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Inside Washington (01/05/2011)
* WASHINGTON (1/6/11)--The Obama administration is expected this month to unveil a reform package for Fannie Mae and Freddie Mac (American Banker Jan. 5). The White House has offered few clues about its plan for the housing finance system, and has twice delayed the release of a proposal for the government-sponsored enterprises. The consensus among observers is that the plan would include some form of government safety net in the event of a catastrophic loss. Most variations of the plan include Freddie or Fannie continuing operations along with the creation of several federally chartered, privately owned mortgage conduits that would buy loans from the primary market and create federal guaranteed mortgage-backed securities. To back those guarantees, the conduits would pay fees into an insurance fund, similar that of the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund … * WASHINGTON (1/6/11)--The Federal Deposit Insurance Corp. (FDIC) is suing at least 109 former directors and officers of failed banks in an effort to recover more than $2.5 billion losses to its insurance fund. The agency has already filed two director and officer lawsuits naming 15 individuals from the failed IndyMac Bank, Pasadena, Calif., and Heritage Community Bank, Glenwood, Ill. The FDIC guarantees individual deposits up to $250,000, but when an institution fails, the agency’s insurance fund is diminished. One way the agency recovers those funds is through lawsuits against negligent directors and officers of the failed banks. From 1986 through 2009, the FDIC and Resolution Trust Corp. collected $6.2 billion from such claims … * WASHINGTON (1/6/11)--The Consumer Financial Protection Bureau (CFPB) implementation team, currently housed within the Treasury Department, and the Conference of State Bank Supervisors (CSBS) will establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services. Under a memorandum of understanding (MOU) signed between the CFPB and the CSBS, state regulators and the bureau will work to promote consistent examination procedures and effective enforcement of state and federal consumer laws. The MOU also calls for state regulators and the CFPB to minimize regulatory burdens and deploy supervisory resources. State regulators and the bureau will work with each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of providers of consumer financial products and services, including non-depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders …


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