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Washington
Inside Washington (06/05/2009)
* WASHINGTON (6/8/09)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) warned banks against gouging consumers with deceptive or excessive checking account fees (Reuters June 4). President Barack Obama last month signed the Credit Cardholders’ Bill of Rights Act, which aims to reform unfair and deceptive credit card practices. Charging excessive fees on bank accounts is forcing consumers into debt, Dodd said. He did not say if he plans to take any action against banks charging excessive fees ... * WASHINGTON (6/8/09)--Congress needs to draft a bill that would require broad regulation of over-the-counter derivative dealers and markets, including nonstandardized products and municipal rate swaps, said Gary Gensler, Commodity Futures Trading Commission chairman, Thursday. One firm’s derivatives trading activities can hurt the entire financial system, he said. He suggested requiring dealers to meet reporting and record-keeping requirements, including anti-fraud and anti-abuse rules. An audit trail and capital and margin requirements also could be required. Customized derivatives, including rate swaps, could be regulated through the dealer requirements, he said. Senate Agriculture Chairman Tom Harkin (D-Iowa) said the committee would take action on the matter this year ... * WASHINGTON (6/8/09)--Herbert Allison, the former Fannie Mae CEO who was nominated to run the Troubled Asset Relief Program, could be approved for the position this week (American Banker June 5). Allison is well-suited for the position, according to Senate Banking Committee Chairman Christopher Dodd (D-Conn.). The Senate committee could vote Wednesday on Allison’s nomination ...


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