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Inside Washington (06/30/2009)
* WASHINGTON (7/1/09)--Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) on Tuesday introduced legislation that would direct the Federal Housing Finance Agency to suspend for 18 months its Home Mortgage Valuation Code of Conduct, a code that prevents loan officers and brokers from requesting appraisals themselves. A mortgage broker group has alleged that the legislation, which became effective on May 1 of this year, delays mortgage closings and harms brokers’ business overall, National Mortgage News reported. * WASHINGTON (7/1/09)--Donna J. Gambrell, Director of the Treasury’s Community Development Financial Institutions (CDFI) Fund will later today award $8 million in financial aid and $3.6 million in technical assistance funds to CDFIs that serve the Native American, Alaska Native, and Native Hawaiian communities. The announcement is scheduled to take place at the Lakota Trade Center, a Kyle, South Dakota-based CDFI recipient that aids local businesses and entrepreneurs… * WASHINGTON (7/1/09)--The Federal Reserve Board’s supervisory role over financial institutions that participate in discount window borrowing is not very different from the role of a systemic risk regulator, according to Eric Rosengren, president/CEO of the Federal Reserve Bank of Boston (American Banker June 30). Rosengren commented on the Fed’s powers during a risk regulation summit in Brussels, saying it might be logical for the Fed to assume the role of discount window operator. A macroprudential supervisor should be attuned to changes in leverage, asset-liability mix or underwriting standards, Rosengren added. His comments came after congressional leaders expressed doubt about giving the Fed systemic risk responsibilities under President Barack Obama’s financial regulatory restructuring plan ... * WASHINGTON (7/1/09)--Henry Paulson, former Treasury Secretary, is scheduled to testify July 16 regarding the government’s role in a Bank of America/Merrill Lynch deal. Paulson should be ready to discuss when federal officials knew of losses at Merrill Lynch and their decision to give $20 billion in rescue money to Bank of America in January, Reps. Dennis Kucinich (D-Ohio) and Edolphus Towns (D-N.Y.) said in a letter. The hearing will be held by the House Committee on Oversight and Government Reform. Paulson will be the third to testify in hearings regarding the Bank of America and Merrill Lynch deal (American Banker June 30). Federal Reserve Board Chairman Ben Bernanke and Bank of America CFEO Kenneth Lewis have been scrutinized by lawmakers this month for completing the deal, even though Merrill suffered significant losses shortly before Bank of America acquired the firm ...


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