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Washington
Inside Washington (07/10/2008)
* WASHINGTON (7/11/08)--Panelists from a recent Securities and Exchange Commission roundtable signaled their support for the Financial Accounting Standards Board fair-value accounting model (American Banker July 10). The first panel comprised representatives from large financial companies, while the second focused on smaller ones. John B. Wojcik, chief financial officer, Bank of the West, who sat on the second panel, spoke favorably of the model but said the market values don’t reflect the cash flow values on some debt flow instruments. The Credit Union National Association has stated that the model could be costly and confusing for credit unions. The World Council of Credit Unions has said that the standard could be detrimental in credit union mergers ... * WASHINGTON (7/11/08)--Federal Reserve Board Chairman Ben Bernanke presented the Semiannual Monetary Report before the Senate Banking Committee Tuesday and will undergo questioning before the House Financial Services Committee Wednesday on the state of the economy (American Banker July 10) ...


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