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Washington
Inside Washington (06/16/2011)
* WASHINGTON (6/17/11)--The National Credit Union Administration (NCUA) has issued an alert for fraudulent corporate checks drawn on Consumer FCU, Greenville, Tenn. The credit union has advised this is a Nigerian check cashing scam. Consumer FCU did not suffer any losses and there is an ongoing investigation. For more information, contact Michael Veksler at 718/266-2204. Additional information on fraudulent schemes can be found on NCUA’s website ... * WASHINGTON (6/17/11)--The Federal Reserve will pay close attention to how it determines whether large U.S. banks can pay dividends to shareholders, a top Fed official said Wednesday. The central bank will carefully monitor capital distributions going forward, and expects bank boards and senior management do the same, Patrick Parkinson, director of the division of banking supervision and regulation for the Fed, said in a speech to the Exchequer Luncheon (American Banker June 16). Before the financial crisis, the Fed and other regulators did not pay close enough attention to bank distribution activities, Parkinson said. Last week the Fed issued a proposal that would require banks with more than $50 billion of assets to submit an annual capital plan … * WASHINGTON (6/17/11)--Oversight of banks with more than $10 billion in assets by the Consumer Financial Protection Bureau (CFPB) will start as planned July 21, Steven Antonakes, the top bank supervisor at the bureau, said Wednesday. Antonakes will oversee 111 credit unions, banks, and thrifts--about $10 trillion, or 80% of U.S. banking assets, Bloomberg June 16). The CFPB will conduct four- to 12-week examinations, depending on the size and complexity of the institution. If an exam is clean, a financial institution likely won’t hear from the bureau for two years, said Antonakes, who spoke at a conference of the American Bankers Association in Washington. Financial institutions with issues found on exams can expect closer monitoring. Financial institutions with more than $100 billion in assets will be subject to stronger supervision, particularly banks involved in consumer finance. The CFPB won’t gain the full authority granted by the Dodd-Frank Act until it has a Senate-confirmed director. President Barack Obama has yet to select a nominee … * WASHINGTON (6/17/11)--U.S. Sen. Robert Menendez (D-N.J.) on Wednesday called for an investigation of Citigroup’s recent data breach. In a letter to the acting head of the Office of the Comptroller of the Currency (OCC) John Walsh, Menendez emphasized the importance of investigating the matter, given the implications it has for the security of the financial industry and Citigroup’s failure to immediately notify customers of the security breach. “As Citigroup’s primary regulator with jurisdiction for data security issues, I hope that you also believe this to be unacceptable for consumers,” Menendez wrote in the letter. “Reportedly, customer and account information, including card numbers and e-mail addresses, were viewed during this breach. Obviously, the implications of this, combined with the lengthy delay, are troubling,” he said. Citibank said Wednesday about 360,000 credit cards were affected by the attack, nearly double the amount previously indicated (The Wall Street Journal June 16) …


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