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Washington
Inside Washington (06/25/2012)
  • WASHINGTON (6/26/12)--Commercial banks and savings associations reported trading revenues of $7 billion in the first quarter, the Office of the Comptroller of the Currency (OCC) reported Friday in the its Quarterly Report on Bank Trading and Derivatives Activities. The revenues were 178% higher than in the fourth quarter of 2011, but 5% lower than in the first quarter of 2011. Net current credit exposure, the primary metric the OCC uses to measure credit risk in derivatives activities, decreased $53 billion, or 12%, to $377 billion during the first quarter. Derivatives contracts are concentrated in a small number of institutions. The largest four banks hold 93% of the total notional amount of derivatives, while the largest 25 banks hold nearly 100%
  • WASHINGTON (6/26/12)--A lawsuit that seeks to wipe out the Consumer Financial Protection Bureau (CFPB) faces an uphill battle, but the case could still have an impact on the agency's operations, according to industry insiders. In responding to the complaint, filed by State National Bank of Big Spring, Texas, the Competitive Enterprise Institute and the 60 Plus Association, the CFPB is likely to make statements acknowledging limitations on what it can do, impacting its authority, according to Joseph Barloon, a bank industry lawyer at the law firm Skadden Arps in Washington, D.C. (American Banker June 23). The suit alleges the CFPB is unconstitutional because it is unaccountable to Congress, the president or the courts. It also challenges the constitutionality of the Financial Stability Oversight Council and the recess appointment of Richard Cordray as the CFPB's director …
  • WASHINGTON (6/26/12)--Jeremy C. Stein and Jerome H. Powell on Monday were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony, with Federal Reserve Chairman Ben S. Bernanke presiding. Stein assumed his position on May 30, and Powell assumed his position on May 25, following their confirmation by the Senate on May 17. Prior to his appointment to the board, Stein was the Moise Y. Safra Professor of Economics at Harvard University, where he taught courses in finance in the undergraduate and Ph.D. programs. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. Stein's term expires Jan. 31, 2018. Powell's term expires Jan. 31, 2014 …
  • WASHINGTON (6/26/12)--The National Credit Union Administration has rescheduled a planned July 24 closed board meeting, moving that meeting to Monday, July 23. The meeting is set to start at 2 p.m. ET...


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