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Inside Washington (05/13/2011)
* (WASHINGTON (5/16/11)--The National Credit Union Administration (NCUA) has taken over leadership at the Federal Financial Institutions Examination Council (FFIEC) for the first time in more than 20 years. Debbie Matz, chairman of the NCUA Board, is now the Chairman of FFIEC for a two-year term. Matz succeeds Sheila C. Bair, chairman of the Federal Deposit Insurance Corporation (FDIC). In the May issue of The NCUA Report, Matz discusses her new role. “By accepting this new role, I am hopeful that NCUA, and by extension, the credit unions that we regulate and insure, will rise to a new level of prominence in the financial services arena. I am confident, the high quality of the NCUA staff and the important role credit unions play in their communities will become more readily apparent to those who monitor and observe the FFIEC’s activities,” Matz wrote. The FFIEC was created by the Federal Financial Institutions Regulatory and Interest Rate Control Act of 1978, which consists of the heads of the National Credit Union Administration, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, to make recommendations to promote uniformity in the supervision of financial institutions … * (WASHINGTON (5/16/11)--President Obama said banks should consider longer-term mortgage modifications and “in some cases” principal reductions to help struggling home owners, during a CBS Town Hall meeting that aired on Thursday (cnnmoney May 13). In all likelihood, Congress would have to pass laws to force banks to comply with both ideas. The president said the struggling housing market is “the biggest headwind on the economy right now.” In response to a question posed by an underwater homeowner whose three-year mortgage modification will expire in January 2012, Obama said that reducing some mortgage principals would benefit both banks and homeowners … * (WASHINGTON (5/16/11)--Sen. Chris Dodd (D-Conn.), former Chair of the Senate Banking Committee and co-sponsor of the Dodd-Frank Act, said in a speech Wednesday that he thought the provisions related to payment card interchange were such a “complicated area of law” that he didn't think it was appropriate to “oversimplify” the issues (pymnts.com May 12). He therefore didn't include an interchange provision in the original version of the legislation, he said. Dodd, speaking before The Electronic Transactions Association, said was surprised that the Durbin Amendment “flew through” and was “shocked” by the 12-cent limit set by the Federal Reserve. He predicted that the Fed would have to increase the limit. Dodd said the dual standards for larger institutions vs. small credit unions and banks with less than $10 billion in assets is too complicated …


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