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Inside Washington (05/22/2012)
  • ALEXANDRIA, Va. (5/23/12)--The National Credit Union Administration has issued a revised agenda for its May 24 closed meeting.  A second supervisory activity was added for consideration. The agenda is available here: http://www.ncua.gov/about/BoardActions/Pages/BDMtg2012.aspx ...

  • WASHINGTON (5/23/12)--James H. Freis, the director of the U.S. financial intelligence unit, was dismissed Thursday by the U.S. Treasury Department. Treasury officials had asked Freis to step down Thursday morning without explanation and Freis declined to do so, according to the May 22 issue of American Banker. When Freis refused, he was notified by e-mail of his dismissal, a source told the Banker. Although a reason for the dismissal was not provided, the source said Treasury, FinCEN's parent agency, thought the financial intelligence unit was slow to implement regulations, and that more attention should have been paid to the enforcement of international financial crimes. Freis' dismissal ends a five-year tenure in which he oversaw the drafting of the toughest anti-money laundering regulations since the passage of the U.S. Patriot Act …
  • WASHINGTON (5/23/12)--President Barack Obama used his weekly radio address to once again defend the Dodd-Frank Act. The president cited  JPMorgan Chase's $2 billion-plus loss as an illustration of  the need for reforms. He criticized congressional Republicans and  "an army of financial industry lobbyists" delaying Wall Street reform. While JPMorgan Chase could withstand the blow, U.S. taxpayers are put at risk when financial institutions experience such losses, Obama said. "That's why it's so important that members of Congress stand on the side of reform, not against it; because we can't afford to go back to an era of weak regulation and little oversight; where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy," he added. "We can't afford to go back to that brand of 'you're-on-your-own' economics. Not after the American people have worked so hard to come back from this crisis" …


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