Counseling (Bloomberg News March 10). Overdahl became chief economist three years ago. SEC Chairman Mary Schapiro merged Overdahl’s office with another and adopted short-selling rules that hedge funds claimed ignored financial analysis. Overdahl has not said if the short-sale rule or reorganization affected his decision to step down ... * WASHINGTON (3/11/10)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said he is continuing to work toward a bipartisan financial reform bill but did not offer any new details (American Banker March 10). Sen. Bob Corker (R-Tenn.), who is working with Dodd on the bill, said the talks have been positive but complicated. He did not indicate whether he had earned the support of ranking member Sen. Richard Shelby (R-Ala.) on the bill. Lawmakers continue to debate the legislation, especially regarding concerns that the Fed would retain oversight of financial companies. Sen. Mike Crapo (R-Idaho) said that if the Fed has jurisdiction over only large institutions, it could create the problem of defining ‘too big to fail’ ... * WASHINGTON (3/11/10)--Regulators issued 1,143 formal enforcement actions against financial institutions in 2009--which more than doubles the 2008 tally (American Banker March 10). Informal actions by regulatory agencies also doubled, reaching 1,099 in 2009. The Federal Deposit Insurance Corp. (FDIC) had the most with 551, compared with 273 in 2009. The Federal Reserve Board quadrupled actions to 191. The Fed filed 467 informal actions in 2009, compared with 216 in 2008 ...


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