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LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
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MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (07/27/2010)
* WASHINGTON (7/28/10)--The Senate Committee on Banking, Housing and Urban Affairs will meet today to consider the nominations of Janet L. Yellen as a member and vice chair of the Board of Governors of the Federal Reserve System; Peter A. Diamond and Sarah Bloom Raskin, as members of the Board of Governors of the Federal Reserve System; Osvaldo Luis Gratacós Munet of Puerto Rico as inspector general of Export-Import Bank; and Steve A. Linick as inspector general of the Federal Housing Finance Agency ... * WASHINGTON (7/28/10)--International bank regulators Monday noted that they have agreed on principles that will shape capital requirements and liquidity rules for banks in the future (American Banker July 27). The agreement is a revision of an earlier set of principles by the Basel Committee on Banking Supervision in December 2009. The principles address what banks can count toward Tier 1 capital. Significant minority holdings in other banks can count up to 10% of Tier 1 common, while mortgage servicing rights and deferred tax assets can also each count 10%. The committee also endorsed contingent capital, which converts debt into equity in certain conditions. Jean-Claude Trichet, president of the European Central Bank, said the agreement will provide stability to the banking system. The committee will now focus on a transition agreement to ensure the banking sector can support the economy recovery, he added. The World Council of Credit Unions (WOCCU) has advocated for the past several years that the Basel Committee recognize the credit union difference. This year, WOCCU met with members of the Basel Committee on Banking Supervision and the Financial Stability Board to address pending revisions to the Basel II capital accord (News Now April 1) ... * WASHINGTON (7/28/10)--House and Senate committees have approved appropriation bills for the Department of Housing and Urban Development that would extend a $729,750 conforming loan limit through September 2011 (American Banker July 27). Without the extension, the limit would drop to $625,500 at year-end. The loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase through September 2011 ...


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News Now LiveWire
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