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Inside Washington (07/14/2011)
* WASHINGTON (7/15/11)--Community banks and other for-profit financial institutions will now be permitted to pay interest on commercial checking accounts after the Federal Reserve on Thursday released a final rule that repeals Regulation Q. The Fed in its release noted that the majority of commenters opposed the repeal, saying that it would have “'devastating' effects on smaller and community banks.” The repeal will be effective as of July 21 … * WASHINGTON (7/15/11)--Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren’s third appearance before a congressional committee was more even tempered than her previous Hill trips, which became contentious. However, Warren did face questions on whether the CFPB would move to ban certain types of mortgages. Warren said that the agency’s work would not focus on eliminating financial instruments, but rather on tightening up the disclosures that are provided to consumers so that those consumers can make more informed decisions. “I want to start with the concept of, ‘Let’s get some real disclosure and see if we can get these markets working,’” she said. She also provided general information on the CFPB’s current and future projects, including creating a combined Truth in Lending Act/Real Estate Settlement Procedures Act disclosure form, defining large non-bank market participants, and large bank supervision. The CFPB will officially launch on July 21…


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