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Inside Washington (08/25/2008)
* WASHINGTON (8/26/08)--California has denied a request from IndyMac to investigate Sen. Charles Schumer (D-N.Y.). IndyMac claims that letters Schumer sent in June to the Office of Thrift Supervision about his concerns with IndyMac triggered the bank’s failure (American Banker Aug. 25). IndyMac had asked California State Attorney General Jerry Brown to investigate the senator. Brown said there is no reason to believe Schumer’s statements were factually false ... * WASHINGTON (8/26/08)--The Federal Reserve Board should be granted explicit oversight authority for systemically important payment and settlement systems, Fed Chairman Ben Bernanke said in a speech Aug. 22. The Fed continues to monitor systemically important payment and settlement systems and compares their performance with international standards. But the Fed doesn’t have general statutory authority to oversee the systems. “Instead, we rely on a patchwork of authorities, largely derived from our role as a banking supervisor, as well as on moral persuasion to help ensure that the various payment and settlement systems have the necessary procedures and controls in place to manage the risks they face,” he said ... * WASHINGTON (8/26/08)--Nine former branches of Columbian Bank and Trust Co. in Kansas and Missouri reopened yesterday as Citizens Bank and Trust branches (TheStreet.com Aug. 25). Columbian was closed on Friday by regulators. The bank had $752 million in assets, and suffered a $5.2 million loss during the second quarter. The institution was added to the Federal Deposit Insurance Corp.’s “watch list” in May ... * WASHINGTON (8/26/08)--The U.S. Court of Appeals for the Sixth Circuit in Cincinnati ruled Friday in favor of the arguments the Office of Thrift Supervision made on behalf of State Farm Bank after a lower court ruled that the Home Owners Loan Act did not preempt state and local laws governing agents selling the bank’s products (American Banker Aug. 25) ...


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