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Washington
Inside Washington (03/04/2008)
* WASHINGTON (3/5/08)—No bank will be ready for Basel II when it goes into effect April 1, said Comptroller of the Currency John Dugan Monday (American Banker March 4). The 12 largest banks in the U.S. have to notify their supervisors two months before switching to it, and the Office of the Comptroller of the Currency has not received any notifications yet, he said … * WASHINGTON (3/5/08)—The Ways and Means Committee is being pressured by the House Financial Services Committee to push legislation that would let the Federal Home Loan Banks place guarantees on tax-exempt bonds (American Banker March 4). Because the legislation would raise debt ratings, it could lower costs for municipal borrowing, said members of the House Financial Services committee. The committee sent a letter to Rep. Jim McCrery (R-La.), and House Ways and Means Committee Charles Rangel (D-N.Y.), Ways and Means chairman, encouraging them to act on the legislation … * WASHINGTON (3/5/08)—A Government Accountability Office (GAO) report requested by Rep. Carolyn Maloney (D-N.Y.) indicated that bank fees are increasing and are often kept from consumers. The report indicated that bank fees, on average, are higher than credit union fees. Maloney, who has introduced a bill that would crack down on overdraft fees by allowing consumers to adopt overdraft protection, noted that it’s troubling that many consumers do not have adequate information regarding account terms before they open an account. “The free market works properly when consumers know the terms of a contract and can make informed choices based on complete and accurate information,” she said …


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