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Washington
Inside Washington (06/14/2010)
* WASHINGTON (6/15/10)--Debate is ensuing regarding which agency would replace the Office of Thrift Supervision (OTS) on the board of the Federal Deposit Insurance Corp. (FDIC). OTS will soon be eliminated. The decision will be made by conferees of the two regulatory reform bills. Conferees could address the issue as early as today. There are essentially three options, according to American Banker: give the seat to the Federal Reserve Board, give the seat to the proposed consumer protection bureau, or return the FDIC to a three-member board from a five-member board. The House version advocates giving the Federal Reserve Board the seat, while the Senate favors the seat going to the proposed consumer protection bureau (June 14). The FDIC’s board was widened to five members under a 1989 law that addressed reform during the savings and loan crisis. Prior to that law, three agencies--the FDIC chairman, an independent director and the comptroller of the currency--oversaw the operations ...


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