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Inside Washington (11/29/2012)
  • WASHINGTON (11/30/12)--Credit Union National Association President/CEO Bill Cheney introduced Thursday's keynote speaker, Pulitzer prize-winning Washington Post business columnist Steven Perlstein, at the Consumer Federation of America's annual conference on consumers in the financial services marketplace in Washington, D.C.  "Bill is going to like my speech, even though he hasn't seen it yet," Perlstein said before beginning his remarks.  Perlstein went on to praise mutual institutions like credit unions as appealing alternatives for consumers who are fed up with the excesses of Wall Street and big business.  "It is, after all, (our) money," he said.  "We have it within our power to take it back and put it somewhere else--cooperative enterprises."  Perlstein said he would like to see CFA help power a grassroots movement to "take back the financial system--not by occupying it, but by defunding it" in favor of enterprises where the profits go back to the consumers ...
  • WASHINGTON (11/30/12)--Former Dominion Resources Senior Vice President and Chief Information Officer Margaret E.  "Lyn" McDermid has been named the next chief information officer of the Federal Reserve System, according to an announcement from the Federal Reserve Bank of Richmond. "Lyn is an outstanding IT leader in a dynamic, highly regulated industry that is focused on service reliability, innovation and security. Her experience is great preparation for leading national IT services for our nation's central bank, where world-class information technology is essential to all aspects of our mission," Jeff Lacker, president of the Federal Reserve Bank of Richmond, said in a news release. McDermid will begin her new job on Feb. 1 and will succeed Lon Zanetta who is retiring. She has been chairman of the board of directors of the Federal Reserve Bank of Richmond …
  • WASHINGTON (11/30/12)--Sen. Bob Corker (R-Tenn.) said he would oppose any extension of the Transaction Account Guarantee Program because it is "time to move beyond this period of unprecedented support of the banking industry.''  Corker, a member of the Senate Banking Committee, said in a news release that he reached his conclusion after he received responses from the Federal Deposit Insurance Corp. (FDIC) indicating that with "banks now holding sufficient deposits to support their outstanding loans and data showing that large institutions are by far the largest holders of TAG deposits, the program's benefit to the community banking system is, at best, unclear.''  Senate Majority Leader Harry Reid (D-Nev.) has introduced legislation to extend program, which the FDIC launched during the financial crisis in 2008, to 2014. The program provides unlimited insurance for some non-interest bearing accounts …
  • WASHINGTON (11/30/12)--Foreign banks that operate in the U.S. would be subject to annual stress testing, risk management regulations and single counterparty credit limits under proposed regulations to be issued in the next few weeks, Federal Reserve Board Gov. Daniel Tarullo said in a speech on Wednesday. (American Banker Nov. 29)  Imposing more standardized regulations on the U.S. operations of foreign banks can ensure that enhanced prudential standards are applied consistently across foreign banks and in comparable ways between U.S. banking organizations and foreign banking organizations," Tarullo said in a speech at Yale University's Law School.  Tarullo supports having foreign banks that operate in the U.S. establish first-tier intermediate companies encompassing all of their American operations. He said the U.S. needs to adjust the regulatory requirements for foreign banks in response to changes in the nature of their activities here, the risks attendant to those changes, and instructions from Congress in new statutory provisions …


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