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Washington
Inside Washington (02/13/2008)
* WASHINGTON (2/14/08)—The Senate Banking Committee Wednesday voted 11-10 to approve a bill that would serve to ban most commercial firms from owning industrial loan corporations (ILCs). ILCs are state-chartered banks offering limited financial services and fall under Federal Deposit Insurance Corp. supervision. (CongressDailyPM Feb. 13). Sen. Mike Crapo (R-Idaho) had been expected to introduce financial institutions regulatory relief provisions as an amendment to the ILC bill, but scrapped his plans after the Credit Union National Association and the National Association of Federal Credit Unions Tuesday said credit unions could not support a lopsided package. The draft amendment would have proposed to increase business lending limits and auto lending investment limit for thrifts, but failed to address the credit union member business lending ceiling or modification of the credit union prompt corrective action system to a risk-based approach … * WASHINGTON (2/14/08)--Rep. Maxine Waters (D-Calif.) could propose legislation that would ban foreclosures unless loan mitigation efforts are made. Acceptable mitigation efforts include late-payment waivers, loan-term modification, forbearance, maturity date extension, or moving the loan to another mortgage company (American Banker Feb. 13). Borrowers who could prove their credit scores were affected by subprime adjustable-rate mortgages would not be disqualified from mitigation. Industry representatives say the bill would cause problems because it would break existing mortgage contracts and open loan servicers to lawsuits ... * WASHINGTON (2/14/08)--Comptroller of the Currency John Dugan called for revisions to the Community Reinvestment Act (CRA) to provide CRA consideration for community development investments in middle-income communities distressed by foreclosures. Dugan also asked Congress to require nonbanks to comply with CRA requirements. The nonbanks played a large role in the subprime mortgages, and because they are not covered by CRA, they have no CRA incentive to address these problems, he said ...


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