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News Now

Washington
this is a double of Inside Washington
WASHINGTON (11/7/12)--The Federal Deposit Insurance Corp. (FDIC) on Monday advised financial institutions to inform customers in advance that special coverage of certain deposits, granted during the financial crisis, may expire. The FDIC's blanket coverage for noninterest-bearing transaction accounts will expire at yearend, as defined in the Dodd-Frank Act. Community banks have pressed for the coverage to be extended. Bankers maintain that ending the coverage now could cause depositors to flee and boost liquidity at institutions with an implicit government guarantee. However, in a letter issued Monday the FDIC requested that all insured depository institutions (IDIs) prepare their customers. "Although the Dodd-Frank Act imposes no specific notice requirement for IDIs in connection with the expiration of temporary unlimited coverage for NIBTAs, we encourage IDIs, as a matter of prudent commercial practice, to remind their [Noninterest Bearing Transaction Account] depositors about the pending expiration and the impact that expiration will have on their deposit insurance coverage," the letter said. The amount held in a noninterest-bearing transaction account by any credit union member or depositor is also fully, though temporarily, insured under Dodd-Frank.  This unlimited coverage is separate from, and in addition to, the coverage provided to members with respect to other accounts held at an insured credit union …

WASHINGTON (11/7/12)--The Federal Housing Finance Agency (FHFA) has added 30 days to its comment period for its proposed rulemaking concerning stress testing of Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Comments are now due by Dec. 4. The Dodd-Frank Act requires certain financial companies with total consolidated assets of more than $10 billion, and which are regulated by a primary federal financial regulatory agency, to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions …

WASHINGTON (11/7/12)--Goldman Sachs is requesting U.S. Supreme Court to overturn a mortgage securities class-action lawsuit. Goldman is challenging a Sept. 6 decision by the 2nd U.S. Circuit Court of Appeals in New York allowing the lawsuit, which accuses it of misleading investors about the securities' risks (American Banker Nov. 6). The court allowed NECA-IBEW Health & Welfare Fund to sue Goldman on behalf of investors for allegedly misleading investors about mortgage-backed securities the fund itself did not own. The bank maintains the suit could cost it billions of dollars. NECA purchased securities from two of 17 trusts Goldman offered in 2007 and 2008. The fund purchased $390,000 worth of securities from one trust and $50,000 from another, according to Goldman's appeal …

WASHINGTON (11/7/12)--The Consumer Financial Protection Bureau has released a list of financial tips for consumers recovering from the impact of Hurricane Sandy. The tips include advice on how to proceed with insurance claims, disaster assistance, and contractors ...


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