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Inside Washington (06/07/2012)
  • WASHINGTON (6/8/12)--House Democrats on Wednesday criticized a bill that would require a self-regulatory organization for registered investment advisers. The Investment Adviser Oversight Act of 2012, sponsored by Financial Services Committee Chairman Spencer Bachus (R-Ala.), and Carolyn McCarthy (D-N.Y.), would shift oversight from the Securities and Exchange Commission (SEC) to a self-regulatory organization (SRO), most likely the Financial Industry Regulatory Authority (American Banker June 7). Congress should weigh an increase in funding for the SEC before creating a SRO, said Barney Frank (D-Mass.). Maxine Waters (D-Calif.) said she will introduce a measure that would provide the SEC with the authority collect user fees from advisers to fund more examinations. State regulators have also argued against the proposal, saying that an SRO would negatively affect smaller investment firms currently regulated by the states …
  • WASHINGTON (6/8/12)--Democratic senators Wednesday criticized Office of the Comptroller of the Currency (OCC) head Thomas Curry for his agency's handling of the JPMorgan Chase's $2 billion trading loss. Jeff Merkley (D-Ore.) one of the authors of a proposal to prohibit firms from making proprietary trades, said JPMorgan's trades would not have been allowed under the rule, known as the Volcker Rule (American Banker June 7). Curry was unable to say whether his London or New York offices had full authority to direct the trade that led to the losses. Sherrod Brown (D-Ohio) said the OCC failed to meet acceptable standards in providing strong risk management and audit functions. Brown questioned if such a large trade should have been made without the OCC's knowledge …
  • WASHINGTON (6/8/12)--The Consumer Financial Protection Bureau (CFPB) is extending the comment period for its mortgage banking compensation proposals. On Monday, the CFPB sent out an e-mail to the 17 participants in the program notifying them that questions remain whether origination fees in transactions with creditor-paid and brokerage-paid compensation should vary with the size of the loans (American Banker June 7). In May, the CFPB asked mortgage professionals at firms with less than $7 million in annual revenue to discuss and provide comments on the agency's compensation proposals, which are nearly 40 pages long …
  • WASHINGTON (6/8/12)--The Financial Crimes Enforcement Network (FinCEN) has made a tweak to its Currency Transaction Report rule that allows depository institutions to exempt transactions of certain payroll customers from the requirement to report transactions in currency in excess of $10,000. The change substitutes the term "frequently" for the similar-but-not-identical term "regularly" in the provision of the exemption. The change brings the exemption clause for payroll customers in line with the one that governs exemptions for "non-listed businesses."  In other words, under the old rule, a non-listed business, to be exempt, had to, among other things, "frequently engage in transactions in currency with the bank in excess of $10,000."  To be an exempt payroll customer, a person had to, among other things, "regularly withdraw more than $10,000 in order to pay its U.S. employees in currency." FinCEN interpreted "frequently" to mean five or more transactions a year but had no specific interpretation of the term "regularly" …
  • WASHINGTON (6/8/12)--The Nationwide Mortgage Licensing System & Registry (NMLS) has released the "Nationwide View of State-Licensed Mortgage Entities" and the "NMLS Federal Registry Quarterly Report" for the first quarter 2012. The two reports provide a overview of all individuals, mortgage companies and depository institutions originating U.S. residential mortgages. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires credit union mortgage loan originators and their employing institutions to register with the NMLS. …


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