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Inside Washington (11/09/2012)
  • WASHINGTON (11/13/12)--Increasing scrutiny from regulators on loss-reserves could place banks under pressure from certified public accountants (CPAs). Regulators have warned banks they don't want them releasing their reserves too quickly (American Banker Nov. 9). Banks, in turn, have changed the way they calculate reserves, either by adjusting the impact of historical losses or by closer inspection of projections. Those new methods could affect the bottom line, prompting scrutiny from banks' accountants. CPAs will not approve audits if reserves do not accurately reflect financial performance, said David Seleski, the president and chief executive at Stonegate Bank in Fort Lauderdale, Fla. Banks could end up in the middle of a battle between regulators and CPAs, Seleski said ...
  • WASHINGTON (11/13/12)--The Financial Stability Oversight Council will meet today to discuss recommendations to revamp money-market mutual fund regulations. U.S. Treasury Secretary Timothy Geithner, who chairs the FSOC, has been pressed the Securities and Exchange Commission (SEC) to initiate reforms of the money-market fund industry (American Banker Nov. 9). In a letter to the oversight council he said reforms are essential to the stability of the U.S. financial system. SEC Chairman Mary Schapiro has introduced a reform proposal, but it has not been approved by the agency's board. Geithner asked the FSOC in September to issue two alternative reforms proposed by Schapiro and another alternative that would impose capital and enhanced liquidity standards …
  • WASHINGTON (11/13/12)--Rep. Judy Biggert's (R-Ill.) loss to former Democratic Rep. Bill Foster on Tuesday will open up a slot on the House Financial Services Committee. Biggert's loss was due in part to redistricting (American Banker Nov. 9). Biggert serves as chairman of the subcommittee on insurance, housing and community opportunity. She has been a critic of the Dodd-Frank reform law and the country's mortgage finance system, including Fannie Mae and Freddie Mac and the Federal Housing Administration. Biggert was also willing to work in a bipartisan manner and has industry, noted Edward Mills, a financial policy analyst at FBR Capital Markets and former Hill aide. An attorney, she had a private law practice specializing in real estate, estate planning and probate law before serving in Congress ...
  • WASHINGTON (11/13/12)--The Federal Deposit Insurance Corp. (FDIC) announced a new tool for examiners Thursday. The tool, called ePrep, will customize requests to fit each bank's specific structure (American Banker Nov. 9). The system was built with community banks in mind, Kristie Elmquist, the FDIC's Dallas regional director, said at a meeting of the FDIC's community bank advisory committee. The new pre-exam tool has been piloted in exams at 30 banks, and is slated for full release by early 2013. ePrep allows examiners seeking pre-exam information to specify the type of exam and the types of bylaws, executive committee minutes, loan and liquidity information, and other characteristics specific to the bank being examined …


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