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Inside Washington (01/02/2008)
* WASHINGTON (1/3/08)--Treasury Secretary Henry Paulson Jr. is scheduled to deliver a speech Jan. 7 on recent events in the capital markets and their impact on the economy. He will make his remarks in New York City at an event hosted by the New York Society of Security Analysts. The Credit Union National Association’s (CUNA) regulatory affairs experts will monitor the event, particularly to determine if the Treasury secretary directly or indirectly addresses the topic of financial institution regulatory restructuring. The Treasury Department recently sought public comment on the regulatory structure of the country's financial institutions and whether changes are needed to improve regulation. The Treasury request came on the heels of a Government Accountability Office (GAO) that examined federal financial institution oversight and recommended consolidation of the regulators. In its comment letter, CUNA warned the Treasury that consolidating federal financial institution regulatory agencies would have dire consequences for credit unions because credit unions are "distinctive and exceptional financial organizations" that require their own regulatory framework. Mary Dunn, CUNA senior vice president and deputy general counsel, has said that comprehensive restructuring is not an imminent threat to credit unions, but noted that CUNA is scrutinizing any activity that may be related to ongoing discussions ... * WASHINGTON (1/3/08)--The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Banks of New York, Philadelphia, and Cleveland. Appendix A provides a routing symbol guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks …


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