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Inside Washington (08/06/2012)
  • WASHINGTON (8/7/12)--The Consumer Financial Protection Bureau (CFPB) has given little hint of how it plans to distribute funds it collects from penalties it levies (American Banker, Aug. 6). The funds, such as the $25 million that the agency collected from Capitol One, go into the bureau's Civil Penalty Fund. According to the Dodd-Frank Act, which set up the bureau, the agency can use the money to make payments to fraud victims and fund consumer education and financial literacy programs. The agency hasn't indicated its plans and some congressional Republicans have expressed concern that some of the money will be used for grants to consumer groups. Last month, the CFPB ordered Capital One to pay a $25 million penalty to the CFPB and refund $140 million to $150 million to its customers for having pressured or misled them into paying for payment protection and credit monitoring when they activated their cards. …
  • WASHINGTON (8/7/12)--House Financial Services Committee Chairman Spencer Bachus (R-Ala.) wants federal regulators to give financial institutions 90 additional days to comment on proposed changes to capital requirements. Last Thursday he wrote Federal Reserve Chairman Ben Bernanke that "the rule is extremely complex so additional time for commenting is certainly justified.'' Bachus added that extending the deadline, currently Sept. 7, will "lead to more substantive comments, which in turn will be more useful to reviewers.'' The proposed rules, issued by the Federal Reserve, the Federal Deposit Insurance Corp., and the Comptroller of the Currency, would place additional requirements on large financial institutions including increasing the capital requirements for those with assets of more than $500 million. …
  • WASHINGTON (8/7/12)--The U.S. Department of Housing and Urban Development (HUD) and the Treasury Department have released the latest edition of their "Housing Scorecard." The departments compile and release information each month on key housing market indicators and highlight the impact of the administration's housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP). The full report is available online at www.hud.gov/scorecard ...


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