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Inside Washington (10/12/2010)
* WASHINGTON (10/13/10)— kicked off its new Tuesday Talks live video chat by featuring Elizabeth Warren. The Tuesday Talks chats will be held every Tuesday at 1 p.m. EDT, according to a White House press release. Warren joined President Barack Obama’s administration in late September as assistant to the president and special adviser to U.S. Treasury Secretary Tim Geithner. She is charged with launching the Consumer Financial Protection Bureau, which is a core element of Wall Street reform efforts. The bureau is designed to serve as a watchdog for American consumers by streamlining and enforcing financial protection rules. The National Credit Union Administration and other financial regulators are required to transfer functions and authorities regarding consumer financial laws to the CFPB by July 21, 2011… * WASHINGTON (10/13/10)--The Small Business Administration (SBA) and the U.S. Treasury Department are implementing core provisions of the Small Business Jobs Act to increase small business lending (American Banker Oct. 12). The SBA raised the maximum for small business loans from $2 million to $5 million for several programs, including general small business loans and fixed asset loans, as was reported earlier by News Now. The Treasury Department allocated $1.5 billion to states as part of the State Small Business Credit Initiative that encourages states to work with local lenders to help entrepreneurs expand. States must demonstrate that they gain $10 in private lending for every $1 of federal funding received … * WASHINGTON (10/13/10)--The Federal Deposit Insurance Corp. (FDIC) plans to pursue more than 50 lawsuits to attempt to recapture more than $1 billion in losses from banks that failed due to the credit crisis. The lawsuits, which were authorized by the FDIC board in closed session, are aimed at officers and directors of failed banks (American Banker via Oct. 12). The FDIC typically takes about 18 months to investigate bank failures and determine whether litigation can be used to recover losses to its insurance fund. To date, the FDIC’s only lawsuit related to the credit crisis is a July filing that asks for $300 million in damages from four executives at IndyMac Bankcorp Inc. … * WASHINGTON (10/13/10)--The Federal Deposit Insurance Corp., Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have published revisions to Community Reinvestment Act (CRA) rules. The new rules, effective Nov. 3, implement two statutory changes. One requires the agencies named above, when assessing a bank’s or thrift’s record of meeting community credit needs, to consider low-cost education loans to low-income borrowers. The other change permits the agencies to consider various activities undertaken with minority- and women-owned financial institutions and low-income credit unions… * WASHINGTON (10/13/10)--The Federal Deposit Insurance Corp. (FDIC) last week proposed a rule to clarify how the agency would treat certain creditor claims under a new “orderly liquidation authority “established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title II of the Dodd-Frank Act allows the appointment of the FDIC as receiver for a financial company if its failure and liquidation--under the Bankruptcy Code or other insolvency procedures-- would pose a significant risk to the financial stability of the United States. The Notice of Proposed Rulemaking approved Friday includes a request for comment on a proposed regulation on specific issues related to creditor claims and a request for comment on broader questions to inform a future rulemaking addressing other orderly liquidation issues under the Dodd-Frank Act. The proposed rule is open for comment for 30 days and the broader set of questions for the future rulemaking will be open for public comment for 90 days…


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