* WASHINGTON (7/14/10)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said Tuesday he secured the 60 votes he needs to pass financial reform in the Senate, with Sen. Olympia Snowe (R-Maine) agreeing to support the measure. The House approved the legislation last month (American Banker
July 13). Dodd commended the three Republicans who agreed to support the bill--Snowe, Susan Collins (R-Maine) and Scott Brown (R-Mass.) ... * WASHINGTON (7/14/10)--Federal Reserve Board Chairman Ben Bernanke has called on banks to help small business owners obtain credit. Lenders should do all they can to help creditworthy borrowers, Bernanke said Monday
at a small-business lending conference. He noted a series of meetings conducted by the Fed to gain perspectives on lending from small business owners, and said solving the issues faced by small businesses will require collaboration. Some concerns noted by businesses include the declining value of real estate and other collateral securing their loans, and the fact that current lending conditions don't represent credit tightening as much as a return to more traditional underwriting standards following a period of too-lax standards, Bernanke said. “Making credit accessible to sound small businesses is crucial to our economic recovery and so should be front and center among our current policy challenges,” he added ... * WASHINGTON (7/14/10)--The Federal Reserve Board yesterday released the results of the inaugural Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS),
a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets. Overall, the responses to the questions dealing with OTC derivatives trades suggested little change over the past three months in terms for plain vanilla and customized derivatives. SCOOS is modeled after the long-established Senior Loan Officer Opinion Survey on Bank Lending Practices, which provides qualitative information about changes in supply and demand for loans to households and businesses at commercial banks ...