Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Inside Washington (03/20/2009)
* WASHINGTON (3/23/09)--Senate Banking Committee hearing participants Thursday indicated that the Federal Deposit Insurance Corp. (FDIC) may be a top candidate for regulating systemic risk. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said it might make more sense to give the FDIC the authority to resolve problems with systemic institutions because it has experience in that area. FDIC Chairman Sheila Bair and Federal Reserve Board Gov. Dan Tarullo both agreed. Tarullo noted that the Fed should at least have a consultative role (American Banker March 20). Bair said it would be simple to give the FDIC power to resolve bank holding companies. Dodd also asked regulators if all four banking agencies were needed. Comptroller of the Currency John Dugan said there are too many agencies, and other regulators said some consolidation could help. But Bair noted that a dual banking system has its benefits, such as “preserving the state charter” ... * WASHINGTON (3/23/09)--Arthur Murton, Federal Deposit Insurance Corp. (FDIC) director of insurance and research, said limiting the agency’s Deposit Insurance Fund in good economic times is a mistake (American Banker March 20). Congress should consider the rebate requirement or provide more flexibility to allow the fund to grow, he said. Limits on the fund will mean that the FDIC will have to charge higher premiums and will prevent the FDIC from rebuilding the fund in the future, Murton added. The FDIC must give back half of the premiums charged when the reserves ratio is more than 1.35%. All premiums more than 1.5% must be returned ... * WASHINGTON (3/23/09)--As the House approved a bill that would tax bonuses at a rate of 90% given by companies receiving $5 billion or more under the Troubled Asset Relief Program (TARP), House Financial Services Committee Chairman Barney Frank (D-Mass.) said more restrictions are coming (American Banker March 20). Frank is working on another bill to target executive compensation that could be voted on this week, he said. He did not provide details, however. The legislation passed Thursday by the House affects bonuses received after Jan. 1 and applies to workers earning more than $250,000 per year. The Senate is expected to vote on the bill this week ...

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version:
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now:
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids
1 Day ago