Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (11/30/2012)
  • WASHINGTON (12/3/12)--Martin J. Gruenberg and Thomas M. Hoenig were officially designated last week by President Barack Obama as the chairman and vice chairman of the Federal Deposit Insurance Corp. (FDIC).  On Nov. 15, the U.S. Senate confirmed both men for their respective positions. The president recently signed the orders making the confirmations official. Both were confirmed by the Senate for six-year terms as members of the FDIC board of directors on March 29, 2012 ...
  • WASHINGTON (12/3/12)--Officials of two key regulatory agencies told lawmakers they would take into account bank input on regulatory burdens as they finalize rules on capital and liquidity mandated by Basel III (American Banker Nov. 30). George French, deputy director of risk management supervision for the Federal Deposit Insurance Corp. told a joint hearing of two House Financial Services subcommittees last week that regulators recognize the close linkage and potential interactions have to be taken into account. Michael Gibson, director of the division of banking supervision and regulation for the Federal Reserve, said that agency is "sensitive" to the comments of community banks and has learned much from those comments. Lawmakers at the hearing said while there need to be improved capital requirements, regulators need to accommodate the unique characteristics of smaller institutions. Rep. Jeb Hensarling (R-Texas), the incoming chairman of the House Financial Services Committee, said it is a very poor case for more complex capital standards that do not recognize the difference between large money center banks and community financial institutions …
  • WASHINGTON (12/3/12)--Banking regulators should delay implementing the Volcker Rule for at least two years because of its complexity, the current and future chairmen of the House Financial Committee wrote in a letter to the heads of five regulatory agencies (American Banker Nov. 30). Given the time that it will take regulators to agree on one version of the Volcker Rule, as well as the tremendous uncertainty that market participants face in trying to anticipate what the final rule will look like, Chairman Spencer Bachus (R-Ala.), who will step down from his post at the end of this Congress, and Rep. Jeb Hensarling (R-Texas), who will succeed him next year, wrote that they respectfully suggest that the Federal Reserve Board delay the Volcker Rule's effective date until two years after the date on which the final rule is promulgated. The lawmakers sent the letter on Thursday to the heads of the Fed, Federal Deposit Insurance Corp., Commodity Futures Trading Commission, Securities and Exchange Commission and the Office of the Comptroller of the Currency.  The rule, which regulators are expected to finalize in early 2013, implements a provision of the Dodd-Frank Act banning proprietary trading by banks and is aimed at banks which hold federally insured deposits from placing depositors' money at risk. It is named for former Federal Reserve Chairman Paul Volcker, who has pushed the proposal. The lawmakers also asked the regulators to issue a cost-benefit analysis of the rule ...


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
2 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
3 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
5 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
6 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
6 hours ago