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News Now

Washington
Inside Washington (07/07/2010)
* WASHINGTON (7/8/10)--The Federal Deposit Insurance Corp. (FDIC) is moving forward with plans for a new resolution system regardless of the regulatory reform bill’s progress. The House approved the final reform bill last week and the Senate is expected to approve it soon (American Banker July 7). Under the bill, the FDIC would be required to unwind systemically significant institutions to prevent a collapse such as the one caused by the bankruptcy of Lehman Brothers in 2008. FDIC also would need to provide market clarity for creditors on what they would receive in the event of a failure; designate FDIC officials to focus on the new resolution powers and research companies it may have to unwind. The bill would give FDIC the power to lead or participate in rule-writing with other regulators, borrow from the Treasury and require large firms to write their own “living wills,” or resolution processes. Michael Krimminger, deputy to the FDIC chairman for policy, told the Banker that the FDIC plans to move quickly to establish a resolution process so that it won’t be caught unprepared in a situation similar to the Lehman Brothers bankruptcy ... * WASHINGTON (7/8/10)--Edward L. Yingling, president/CEO of the American Bankers Association (ABA), plans to retire Dec. 31, according to a press release. Yingling, 61, said he plans to stay active in the banking industry. He worked for the ABA for 25 years. A committee comprised of ABA board members and former officers has been created to search for Yingling’s replacement ...


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