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LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
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TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (07/10/2012)
  • WASHINGTON (7/11/12)--As part of its ongoing efforts to wind down and recover its remaining Capital Purchase Program (CPP) investments under the Troubled Asset Relief Program (TARP), the Department of the Treasury Monday said it will sell more preferred stock and subordinated debt CPP investments. Treasury has recovered $264 billion from TARP's bank programs through repayments, dividends, interest and other income--compared with the $245 billion initially invested. Treasury has remaining outstanding CPP investments in 325 banks.  Beginning July 23, the Treasury will auction the preferred stock and subordinated debt for First Western Financial, Denver; CBS Banc-Corp., Russellville, Ala.; Exchange Bank, Santa Rosa, Calif.; Market Street Bancshares, Mount Vernon, Ill.; Fidelity Financial, Wichita, Kan.; Marquette National, Chicago; Premier Financial Bancorp, Huntington, W. Va.; Diamond Bancorp, Washington, Mo.; Park Bancorp., Madison, Wis.; Trinity Capital, Los Alamos, N.M.; First Community Financial, Joliet, Ill.; and Commonwealth Bancshares,  Louisville, Ky. …
  • WASHINGTON (7/11/12)--Banks participating in the Small Business Lending Fund (SBLF) increased their business lending by $433 million during the first quarter, the Treasury Department announced Monday. Of the 281 participating banks, 84% increased their business lending over baseline levels, according to a report released by Treasury. More than 69% increased their business lending by 10% or more. The SBLF program is designed to increase lending to small businesses by making capital available to community banks and community development loan funds. It provided $30 billion to banks with less than $10 billion of assets, including banks that wished to repay TARP funds (News Now April 26). As of March 31, SBLF participants have increased their lending by $5.2 billion over their aggregate baseline, according to Treasury. The Credit Union National Association (CUNA) and credit unions are urging the U.S. Congress to increase credit unions member business lending (MBL) cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said …
  • WASHINGTON (7/11/12)--Responding to criticism that the Consumer Financial Protection Bureau's (CFPB) complaint database is unfair, CFPB Director Richard Cordray said the database puts pressure on companies to compete for customer service. In an interview with American Banker (July 10), Cordray called the database part of "a free market of ideas" and said it is the agency's job to weed through unfounded complaints that critics claim the system encourages. Regarding delays on the qualified mortgage rule, Cordray told the Banker the mortgage market will be more negatively affected by a poorly crafted rule than any delays that would be necessitated to draft an effective rule …


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