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Inside Washington (09/13/2012)
  • WASHINGTON (9/14/12)--The Securities and Exchange Commission (SEC) pledged to continue its pursuit of a civil fraud case against IndyMac and ex-CEO Michael W. Perry after a judge upheld his own decision to pare down the government's charges. U.S. District Judge Manuel Real of California's Central District ruled Monday that IndyMac did not mislead investors when the bank failed to disclose a supplemental ratio for weighting subprime assets that it had previously reported to the Office of Thrift Supervision (OTS) (American Banker Sept. 13). Perry maintained that because the bank was well-capitalized, the OTS did not require IndyMac to provide the unfavorable ratio. Real's decision reaffirms a similar ruling he made in July. In May, the court dismissed several of the government's claims against Perry and ruled he would not have to return any gains that were allegedly unlawful. SEC spokesman John Nester said in a statement Tuesday the agency will consider its options regarding the portion of the case that was dismissed and continue to pursue its case against Perry, who the SEC accuses of backdating the capital contribution to make the bank appear to be well-capitalized …
  • WASHINGTON (9/14/12)--A bipartisan bill that would require independent government agencies, including the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, the Securities and Exchange Commission and the Commodity Futures Trading Commission, to analyze the costs and benefits of new regulations and tailor new rules to minimize unnecessary burdens on the economy, could be gaining support in the Senate. (American Banker Sept. 12) The bill, which was introduced by Sens. Rob Portman (R-Ohio), Mark Warner (D-Va.) and Susan Collins (R-Me.) in August, would give the executive branch some authority over the activities of independent regulators. The bill is being considered by the Homeland Security and Governmental Affairs Committee, but has not received a hearing
  • WASHINGTON (9/14/12)--The Financial Crimes Enforcement Network--or FinCEN--has made public a summary of it July 31 public hearing on an advance notice of proposed rulemaking (ANPR) on customer due diligence requirements for financial institutions. The ANPR was published in the Federal Register on March 5 and the July session on its requirements was one of what FinCEN has said will be a series of public hearings. The general summary of the meeting also includes prepared remarks from the hearing. Interested individuals may also view a portion of the hearing in a recorded webcast. …


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