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Inside Washington (11/16/2010)
* ALEXANDRIA, Va. (11/17/10)—The National Credit Union Administration has revised the agenda for today’s closed meeting. The new schedule lists the following matters to be considered: Pilot Programs (2). Closed pursuant to some or all of the following: exemptions (4) and (8); Insurance Appeals (3). Closed pursuant to some or all of the following: exemptions: (4) and (6); Personnel (2). Closed pursuant to some or all of the following: exemption (2); and Consideration of Supervisory Activities (4). Closed pursuant to some or all of the following: exemptions (8), (9)(A)(ii) and (9)(B)… *WASHINGTON (11/17/10)--Elizabeth Warren is recruiting staff to organize and conduct the Consumer Financial Protection Agency’s supervision of large firms offering consumer credit. Warren is the special assistant to the president charged with launching the agency. Steven Antonakes, the Massachusetts bank commissioner, is likely to be recruited to lead the supervision unit for financial institutions that offer consumer products such as mortgages and credit cards (Wall Street Journal Nov. 12). And observers speculated that Peggy Twohig, director of the U.S. Treasury’s Office of Consumer Protection, will organize the unit that will oversee non-bank supervision, which includes debt collectors, payday lenders and mortgage originators. Wall Street is scrutinizing Warren’s staff selections as she creates a supervisory structure aimed at ensuring that consumers are protected from risky products and abusive practices. The agency is expected to recruit additional staff from outside government as well as the ranks of federal bank examiners … * WASHINGTON (11/17/10)--Regulators are pondering whether big banks should be required to create subsidiaries for their international operations. Known as “subsidiarization,” this practice could make it easier to separate international business divisions when American regulators take resolution action against a big bank. Bankers attending a Federal Deposit Insurance Corp. (FDIC) roundtable event last month resisted the idea, citing the need to be able to easily move capital and manage liquidity across all areas of operations (American Banker Nov. 16). But other regulators counter that it is currently difficult to achieve resolution when a firm has operations in many different nations that each have their own financial rules. Regulators also said subsidiarization could make it easier to clearly identify separate business lines. Global resolution rules do not exist at this time, although leaders at the recent Group of 20 conference in South Korea urged the Basel Committee and the Financial Stability Board to address the issue …


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