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Inside Washington (05/12/2010)
* WASHINGTON (5/13/10)--The Federal Deposit Insurance Corp. (FDIC) Tuesday pushed ahead with securitization restrictions and living wills for banks--two measures it says could prevent the next financial crisis. In the first measure, the FDIC would place restrictions on securitizations so lenders retain some of the risk of the loans they originate and sell to the secondary market (American Banker May 12). In the second measure, FDIC would require 30 of the nation’s biggest banks to detail how the government should unwind them if there were another financial crisis. At a board meeting, Chairman Sheila Bair said the FDIC can’t wait for Congress to act. The rulemaking process for a regulatory reform bill could take about 270 days, she said. “It’s time to move forward,” she added. Office of Thrift Supervision Director John Bowman and Comptroller of the Currency John Dugan objected to the securitization proposal, saying lawmakers should handle the issue. However, the proposal passed. The board was unanimous in supporting the proposal on wind-down plans, which has a 60-day comment period ... * WASHINGTON (5/13/10)--Treasury Secretary Timothy Geithner has appointed Richard Gregg as fiscal assistant secretary. Gregg had been acting fiscal assistant secretary since May 2009, when his predecessor, Kenneth Carfine, was on medical leave. Gregg will report to the undersecretary for domestic finance, will be responsible for developing policy on payments, collections, debt financing operations, electronic commerce, government wide accounting, and government investment fund management. The responsibility also includes managing the government's daily cash position, and producing the cash and debt forecasts used to determine the size and timing of the government's financing operations ... * WASHINGTON (5/13/10)--The Financial Crimes Enforcement Network this week released issue 17 of its Suspicious Activity Report (SAR) Activity Review. The latest issue centers on the casino and gambling industry, and includes a detailed assessment of SARs that were filed by casinos and card clubs, as well as calls to the FinCEN regulatory helpline. The review also contains Internal Revenue Service guidance on how casino examiners may use Bank Secrecy Act information when conducting their examinations. FinCEN’s SAR review can be found online at the link ...

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