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News Now

Washington
Inside Washington (10/20/2010)
* WASHINGTON (10/21/10)--The Conference of State Bank Supervisors (CSBS) has issued a corrected address for submitting comments on its proposed fees for the National Mortgage Licensing System & Registry (NMLS). Comments should be submitted to comments@stateregulatoryregister.org by Nov. 12. The National Credit Union Administration (NCUA) and the federal banking agencies have contracted with the CSBS's State Regulatory Registry to modify the NMLS to accommodate registrations by credit unions and banks as required by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) … * WASHINGTON (10/21/10)--The Federal Deposit Insurance Corp. (FDIC) has proposed a comprehensive, long-term plan for managing the Deposit Insurance Fund (DIF). The FDIC outlines the plan in a financial institution letter (http://www.fdic.gov/news/news/financial/2010/fil10068.html). Goals include maintaining a positive DIF balance even when large fund losses occur and keeping assessment rates steady during economic and credit cycles… * WASHINGTON (10/21/10)--Two-thirds of institutional investors are critical of proposals to expand the use of fair value accounting for banks, according to a study released by Keefe, Bruyette & Woods and Greenwich Associates. Just 20% of survey respondents favored the fair value accounting change recommended by the Financial Accounting Standards Board Yet many investors also reject current practices, with 70% supporting an alternative proposal requiring banks to include enhanced disclosures about fair value in quarterly and annual regulatory filings but not on the balance sheet. As many as 45% of investors would reduce the amount of their investments in U.S. banks if the proposal was enacted(American Banker Oct. 20). The Credit Union National Association (CUNA), earlier this month at a roundtable meeting again made the case that FASB’s proposed update to financial instrument accounting standards would provide no benefit to credit unions while substantially increasing their compliance costs. CUNA also continued to oppose the proposed application of fair value accounting rules to loans and other credit union products…


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