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Washington
Inside Washington (04/30/2010)
* WASHINGTON (5/3/10)--The Financial Crisis Inquiry Commission said it will hold a hearing about America’s “shadow banking system” Wednesday and Thursday, with former Bear Stearns Co. CEO Jimmy Cayne and former Treasury Secretary Henry Paulson testifying (Dow Jones April 30). Cayne will join Bear Stearns’ former chief executive, Alan Schwartz; former president and co-chief operating officer Warren Spector; and former chief financial officer Samuel Molinaro. Treasury Secretary Timothy Geithner, GE Capital’s chairman and CEO Michael Neal, former Securities and Exchange Commission head Christopher Cox and his predecessor, William Donaldson, also will testify. The commission was assembled by Congress to determine the cause of the financial crisis ... * WASHINGTON (5/3/10)--The Federal Reserve Board approved amendments to Regulation D, which addresses reserve requirements of depository institutions, to authorize the Federal Reserve Banks to offer term deposits to institutions eligible to receive earnings on their balances at Reserve Banks. The amendments, according to an announcement released Friday by the Fed, will be effective 30 days after publication in the Federal Register, which is expected shortly ... * WASHINGTON (5/3/10)--The federal bank and thrift regulatory agencies Friday announced final guidance that addresses risks that can come with funding and credit concentrations arising from correspondent relationships. A correspondent relationship is one between one financial organization that provides another financial organization with services related to deposits, lending, or other activities. The regulatory guidance, according to the announcement, emphasizes the need for institutions to identify, monitor, and manage correspondent concentration risk on a stand-alone and organization wide basis. It also stressed the need for financial institutions to execute appropriate due diligence in these relationships…


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