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Inside Washington (06/09/2008)
* WASHINGTON (6/10/08)--The Office of Federal Housing Enterprise Housing Oversight (OFHEO) announced the first quarter minimum and risk-based capital classification for Fannie Mae and Freddie Mac yesterday. Fannie’s core capital of $42.7 billion exceeded the OFHEO’s capital requirement by $5.1 billion. Freddie Mac’s core capital of $38.3 billion exceeded OFHEO’s capital requirement by $6 billion. Fannie Mae’s risk-based capital of $47.7 billion exceeded the requirement by $24.6 billion. Freddie Mac’s risk-based capital of $42.2 exceeded the requirement by $16.1 billion. All figures were as of March 31. The OFHEO-directed capital requirement is the amount of capital the enterprise is required to maintain to compensate for increased operational risks ... * WASHINGTON (6/10/08)--Federal bank and thrift regulatory agencies announced the agenda and keynote speaker for the 2008 Interagency Minority Depository Institutions (MDI) National Conference July 16-18 in Chicago. The theme for this year will be “Know Your Business, Grow Your Business.” The speaker will be Robert L. Johnson, founder and chairman of the RLJ Companies. During the conference, representatives from the Federal Deposit Insurance Corp., the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision will address issues MDIs face ... * WASHINGTON (6/10/08)--Eleven credit union professionals and volunteers from Minnesota traveled to Washington, D.C., June 3-5 to meet with their federal representatives to discuss credit union issues and concerns. During a hill briefing at the Credit Union National Association (CUNA), Dan Mica, CUNA president/CEO, thanked attendees for making the trip and emphasized the importance of constituent contact with elected officials. The hill visits included meetings with Minnesota Rep. John Kline, Sen. Amy Klobuchar, Rep. Betty McCollum, Rep. Jim Oberstar, Rep. Collin Peterson, and Rep. Tim Walz. From left are: Kline; a member of Kline’s staff; Jeff Schwalen, president, Hiway FCU, St. Paul; and Harry Wobschall, board chairman, First Alliance CU, Rochester. (Photo provided by the Minnesota Credit Union Network). Georgia and Michigan leagues will hike Capitol Hill this week also, focusing on the Credit Union Regulatory Improvement Act (CURIA) and an interchange bill ... * WASHINGTON (6/10/08)--Federal Reserve Bank of New York President Timothy Geithner Monday called for more central bank authority over financial institutions in markets (The Wall Street Journal June 9). Today’s risk-management framework focuses too much on an individual firm’s mistakes, instead of mistakes correlated from a group of firms, he said. The current regulatory structure leaves opportunities for arbitrage and evasion, and creates risk of gaps in authority and knowledge, he added. Regulatory policy should be broadened beyond supervision of firms and oversight should be extended beyond banks, Geithner said ...


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