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Inside Washington (08/09/2010)
* WASHINGTON (8/10/10)—The Federal Deposit Insurance Corp. (FDIC) later today is expected to discuss potential changes to its use of external ratings agencies to set capital requirements. As reported in , the discussion is part of a process required by the recently enacted Financial Regulatory Reform laws. The new regulations give federal authorities one year "to remove any reference to or requirement of reliance on credit ratings." Former Federal Reserve official Richard Spillenkothen told the Banker that "the idea of trying to find an approach to capital that is simpler than the internal ratings-based approach, but that doesn't over-rely on credit ratings, is a reasonable thing to explore." Spillenkothen suggested that regulators could mandate additional risk categories… * WASHINGTON (8/10/10)—The Senate last week rejected Federal Reserve Governor nominee Peter Diamond after Senate Republicans questioned his macroeconomic experience. As reported in American Banker, the Senate will likely approve Janet Yellen to become Fed Vice Chairman and Sarah Bloom Raskin to also join the Fed. The nominations will likely be taken up in September… * WASHINGTON (8/10/10)--The third of four joint public hearings on modernizing rules that implement the Community Reinvestment Act, to be held Thursday in Chicago, will be available for online viewing at www.ustream.tv/channel/federalreserve . The session is sponsored by the sponsored by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. It is scheduled to start at 9 a.m. (CT) and to end at 4:30 p.m. (CT). The agenda includes welcoming remarks, three topical panels, and a host of individual presentations. After the hearing, the agencies will post a hearing transcript and audio recording at www.federalreserve.gov . The final hearing is scheduled for Aug. 17 in Los Angeles…


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