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News Now

Washington
Inside Washington (04/03/2008)
* WASHINGTON (4/4/08)--The Federal Deposit Insurance Corp. (FDIC) will likely supervise state-chartered banks, predicted FDIC Chairman Sheila Bair (American Banker April 3). The Treasury has released a plan calling for one agency to supervise the banks, and Bair told her staff in an e-mail that the FDIC would likely be assigned the responsibility ... * WASHINGTON (4/4/08)--The Treasury Department’s plan to revise financial regulation would allow commercial firms to own and run federally insured depository institutions, or FIDIs, and has sparked debate among bankers. Camden R. Fine, president/CEO of the Community Bankers of America, said the plan would put taxpayer dollars at risk (American Banker April 3). Fine's group has fought against combining banking with commerce and attempts by large retailers to own industrial loan companies (ILCs). Others see the plan as progressive. Former Utah Banking Commissioner George Sutton, who has represented companies trying to earn ILCs, said separating commerce and banking is an outdated idea. Dan Mica, president/CEO of the Credit Union National Association, garnered press earlier this week when he questioned the Treasury plan, stating that it would result in the demise of credit unions as they function today (News Now April 3) ...


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