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News Now

Washington
Inside Washington (08/17/2010)
* WASHINGTON (8/18/10)--Donna Gambrell, director of the Treasury’s Community Development Financial Institutions (CDFI) Fund, will announce the recipients of the 2010 Technical Assistance and Financial Assistance Awards on Thursday. The announcement will take place at Lower East Side People's FCU, New York City, a federation member, and the largest community development credit union in New York City. The round is expected to be the largest ever, with $247 million allocated to the CDFI Fund through the 2009 Omnibus Bill ... * WASHINGTON (8/18/10)--Banks eased loan standards in the second quarter, according to a Federal Reserve Board Survey. The July 2010 Senior Loan Officer Opinion Survey on Banking Lending Practices indicated that some domestic banks eased standards and terms on commercial and industrial loans of all sizes. Large domestic banks reported easing standards on almost all of the different categories of loans to households. Other banks showed smaller net fractions easing policies or a net tightening of policies. Regarding residential real estate lending, few large banks reported easing standards on prime mortgage loans, while a modest net fraction reporting tightening standards. Banks reported an increased willingness to make consumer installment loans for the third consecutive quarter and small net fractions of banks reported easing standards on credit card or consumer loans. A small net fraction of respondents reported tighter terms and conditions on credit card loans ... * WASHINGTON (8/18/10)--Sen. Carl Levin (D-Mich.) Monday told the American Bar Association that law firms should implement anti-money laundering guidance, which directs lawyers to tighten their protocols by identifying the beneficial owners of trusts and shell companies to improve how firms identify risky clients (American Banker Aug. 17). It also defines the procedures needed to evaluate the source of client funds deposited into an attorney-client or law office bank account, suggesting firms designate an anti-money laundering compliance officer. Levin called on legal groups in February to crack down on misconduct. He has praised the guidance, but said it is just a first step ...


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