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Washington
Inside Washington (12/02/2008)
* WASHINGTON (12/3//08)—The Federal Deposit Insurance Corp. (FDIC) announced Tuesday that it has published a study on the types, characteristics, and use of overdraft programs operated by FDIC-supervised banks. The study shows rapid growth of overdraft programs in the last several years. Some of the study’s findings: Most banks (69.4%) initiated their automated overdraft programs after 2001; Large banks were more likely (55.4%) to have had an automated overdraft program in place in 2001; and most banks (75.1%) automatically enrolled customers in automated overdraft programs, although customers were usually permitted to affirmatively opt out of the program. Survey comments indicated that in some cases, customers were not given the choice to opt in or out of the automated program. By contrast, the study notes, almost all banks (94.7%) treated linked-account programs as opt-in programs, requiring that customers affirmatively request to have accounts linked. In addition, customers have to apply and qualify for an overdraft LOC program, so these programs typically operate on an opt-in basis… * WASHINGTON (12/3/08)—The Federal Reserve Board announced Tuesday that it would extend three liquidity facilities through April 30, 2009. They are: the Primary Dealer Credit Facility (PDCF), the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), and the Term Securities Lending Facility (TSLF). These facilities had previously been authorized through January 30, 2009. The PDCF provides discount window loans to primary dealers. The AMLF provides loans to depository institutions to purchase asset-backed commercial paper from money market mutual funds. Under the TSLF, the Federal Reserve Bank of New York auctions term loans of U.S. Treasury securities to primary dealers… * WASHINGTON (12/3/08)—A search committee has been formed by the board of directors of the Federal Reserve Bank of New York to find a new president to success Timothy Geithner, who President-elect Barack Obama has said he will nominate to become U.S. Treasury Secretary. The New York Fed said in a release that its committee will complete its work as “promptly as it prudently can.” American Banker (Dec. 2) said Geithner will remain at the New York Fed "or the next several weeks but will not work with the central bank's policy-making committee…


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