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Washington
Inside Washington (04/13/2011)
* WASHINGTON( 4/14/11)--The Federal Deposit Insurance Corp. (FDIC) on Tuesday updated its loss, income, and reserve ratio projections for the Deposit Insurance Fund (DIF) over the next several years. The projected cost of FDIC-insured institution failures for the five-year period from 2011 through 2015 is $21 billion, compared to estimated losses of $24 billion for banks that failed in 2010. The agency noted that while the projections are uncertain, the DIF should become positive this year and reach 1.15% of estimated insured deposits in 2018. The Dodd-Frank Act requires that the fund reserve ratio reach 1.35% by Sep. 30, 2020. The FDIC said it likely will consider a proposal later this year to implement the requirement in Dodd-Frank to offset the effect of increasing the reserve ratio from 1.15% to 1.35% on institutions with assets of less than $10 billion. Following seven quarters of decline, the DIF balance has increased for four consecutive quarters. The balance stood at negative $7.4 billion at year-end 2010, up from negative $8 billion in the prior quarter and negative $20.9 billion at the end of 2009 … * WASHINGTON (4/14/11)--Fourteen of the largest mortgage servicers had significant deficiencies in their foreclosure processing, according to enforcement actions filed by their regulators yesterday. These deficiencies included the filing of inaccurate affidavits and other documentation (so-called “robo-signing”), poor oversight of attorneys and other third parties, inadequate staffing and training of employees, and poor communications with borrowers who sought to avoid foreclosures. The enforcement action required banks to ensure that their affiliated servicers took corrective measures and address any deficiencies identified in the review. In a statement, the Federal Deposit Insurance Corp. said it supports a single point of contact for homeowners to work with during the foreclosure process … * WASHINGTON (4/14/11)--Five federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for derivatives as required by the Dodd-Frank Act. The amount of margin required under the proposed rule would vary, based on the relative risk of the counterparty and of the swap or security-based swap. Dealers would not be required to collect margin from a commercial end user as long as its margin exposure is below an appropriate credit exposure limit established by the swap entity. Swap dealers would also not be required to collect margin from low-risk financial end users so long as its margin exposure does not exceed a specific threshold. The rule is proposed by the Federal Reserve Board, the Farm Credit Administration, the Federal Deposit Insurance Corp. the Federal Housing Finance Agency, and the Office of the Comptroller of the Currency. The proposed rule would require swap entities regulated by the five agencies to collect minimum amounts of initial margin and variation margin from counterparties to non-cleared swaps and non-cleared, security-based swaps. The proposed margin requirements would apply to new, non-cleared swaps or security-based swaps entered into after the proposed rule’s effective date. The proposal also seeks comment on several alternative approaches to establishing margin requirements …


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