* WASHINGTON (9/30/08)--Last week’s failure of Washington Mutual (WaMu) could eventually close the Office of Thrift Supervision (OTS), according to observers (American Banker
Sept. 29). WaMu made up about 20% of the OTS’ budget. The agency says that it has a contingency plan to ensure funding through next year and that it would take legislation to eliminate OTS. The Treasury Department has recommended that OTS merge with the Office of the Comptroller of the Currency. However, OTS Director John Reich said last week that multiple federal banking regulators is necessary and said the agency doesn’t want WaMu to be purchased. WaMu was placed on a problem bank list the week before it failed ... * WASHINGTON (9/30/08)--The Treasury Department adopted a report
with more than 30 recommendations to improve audits of public companies. Recommendations focused on three specific areas: improving accounting education and strengthening human capital; enhancing auditing firm governance, transparency, responsibility, communications, and audit quality; and increasing audit market competition and auditor choice ... * WASHINGTON (9/30/08)--The Treasury Department Monday opened its temporary guarantee program
for money market funds. The Treasury will guarantee the share price of any publicly offered eligible money market fund that applies for and a pays a fee to participate in the program. The money market mutual funds are regulated under the Rule 2a-7 of the Investment Company Act of 1940. They maintain a stable share price of $1 and are publicly offered. Those registered with the Securities and Exchange Commission will be eligible to participate ...