* WASHINGTON (9/2/09)--Senate Banking Committee Chair Christopher Dodd (D-Conn.) is considering a bill that would consolidate oversight for financial institutions into a single regulator, taking away powers from existing agencies. The bill, which is still being drafted, also would create an interagency systemic risk council (American Banker
Sept. 1). Dodd’s committee hopes to pass the legislation this year. Dodd last brought up the idea of a single regulator during a hearing Aug. 4, but he wasn’t clear how much he would push for it ... * WASHINGTON (9/2/09)--Sen. Robert Menendez (D-N.J.) is pushing Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner to focus on the commercial real estate markets. Tight credit and high vacancy rates are plaguing the markets, the senator said. The government needs to encourage commercial lending and kick-start the market for commercial mortgage-backed securities, Menendez wrote in a letter to Bernanke and Geithner Thursday (American Banker
Sept. 1) ... * WASHINGTON (9/2/09)--The Federal Deposit Insurance Corp. (FDIC) Monday released some tips for financial institutions as they comply with the Credit Card Accountability, Responsibility and Disclosures (CARD) Act. Most of the CARD Act’s provisions take effect next year, but some took effect Aug. 20. The Summer 2009 issue of FDIC Consumer News
provides information about changes in the rules and what they mean for the public ... * WASHINGTON (9/2/09)--Federal Deposit Insurance Corp. (FDIC)-insured institutions lost $3.7 billion in the second quarter, according to the FDIC. Total assets of insured institutions declined by $238 billion, and the number of institutions on the FDIC’s Problem List rose to 416 from 305 on March 31. Total reserves of the Deposit Insurance Fund stood at $42 billion. Loan losses, which totaled $66.9 billion, have had the greatest impact on industry earnings, according to FDIC Chairman Sheila Bair ... * WASHINGTON (9/2/09)--Registration is open for the Go Direct campaign’s two recognition programs for financial institutions--Go Direct Champions and Go Direct Community Ambassadors. The campaigns encourage consumers to sign up for direct deposit. Deadline for registration is Sept. 30 ...