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Washington
Inside Washington (06/08/2011)
* ALEXANDRIA, Va. (6/9/11)—The National Credit Union Administration Board has scheduled a special closed board meeting for Thursday, June 9 at 5:30 pm (ET) to consider a supervisory activity. The agenda for that meeting is available online … * WASHINGTON (6/9/11)--Two model mortgage disclosure forms unveiled by the Consumer Financial Protection Bureau (CFPB) last month attracted more than 14,500 individual comments. In May, the CFPB released two alternate prototype forms that combine two federally required mortgage disclosures into a single form to make the costs and risks of the loan clear and allow consumers to comparison shop for the best offer, as required by the Truth in Lending Act and Real Estate Settlement Procedures Act (American Banker June 8). The initial 10-day comment period on the new prototype forms ended Friday. The bureau began testing the prototypes with focus groups in Baltimore last month, a process it said will continue in other cities before beginning a formal rulemaking process. It will conduct four more rounds of evaluation and revision through September. The bureau has until July 2012 to issue the final version of the form … * WASHINGTON (6/9/11)--The Federal Deposit Insurance Corp. (FDIC), the receiver for Downey Savings and Loan Association, has filed a lawsuit against mortgage broker Amerifund Financial Inc. and affiliated individuals in federal court. The suit, filed June 3 in U.S. District Court in Santa Ana, Calif., seeks $1 million in damages for breach of contract, professional negligence and civil fraud. Amerifund, of Spring Valley, Calif., and its agents processed mortgages for Downey in 2004 and 2005 and allegedly altered or misstated financial statements in loan applications, according to the complaint (American Banker June 8). Downey Financial Corp., the S&L’s parent, filed for Chapter 7 liquidation in 2008, claiming $50 million in assets and $500 million in debts. U.S. Bancorp eventually acquired Downey … * WASHINGTON (6/9/11)--Austan Goolsbee has resigned as chairman of the Council of Economic Advisers, the White House announced Monday. Goolsbee, a key adviser to President Barack Obama on economic policy, has been on the council since the beginning of the president’s term in early 2009. Goolsbee took over as chairman in September, following Christina Roemer’s resignation (American Banker June 8). He also was the staff economist for the president’s Economic Recovery Advisory Board. Goolsbee will reassume his position as an economics professor at the University of Chicago, where he taught for 14 years before joining the administration, the White House said …


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