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Inside Washington (09/20/2010)
* WASHINGTON (9/21/10)--Under the Dodd-Frank act, the Federal Deposit Insurance Corp. (FDIC) can set standards for how large financial institutions will wind down in the event of a failure. The FDIC is expected to release a rule soon that would implement the system. During a roundtable Aug. 31, bankers voiced their concerns about the rule, urging the FDIC to provide certainty about receiverships during a failure. They also said they didn’t want to be forced into drafting living wills that are too strict (American Banker Sept. 20). Meeting participants also discussed how much of a failed company the FDIC would need to place in a bridge firm, which the FDIC would continue operating to prevent the company’s failure from affecting other institutions. If another crisis hits, some observers said the agency may need to put more into a bridge firm than less. However, tighter regulations from the new law could make an institution’s failure more isolated and take some pressure off FDIC about systemic risks to other institutions ... * WASHINGTON (9/21/10)--The Securities and Exchange Commission (SEC) Friday proposed a rule that would lead to better disclosures in banks’ quarterly financial results and aim to prevent banks from entering into finance agreements to hide their financial position. Banks also would have to reveal their maximum and average assets, and period-end assets each quarter (American Banker Sept. 20). The proposal also could apply to nonfinancial firms. Some banks have been criticized for reducing their assets before the quarter end. An SEC review indicated that Citigroup, for instance, misclassified more than $9 billion in repo loans ...


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