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Inside Washington (07/17/2008)
* WASHINGTON (7/18/08)--The Senate Banking Committee is granting Sen. Charles Schumer’s (D-N.Y.) request to hold a hearing on the IndyMac failure (American Banker July 17). IndyMac was shut down last week by the Office of Thrift Supervision (OTS). The OTS and Schumer blame each other for the bank’s closing ... * WASHINGTON (7/18/08)--The Federal Reserve Board is trying to ensure that financial markets improve, and that lessons learned from the IndyMac bank failure are applied to create a system that is less prone to financial problems, Fed Chairman Ben Bernanke said Wednesday. The Fed leader was questioned Wednesday about which financial institutions would receive government aid in the case of a failure. The central bank has said it would give Fannie and Freddie access to its discount window. The Treasury also has said it would serve as a backstop Fannie and Freddie ... * WASHINGTON (7/18/08)--Cerberus Capital Management will retain its control of GMAC, the Federal Deposit Insurance Corp. said this week. The FDIC granted a 10-year extension of GMAC Bank's current ownership by extending the existing disposition requirement that was established in connection with the sale of a majority stake in GMAC, the bank said in a release ... * WASHINGTON (7/18/08)--Reps. Barney Frank (D-Mass.), Carolyn Maloney (D-N.Y.), Spencer Bachus (R-Ala.) and Judy Biggert (R-Ill.) have asked that the Farm Credit Administration (FCA) drop a proposal to grant Farm Credit System lenders the ability to finance non farm projects (American Banker July 17). The lawmakers argue that the proposal strays too far from the original purpose of the Farm Credit System. The administration has received eight comment letters on its proposal, which was released for comment June 16. Ken Auer, Farm Credit Council president/CEO, said the non farm projects would benefit rural America and farmers. He said the FCA plan would be a modest way to meet existing needs... * ALEXANDRIA, Va. (7/18/08)--The National Credit Union Administration’s (NCUA) website will have limited service and all telephone and network services will be unavailable from 7 p.m. ET Friday until approximately 9 a.m. ET Saturday. The local power company is cutting power to NCUA headquarters in Alexandria for utility maintenance. The outage includes all NCUA Internet server functions, such as 5300 Call Report uploads, Financial Performance Report requests, and Find a Credit Union queries...

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