Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (04/20/2010)
* WASHINGTON (4/21/10)-A proposal to charge big banks a 15 basis point fee on their liabilities is gaining ground again. The proposal--intended to cover Troubled Asset Relieve Program (TARP) losses--lost momentum in January when TARP appeared to generate a profit. However, the Senate Finance Committee was scheduled to tackle the issue at a hearing Tuesday, and Rep. Sander Levin (D-Mich.) endorsed the fee Monday. The Group of 20 also could discuss a potential global bank tax as the International Monetary Fund releases a report on its likelihood (American Banker April 20). It’s unknown how the fee would be levied, because the White House proposal only said that companies with $50 billion or more in assets would be charged. However, a Joint Committee on Taxation report suggested several alternatives, including a fee based on income, excess profits, level of risk, or how much TARP money the company took ... * WASHINGTON (4/21/10)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and several other Democrats said Monday they might be open to elimination a proposed $50 billion resolution fund for systemically significant institutions. Republicans have used the proposal to argue that the bill would perpetuate more taxpayer bailouts. The provision would require banks with more than $50 billion in assets to create a fund that would help unwind a systemically significant institution if it failed. The Federal Deposit Insurance Corp. has supported the fund, saying the banking industry should finance its own risk (American Banker April 20). Dodd said he was hopeful some Republicans would support the bill. Sen. Olympia Snowe (R-Maine) said she would support it if changes are made, including removing the $50 billion find and loopholes that would allow regulators to save an institution. Sen. Susan Collins (R-Maine) said a bipartisan bill could be possible if Republicans had several more weeks to talk about. Collins said removing the $50 billion fund would relieve some of her concerns. She suggested more explicit capital requirements in the legislation so financial institutions don’t get too large ...


RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
13 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
14 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
14 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
14 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
16 hours ago