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Inside Washington (06/29/2010)
* WASHINGTON (6/30/10)--The Federal Reserve on Tuesday officially published in the Federal Register a final rule that amends Regulation Z (Truth in Lending) by preventing lenders from charging late fees that are over $25 or penalty fees that "exceed the dollar amount associated with the consumer's violation." The new rules, which will come into effect on August 22, also prevent lenders from charging so-called "inactivity" fees on accounts. This publication is the final step in implementation of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009… * WASHINGTON (6/30/10)--A recently completed Government Accountability Office review of the Federal Deposit Insurance Corp. (FDIC) found that over a quarter of the FDIC’s 93 loss-share estimates produced during 2009 contained errors. The loss-share accounting errors, once corrected, boosted the FDIC’s finances by $138 million. However, the GAO noted that the FDIC still showed a "material weakness" in its loss estimate methodology. The FDIC overestimated its loss-share cost estimates by $270 million, American Banker reported... * WASHINGTON (6/30/10)--The U.S. Supreme Court this week found that the structure of the Public Company Accounting Oversight Board, which implements the corporate governance and accounting reform requirements called for in the Sarbanes-Oxley Act of 2002, violates constitutional separation-of-powers principles. In the court’s opinion, the rules governing the PCAOB made it too difficult for board members to be removed by the president or other government heads, American Banker reported. The PCAOB, which was created by the congress following the WorldCom and Enron collapses, was given extensive regulatory authority over accounting firms that audit publicly traded companies ...


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