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Washington
Inside Washington (05/17/2011)
* WASHINGTON (5/18/11)--Following the financial crisis and Dodd-Frank Act’s mandate to create the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corp. (FDIC) has launched its own Division of Depositor and Consumer Protection (American Banker May 17). The agency said the division intensifies the agency’s compliance efforts while retaining its authority to enforce CFPB rules for community banks. Observers said the move enhances the perception that the agency has given its consumer protection responsibilities higher priority. Richard Riese, director of the American Bankers Association’s Center for Regulatory Compliance, said a key indicator of the new division’s priority is that consumer compliance oversight reports to the FDIC chairman without going through the safety and soundness division, as it did previously. The National Credit Union Administration (NCUA) launched its Office of Consumer Protection in 2010, which NCUA Chair Debbie Matz gave top priority … * WASHINGTON (5/18/11)--The Federal Deposit Insurance Corp., (FDIC) has appointed Bret Edwards as the director of the Division of Resolutions and Receiverships (DRR). Edwards has served as acting director for DRR since January. Since 2007, he has permanently served as the director for the Division of Finance (DOF), where he oversaw the development of a $4 billion budget. He also was responsible for the collection of $71 billion in deposit insurance assessments and the implementation of upgraded financial reporting software systems. Prior to 2007, Edwards served in senior management positions in the FDIC’s executive office and DOF, and in DRR’s predecessor organization, the Division of Liquidation …


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