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Inside Washington (11/28/2012)
  • WASHINGTON (11/29/12)--Rep. Shelley Moore Capito (R-W.Va.), who chairs the House Financial Services subcommittee that oversees credit unions and other financial institutions, is running for the U.S. Senate.  Capito told the Associated Press that her state is experiencing changing leadership resulting in what she called a greater political balance between parties.  She said West Virginia needs a new and diverse voice in the U.S. Senate.  Capito is seeking the seat that has been held since 1985 by Democratic Sen. John D. Rockefeller.  The Credit Union National Association, through its Credit Union Legislative Action Council, backed Capito in this year's reelection campaign …
  • WASHINGTON (11/29/12)--The Federal Reserve isn't disclosing enough consumer information about credit cards, according to a report by CardHub.com. (American Banker Nov. 28)  A report by the website, which provides comparative information on credit cards for consumers, said the Fed's guidelines didn't require disclosure of what factors can cause rate increases on existing balances and in new transactions. The report said the rules will confuse consumers about what part of their card balances will be impacted by a rise in the annual percentage rate. It also noted that the Fed had told card issuers not to tell consumers when they are obliged to reverse a penalty APR.  The Federal Reserve has since ceded authority on credit card disclosure regulations to the Consumer Financial Protection Bureau. Then CFPB issued its own disclosure form last December, which the report praised
  • WASHINGTON (11/29/12)--An overwhelming majority of consumers don't obtain multiple offers nor do they do any other kinds of comparison shopping when buying their house, according to a report issued Tuesday by mortgage buyer Fannie Mae. (American Banker Nov. 28) A Fannie Mae survey found that 70% of consumers rely on the reputation of a financial institution when picking a lender and 58% of homebuyers didn't use any tool to figure out how much they will spend to purchase a new residence. Respondents said pre-existing relationships with the financial institution and referrals were more important than the recommendations of mortgage brokers or real estate agents.  According to the survey, 14% of lower-income respondents and 4% of higher-income consumers said advertising influenced them when deciding what lender they should use.  The data came from a survey of 3,003 consumers from April to June …
  • WASHINGTON (11/29/12)--In remarks to address the Exchequer Club here on Wednesday, the acting director of the Federal Housing Finance, Edward DeMarco, identified what he said were the  2012 accomplishments or his agency and also gave his perspective on the future of housing finance. Among his points, DeMarco noted that the government touches more than 9 out of every 10 mortgages. "With this in mind, it is essential that we transition the mortgage market to a more secure and sustainable and competitive model," he said. "FHFA is taking a number of steps – whether it is increasing guarantee fees or pursuing risk sharing alternatives – that have the potential to transfer some credit risk to the private sector. We will continue to try to make progress in this area, but if policymakers are serious about limiting the government's role, more direct action may be needed to have significant near-term effects. And, elected officials must give direction on how to end the conservatorships," he said …


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