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Washington
Inside Washington (07/25/2008)
* WASHINGTON (7/28/08)--Rep. David Dreier (R-Calif.) has introduced legislation that would help the Federal Deposit Insurance Corp. (FDIC) protect the deposits of a bank facing financial crisis. The bill, the FDIC Flexibility Act of 2008, repeals the “low-cost solution” provisions that require the FDIC to choose the solution with the lowest cost to the banking fund when resolving an institution. “The problem is that what might be a low cost solution for a particular institution might not always be the best or fastest way to ensure that depositors have access to their funds,” according to a statement on the congressman’s website ... * WASHINGTON (7/28/08)--Nehemiah Corp. of America is fighting against a provision in a housing bill that would prohibit seller-funded down payment assistance. The provision would put Nehemiah and other providers out of business (American Banker July 25). Scott Syphax, Nehemiah’s CEO, said the Department of Housing and Urban Development (HUD) overstated the number of loans that have defaulted from seller-funded down payment programs. The Federal Housing Administration said loans from programs such as Nehemiah’s are three times more likely to go into foreclosure, but Syphax said the data the agency used was unreliable. HUD tried to eliminate the assistance program last year, but Nehemiah filed a lawsuit ... * WASHINGTON (7/28/08)--Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair reiterated the rights of insured depositors in an opinion piece published Thursday by Reuters. She said the FDIC has a “promise to keep to our nation’s bank customers,” and spelled out FDIC depositors’ bill of rights ...


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