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Washington
Inside Washington (08/13/2010)
* WASHINGTON (8/16/10)--Elizabeth Warren, who chairs the Congressional Oversight Panel and is a leading candidate to head the Consumer Financial Protection Bureau, met with White House officials last week. A presidential spokesperson said that while a decision has not been made, Warren could be chosen to lead the consumer bureau (The Washington Post Aug. 13). The consumer bureau was largely Warren’s idea, and if President Barack Obama doesn’t choose Warren, “he may risk infuriating his liberal supporters who see Warren as the only logical candidate,” the newspaper said ... * WASHINGTON (8/16/10)--It’s likely that higher standards for bigger banks will be passed onto smaller institutions, according to financial industry representatives. Under the regulatory reform bill, banks with more than $50 billion in assets are considered systemically significant and will be subject to liquidity, capital and leverage rules. Banks under the $50 billion standard also should pay attention to the standards, observers told American Banker (Aug. 13). Some requirements already are taking effect--one example is a provision by Sen. Susan Collins (R-Maine), which states that trust-preferred securities no longer count toward Tier 1 capital after a six-year transition period. Companies with less than $15 billion in assets will be grandfathered in, while companies with $500 million in assets are exempt. Paul Miller, managing director at FBR Capital Markets Corp., said trust-preferreds are phasing out and are a “moot point” ... * WASHINGTON (8/16/10)--The Federal Deposit Insurance Corp. (FDIC) announced Thursday an open door policy so the public can give input and track the rulemaking process as the agency implements the Dodd-Frank Act and Consumer Protection Act. The FDIC will have roundtable discussions with external parties on implementation issues to provide balanced public input throughout the rulemaking process. The discussions will be available for public viewing via webcast. The agency also will release the names and affiliations of private sector individuals who meet with senior FDIC officials to discuss implementing the new law through independent or joint rulemakings. The FDIC will also release the subjects of the meetings and webcast all open board meetings, including those regarding regulatory reform ...


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