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Inside Washington (11/02/2012)
  • WASHINGTON (11/5/12)--A federal lawsuit that charges Wells Fargo of wrongdoing in connection with loans insured by the Federal Housing Administration (FHA) should be barred because it conflicts with the terms of the multistate mortgage settlement, Wells Fargo contends. The $25 billion mortgage settlement  that a federal judge approved in April included, in addition to Well Fargo, Bank of America, Citigroup, JPMorgan Chase, Ally Financial, the Justice Department and 49 states (American Banker Nov. 2). The suit filed in October by the Manhattan U.S. Attorney's office regards loans insured by the FHA over roughly a decade beginning in May 2001. The settlement "wiped the slate clean" for Wells Fargo in terms of facing any further liability to the U.S., according to papers filed by the financial giant with U.S. District Judge Rosemary Collyer, who approved the settlement …
  • WASHINGTON (11/5/12)--Regional banks. that have previously let large firms and community banks promote their political agenda in Washington have begun spending more money on lobbying in the past two years. The banks are particularly concerned with the effects of Dodd-Frank rules such as Volcker ban on proprietary trading and procedures for unwinding failed banks (Bloomberg Nov. 2). The mid-sized banks contend they should be considered in a different light by regulators because they focus on traditional deposits and lending rather than the higher-risk activities. Atlanta-based SunTrust has spent $75,000 on lobbying this year after spending less than $5,000 on lobbying in 2011 and 2010, according to federal records. PNC, based in Pittsburgh, has invested $750,000 this year and $1.53 million in 2011 after spending $570,000 in 2010, records show. Regions Financial has spent $890,000 on lobbying so far this year compared with $1 million last year. In 2010 it spent $540,000 …
  • WASHINGTON (11/5/12)--The Federal Deposit Insurance Corp. (FDIC) has scheduled a Nov. 8 meeting of its Advisory Committee on Community Banking, the schedule that includes an update from staff working on the agency's Community Banking Initiatives, including a summary of the six community banker roundtables held across the country this year. It also includes updates on both the research agenda and supervisory process initiatives. The FDIC Advisory Committee on Community Banking was established in 2009 to provide the board of directors with guidance on a broad range of policy issues affecting small community banks and the communities they serve, with a focus on rural areas …


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