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Washington
Inside Washington (05/20/2010)
* WASHINGTON (5/21/10)--The Senate rejected a credit card amendment from Sen. Sheldon Whitehouse (D-R.I.) that would require national banks to offer borrowers credit based on interest rate limits in their states. The amendment failed 60 to 35. Whitehouse said he intended for the measure to bar any lender from exporting interest rate rules from states in which they are based for non-mortgage based consumer credit offers (American Banker May 20). He also said his provision aimed to separate consumer advocates from bank defenders. The amendment’s vote came after a failed move to invoke cloture on the regulatory reform bill. Sen. Maria Cantwell (D-Wash.) was one of two Democrats to vote against the cloture, saying the reform bill is too soft on derivatives. All swaps should be cleared, she said ... * WASHINGTON (5/21/10)--The Federal Deposit Insurance Corp. (FDIC) is receiving help from private investors after the agency shouldered the cost of 240 bank failures by tapping into its deposit insurance fund--which has sunk into the red, said The New York Times (May 19). The investors are taking over troubled banks to ease the burden on the government. On Thursday, FDIC was expected to announce that it would reduce the amount it puts aside to cover future losses by more than $3 billion during the first quarter. This would be the first reduction it has experienced since second quarter 2007. Seventy-two banks have failed this year, and industry representatives worry that more will follow. The agency--which previously predicted that 1,000 banks could fail--now foresees about 500 or 750 failures ...


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