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Inside Washington (10/04/2010)
* WASHINGTON (10/5/10)--At the Financial Stability Oversight Council’s first meeting Friday, members moved forward to establish criteria to determine which nonbanks are systemically risky and to ban proprietary trading. During the meeting, Treasury Secretary Tim Geithner said that a study on how to enforce the Volcker Rule--which bans proprietary trading--would be due at the end of January. The Volcker Rule proposal, which the council approved Friday, asks financial institutions how to impose such a ban and restrict investment with private-equity and hedge funds. It also questions how to protect taxpayers and consumers by minimizing risks that firms take on (American Banker Oct. 4). Under the regulatory reform law, the council must make recommendations about how to implement the Volcker Rule by Jan. 22. Regulators will then have nine months to implement the rule. Debbie Matz, chairman of the National Credit Union Administration, was among meeting attendees ... * WASHINGTON (10/5/10)--The National Credit Union Administration (NCUA) is accepting comment on its Proposed Interpretive Ruling and Policy Statement, which sets forth the requirements and process for chartering corporate federal credit unions, as published in the Federal Register Friday. Comments must be received by Nov. 1. NCUA recently finalized its Corporate Credit Union Rule, changes which are likely to result in a fundamental restructuring of the corporate credit union system. As part of the restructuring, NCUA believes some groups may wish to form new corporate credit unions, according to the Federal Register ...


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