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Washington
Inside Washington (08/01/2008)
* WASHINGTON (8/4/08)--The Federal Deposit Insurance Corp. (FDIC) transferred the deposits of First Heritage Bank in Newport Beach, Calif., and First National Bank of Nevada to Mutual of Omaha Bank before they failed two weeks ago, a move the agency likely made to avoid another IndyMac-like failure, observers said (American Banker Aug. 1). The FDIC is required to follow a “least-cost” resolution test, which requires it to act on events in a way that is cost-effective for the insurance fund. About 27% of the two banks’ $3.2 billion deposits were not insured, which results in a higher cost to the insurance fund. Despite the least-cost resolution law, the FDIC may have moved in the way that was most practical to avoid another IndyMac, said Bert Ely, an independent banking consultant from Alexandria, Va. ... * WASHINGTON (8/4/08)--The House Financial Services Committee approved Rep. Carolyn Maloney’s (D-N.Y.) measure to crack down on credit card practices. The bill would ban double cycle billing, restrict certain card fees, prevent companies from raising interest rates on existing debt if a consumer is late paying a bill and block minors from owning cards. Lawmakers said the measure passed so that the Federal Reserve Board wouldn’t ease its proposal to bar deceptive credit card practices (American Banker Aug. 1) ... * ARLINGTON, Va. (8/4/08)--Michael Fryzel, National Credit Union Administration (NCUA) chairman, is scheduled to give a speech at the National Association for State Credit Union Supervisors (NASCUS) State System Summit Aug. 21 in Seattle, NASCUS announced Friday. Fryzel led the Illinois Department of Financial Institutions for seven years in the 1980s. He was sworn in as NCUA chairman Tuesday ...


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