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Washington
Inside Washington (10/14/2010)
* WASHINGTON (10/14/10)--Mark Pearce, the chief deputy commissioner of banks in North Carolina since 2009, has been appointed as director of a new division devoted to consumer compliance at the Federal Deposit Insurance Corp. (FDIC), said American Banker (Oct.14). The creation of the division of depositor and consumer protection, announced in August by FDIC, will focus on consumer rules in the wake of the sweeping Dodd-Frank legislation. Although the law created the new Consumer Financial Protection Bureau to write new rules, the FDIC will still enforce compliance for the banks it supervises. In addition, the new division is responsible for promoting the public’s knowledge about deposit insurance. Pearce previously spent over 10 years at the Center for Responsible Lending... * WASHINGTON (10/14/10)--Richard Nelman, superintendent of New York State banks, Wednesday called on state and federal regulators to work together to implement the Dodd-Frank financial reform legislation, particularly for non-depository supervision. (American Banker, Oct. 14). Speaking before the Exchequer Club here, Nelman said Dodd-Frank reaffirmed the need for state and federal regulators to partner, particularly on consumer protection issues for banks and nondepository supervision and enforcement. Nelam said the U.S. Congress confirmed that the state role is critical--providing checks and balances, calling it "more cops on the beat in enforcement," and serving as a proving ground for new laws. He also encouraged the Consumer Financial Protection Bureau to coordinate with existing state efforts as it designs a system to regulate nonbank institutions. Nelman suggested expanding the licensing system to include other nondepository lenders such as money transmitters and payday lenders.


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