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Washington
Inside Washington (05/26/2011)
* WASHINGTON (5/27/11)--During the next several weeks, the U.S. Treasury will sell its warrant positions in SunTrust Banks Inc. and Webster Financial Corp. The department acquired the warrants through investments made under the Troubled Asset Relief Program (American Banker May 26). Both companies repurchased the Treasury’s preferred stock investment. Treasury said it will conduct auctions to sell the warrant positions. The warrants will be sold through public offerings, using a system that establishes a market price by allowing investors to submit bids at specified increments above a minimum price for each auction. The Treasury holds 17.9 million warrants in Sun Trust and 3.28 million in Webster. The strike price on one set of 11.89 million Sun Trust warrants is $44.15, with an expiration date of Nov. 14, 2018. The strike price on the other set of 6.01 million Sun Trust warrants is $33.70, with an expiration date of Dec. 31, 2018. The strike price on the Webster warrants is $18.28, with an expiration date of Nov. 21, 2018 … * WASHINGTON (5/27/11)--The Office of the Comptroller of the Currency has published in the Federal Register a proposal to take over a number of responsibilities from the Office of Thrift Supervision. The changes are tied to the implementation of the Dodd-Frank Act and address organization and functions, the availability and release of information, post-employment restrictions for senior examiners, and fee assessments. The OCC is accepting comment on the changes until June 27… * WASHINGTON (5/27/11)--A proposal issued by the Office of the Comptroller of Currency (OCC) Wednesday would amend its federal pre-emption of national banks, but largely preserve the office’s authority. The new pre-emption plan, part of the Dodd-Frank Act, would require operating subsidiaries of national banks to follow state consumer protection laws and remove language from OCC regulations that state officials argued was too rigid (American Banker May 26). Language from the OCC’s 2004 pre-emption rule stating national banks can avoid state laws that “obstruct, impair or condition” the business of banking would be removed. Many states said the language could be used to avoid more than just banking laws. But while the proposal alters the preemption standard, the 1996 U.S. Supreme Court decision solidifying the OCC’s authority through the so-called Barnett standard still stands. “Because the Dodd-Frank Act preserves the Barnett conflict pre-emption standard, OCC’s rules and existing precedents (including judicial decisions and interpretations) consistent with that analysis are also preserved,” the proposal said. The proposal has a 30-day comment period …


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