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Inside Washington (08/03/2009)
* WASHINGTON (8/4/09)--Rep. Carolyn Maloney (D-N.Y.), has introduced the Mutual Holding Company Beneficial Owners’ Protection Act of 2009 (H.R. 3291), which would preserve the rights of public shareholders to vote on the stock benefit awards to members of the mutual holding companies' boards of directors. The bill was introduced in response to a 2008 ruling by the Office of Thrift Supervision (OTS) that restricts the rights of public shareholders. “In an era when we are seeking to provide shareholders more say in the compensation structure of executives, I simply cannot understand how the OTS could rule to further limit the rights of shareholders of mutual holding companies,” Maloney said in a statement ... * WASHINGTON (8/4/09)--The Federal Deposit Insurance Corp. (FDIC) took the next step in the development of the Legacy Loans Program (LLP) through the auction of toxic assets from a failed financial institution. The agency did not provide details about the institution involved in the auction but noted that the first test using the LLP funding mechanism commenced last week. In the transaction to be offered, the receivership will transfer a portfolio of residential mortgage loans on a servicing released basis to a limited liability company (LLC) in exchange for an ownership interest in the LLC. The LLC also will sell an equity interest to an accredited investor, who will be responsible for managing the portfolio of mortgage loans ... * WASHINGTON (8/4/09)--Esther George has been picked by the Federal Reserve Board to temporarily serve as director of the Fed’s supervision and regulation division while the central bank seeks a permanent director (American Banker Aug. 3). George will succeed Roger Cole, who is retiring. Before being picked as director, George had been promoted to first vice president of the Federal Reserve Bank of Kansas City. Prior to her promotion, she was senior vice president for supervision and risk management at the Kansas Fed. She has experience overseeing discount window lending ...


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