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Inside Washington (03/26/2012)
  • WASHINGTON (3/27/12)--In a recent interview with American Banker (March 26), Consumer Financial Protection Bureau Director Richard Cordray discussed topics of interest to credit unions and all financial institutions. Cordray said he did not anticipate the bureau writing a law or issuing guidance specific to unfair, deceptive or abusive acts or practices. Regarding the creation of a level playing field between small and large institutions, Cordray said the bureau will take a "nuanced" approach. For example, on the CFPB's work to govern remittances, Cordray said the agency is trying to write the rule in a way that considers how many smaller institutions may only do remittance transactions on an irregular basis. The bureau anticipates releasing a qualified-mortgage rule in the first half of the year, Cordray added …
  • WASHINGTON (3/27/12)--Jim Yong Kim, the president of Dartmouth College and a global health expert, has been nominated by President Barack Obama to lead the World Bank. The bank's current president, Robert B. Zoellick, will step down June 30, at the conclusion of his five-year term (The New York Times March 26). Traditionally, the U.S. president selects the head of the World Bank, and Europe chooses the leader of its sister institution, the International Monetary Fund. Kim is an anthropologist and a physician. He co-founded Partners in Health, a nonprofit organization that provides health care for the poor. He also is a former director of the department of HIV/AIDS at the World Health Organization …


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