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News Now

Washington
Inside Washington (06/01/2010)
* WASHINGTON (6/2/10)--Lawmakers hope to sign off on the regulatory reform bill before the July 4 recess, but they face a huge task of enacting about 120 required rules and completing mandated reports, said American Banker (June 1). An analysis by Sullivan & Cromwell indicated that more than 250 required and recommended studies and rulemakings are in the Senate bill. Margaret Tahyar, partner at Davis Polk, told the newspaper that she wondered when regulators will find the time to tackle the rules and studies. Tahyar estimated 125 rulemakings under the Senate bill, 45 reports or studies, and 33 rulemakings that agencies are permitted to complete. More than a dozen agencies would be involved, she said. The Senate passed its version of the regulatory reform bill May 20. The Credit Union National Association worked with lawmakers and sought many improvements on behalf of credit unions that were included in the bill: retention of the National Credit Union Administration (NCUA) as the prudential regulator of credit unions; inclusion of language that directs a new Bureau of Consumer Financial Protection to guard against burdening credit unions and other financial institutions with burdensome duplicative regulations by ensuring that outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed to reduce unwarranted regulatory burdens; and designation that the NCUA examine credit unions with less than $10 billion in total assets for compliance with consumer protection regulations ... * WASHINGTON (6/2/10)--The Federal Reserve has scheduled three small-value auctions of term deposits through its Term Deposit Facility over the next two months. The first auction, June 14, will offer $1 billion of 140-day term deposits. The second auction, June 28, will offer 28-day term deposits. The third auction, July 12, will offer 84-day term deposits. The Fed may schedule up to two more auctions later this summer ...


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