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Inside Washington (07/27/2011)
* WASHINGTON (7/28/11)—The House Financial Services Committee Wednesday announced its schedule for the first week of August. On Wednesday, Aug. 3, the panel’s subcommittee on insurance, housing and community opportunity will conduct a hearing on the single- and multi-family programs of the Federal Housing Administration (FHA) and the Rural Housing Service (RHS), and also will study legislative proposals to improve the financial condition of FHA, RHS and Ginnie Mae. On Thursday, Aug. 4, the full committee will host U.S. Securities and Exchange Commission (SEC) Chair Mary Schapiro as it examines the structure and operations of the SEC and the need for reform. On Friday, Aug. 5, the full committee will study exposure of U.S. banks to the European Union’s debt crisis; Witnesses will be announced at a later date. … * ALEXANDRIA, Va. (7/28/11)—The National Credit Union Administration (NCUA) has issued a guidance letter to corporate credit unions on annual reporting and internal controls assessments based on rules adopted earlier this year. The audit and reporting requirements are effective Jan. 1, 2012 and make the corporate credit union requirements similar to those required of banks and other U.S. corporations, as set forth in sections of the 2002 Sarbanes-Oxley Act. … * WASHINGTON (7/28/11)--Business executives, preparing contingency plans in the event of a crisis, this week urged political leaders to end the stalemate over the debt crisis. Wall Street executives sent a joint letter to President Barack Obama and congressional leaders asking them “to act with unity” in negotiating a settlement. On Tuesday, the U.S. Chamber of Commerce and financial industry trade groups such as the Securities Industry and Financial Markets Assocation and the Financial Services Roundtable called on Congress to intervene. Unlike in previous debates about healthcare and financial reform, most of the financial community has tried to step delicately and avoid picking particular partisan plans. (Los Angeles Times July 27). The likelihood that the U.S. would miss payments on on its bonds and default is remote, financial experts said. Such an outcome would be disastrous. A more likely scenario is that a temporary deal would be made to lift the debt ceiling, according to the Times. If a makeshift plan is made, the U.S. is unlikely to retain its AAA grade with bond rating companies …


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