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Inside Washington (03/23/2010)
* WASHINGTON (3/24/10)—A joint statement by federal financial regulators, including the National Credit Union Administration (NCUA), on funding and liquidity risk was given a May 21 effective date when the guidance was published this week in the Federal Register. The statement, released last week, reiterated “the importance of effective liquidity risk management for the safety and soundness of financial institutions.” (News Now March 18) It emphasized “the importance of cash flow projections, diversified funding sources, stress testing, a cushion of liquid assets, and a formal, well-developed contingency funding plan as primary tools for measuring and managing liquidity risk” for financial institutions. According to the release, “the agencies expect each financial institution to manage funding and liquidity risk using processes and systems that are commensurate with the institution’s complexity, risk profile, and scope of operations.” The Credit Union National Association (CUNA) last year commented on joint federal regulatory guidance on funding and liquidity risk management, saying that the guidance, which clarified and summarized principles of sound liquidity risk management previously issued by the agencies, made sense for banking organizations, but would only be redundant to existing rules for credit unions… * WASHINGTON (3/24/10)—Credit scores and reports, and the role they play in the nation’s economy, are the subject of a hearing today scheduled by the House Financial Services subcommittee on financial institutions and consumer credit. A subcommittee release said the session will focus on how credit scores and reports are formulated, who purchases them and for what purpose. The hearing is also intended to provide a discussion of relevant issues of particular concern to consumers and several members of Congress, including the impact of rising medical debt on credit scores and reports and their use for hiring purposes. Witnesses are expected to include representatives from the Federal Reserve, the Federal Trade Commission and the three major credit bureaus… * WASHINGTON (3/24/10)—The U.S. Treasury Department is about to start asking institutions that received funds from its Troubled Asset Relief Program (TARP) to provide data on the compensation packages of their top 25 executives. Kenneth Feinberg, Treasury's special master for compensation, was expected to send out a letter yesterday to each of the 419 TAPR-receiving firms asking for information on 2008 year-end bonuses. The review, required under the 2009 law that created the position of “special master,” is a departure from the data collection to date, which has primarily consisted of reviews and pay setting at the seven firms receiving large sums of TARP aid. Some on Wall Street worry that Feinberg could target certain pay contracts and hold them up to public scrutiny unless the firms involved agreed to retroactively cut the pay (The Wall Street Journal March 23)… * WASHINGTON (3/24/10)—The House Financial Services Committee has postponed its March 25 scheduled markup of the FHA Reform Act to a date and time to be announced at a later date...


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