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Inside Washington (06/18/2008)
* WASHINGTON (6/19/08)--The Federal Deposit Insurance Corp. (FDIC) Tuesday approved a rule that would prepare large banks to handle a failure and also cost them $2 million to $10 million in upgrades (American Banker June 18). Under the rule, about 159 financial institutions would be required to bring customer data systems in line with the FDIC’s systems. They also would be required to hold a small portion of deposits to prevent depositors from withdrawing funds because it’s determined whether they’re insured in the event of a failure. The rule applies to institutions with $2 billion in domestic deposits and assets of $20 billion. The rule’s approval comes after three years of three different proposals and opposition from the banking industry ... * WASHINGTON (6/19/08)--Legislation to steady the housing market may not pass by Independence Day as originally anticipated by the financial services industry. On Tuesday, House Financial Services Committee Chairman Barney Frank (D-Mass.) rejected the Senate’s version of the bill (American Banker June 18). Senate Banking Committee leaders had changed the original bill to align with the House measure, but did not go far enough, Frank said. Sen. Christopher Dodd (D-Conn.) and Sen. Richard Shelby (R-Ala.) amended the bill to include a cap increase to $625,000 on the amount of mortgages Fannie Mae and Freddie Mac can purchase. Dodd said he would have written the legislation differently if he didn’t have to earn the approval of the House. Though some had expected the bill to pass through Congress sooner, the delay is acceptable, Frank said ... * WASHINGTON (6/19/08)--Higher capital requirements could be required for national banks if changes to guidance proposed by regulators Tuesday is approved. “The principles are based on the fundamental premise that a bank’s liquidity risk framework should ensure it maintains sufficient liquidity to withstand a range of stress events, including those that affect secured and unsecured funding,” said Nigel Jenkinson, co-chairman of the Basel Committee’s Working Group on Liquidity and executive director of the Bank of England, in a statement. The principles underscore the importance of liquidity risk management framework that is well integrated into the bank-wide risk management process. The principles also strengthen expectations about the role of supervisors, including the need to intervene quickly to address deficiencies and the importance of communication with other supervisors and public authorities, both within and across national borders ...


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