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Inside Washington (06/08/2010)
* WASHINGTON (6/9/10)--Candidates rumored for the next Comptroller of the Currency include Federal Deposit Insurance Corp. Vice Chairman Marty Gruenberg, Federal Reserve Board Gov. Dan Tarullo, Treasury Assistant Secretary Michael Barr, North Carolina Banking Commissioner Joe Smith, and New York Banking Commissioner Richard Neiman (American Banker June 8). President Barack Obama will nominate the next comptroller in several weeks. The regulatory reform bill, which financial observers expect will be signed by July 4, will remove the current comptroller, John Dugan. Dugan’s five-year term expires Aug. 4 ... * WASHINGTON (6/9/10)--Speaking to a Washington, D.C.-area affordable housing group, Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said the government should re-evaluate 25 years of policies that helped contribute to a 69% homeownership rate. The policies include multiple tax reductions for homeownership, private securitization practices that appear flawed and risky growth of the government-sponsored enterprises (American Banker June 8). The effect pushed up home prices, making homes less affordable to the low-income. Also, Bair said the FDIC is close to implementing a plan to securitize failed-bank assets. The agency intends to finish its first securitization of commercial real estate loans within the next two months, she said ... * WASHINGTON (6/9/10)--There are five core principles for balancing access to credit and sound risk management, according to Federal Reserve Board Gov. Elizabeth Duke. They are: adequate consumer protection, prudent underwriting, transparency, simplicity and properly aligned incentives. Duke also said that she believes the nation “is on the right path” to financial stability after the financial crisis. It’s time to work together to build a new consumer banking model--one that will be shaped by the scars of the past, she added. Duke spoke Tuesday at a banking industry conference ... * WASHINGTON (6/9/10)--The Financial Crisis Inquiry Commission, which was assembled by Congress to find the roots of the nation’s financial crisis, has issued a subpoena to Goldman Sachs Group. The commission said Goldman “dragged its feet” over requests for information and then dropped “hundreds of millions of pages of documents” on the panel, said The Wall Street Journal (June 8). The commission is primarily interested in Goldman’s relationship with American International Group, an insurance giant that was bailed out by the government in 2008. The subpoena demands interviews with several Goldman executives, including CEO Lloyd Blankfein. A Goldman spokesman said the company will provide the information requested. Goldman was sued in April by the Securities and Exchange Commission over a subprime mortgage security, and was publicly criticized by the Senate permanent subcommittee on investigations regarding other deals Goldman unfairly profited from, lawmakers say. Goldman has said it did nothing wrong ...


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