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Washington
Inside Washington (09/23/2010)
* WASHINGTON (9/24/10)--The Federal Deposit Insurance Corp. (FDIC) is pressing ahead with a May 11 proposal that would require a living will from about 40 companies within six months of the rule’s adoption (American Banker Sept. 23). Michael Krimminger, deputy to the FDIC chairman for policy, said the agency plans to move ahead with the rule. There is a need to make sure the agency can protect the Deposit Insurance Fund, he added. Before the regulatory reform bill was signed into law in July, FDIC proposed requiring insured depository institutions with $10 billion in assets that are controlled by holding companies with $100 billion in assets to submit a living will. Some had suggested the FDIC withdraw the proposal, since the Dodd-Frank Act had a broader mandate ... * WASHINGTON (9/24/10)--Creating new financial products, such as reloadable prepaid debit cards, will be the key to shifting low-income individuals into the financial system, said Michael Barr, Treasury assistant secretary for financial institutions, during a recent conference. Financial institutions can generate revenues while also offering affordable and safe accounts for the low-wealth. Mobile applications, like texting, can convey account information or facilitate remote check deposits (American Banker Sept. 23). These applications are growing and have the potential to reduce costs. Earlier this month, Treasury announced that it is launching a program that would allow some U.S. workers’ tax refunds to be directly deposited into a low-cost bank account ... * WASHINGTON (9/24/10)--A new day of financial products and regulation is coming, according to Elizabeth Warren, who has been tapped by the Obama administration to lead the proposed Consumer Financial Protection Bureau (American Banker Sept. 23). Speaking Wednesday in her first speech as assistant to the president and special adviser to Treasury Secretary Timothy Geithner, she said the financial system has become “out of whack” and encouraged greater transparency. Bankers are nervous about upcoming changes, but Warren said she thinks a “new world” of regulations for the credit markets and consumers is coming ... * WASHINGTON (9/24/10)--Herb Allison, head of the Troubled Asset Relief Program, is stepping down (American Banker Sept. 23). Allison announced his departure on Wednesday from the program, where he has been two years. He previously was president of Fannie Mae. Tim Massad, chief counsel and chief reporting officer of the Office of Financial Stability, will succeed Allison ...


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