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Inside Washington (10/07/2009)
* WASHINGTON (10/8/09)--Bank of America Corp. announced Tuesday that it would not reprice its customers’ credit card accounts after consumers expressed concerns about the change in terms of consumer credit card accounts between now and the effective date of the Credit Card Accountability, Responsibility and Disclosures (CARD) Act. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) applauded the move, saying that more credit card companies should do the same (American Banker Oct. 7). The announcement precedes a hearing scheduled for today in the House Financial Services Committee, which will discuss moving up the date of the CARD Act’s effective date ... * WASHINGTON (10/8/09)--It’s unlikely that many banks will receive a waiver from the prepayment assessments the Federal Deposit Insurance Corp. (FDIC) has imposed on financial institutions to bolster the reserves of the Deposit Insurance Fund. The FDIC said it would give distressed institutions a waiver, but financial institutions said applying for a waiver could bring their troubles to light (American Banker Oct. 7). The FDIC has said it would not disclose names of institutions asking for waivers. The waivers could be especially problematic for institutions that are publicly traded and under Securities and Exchange Commission rules, said John Douglas, former FDIC counsel. In addition, banks may not want to make the case to regulators that they’re having problems, said Kip Weissman, partner at Luse Gorman Pomerenk and Schick PC ... * WASHINGTON (10/8/09)--The League of Southeastern Credit Unions went to Washington, D.C., for its first Hike the Hill events Sept. 30 and Oct. 1. Participants included credit union and league staff. During the hike, the league met with the entire Alabama congressional delegation and 23 of 27 members of the Florida delegation.
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Hill hikers discussed the Credit Card Responsibility, Accountability and Disclosures Act; overdraft protection; interchange fees; maintaining the National Credit Union Administration’s independence as the sole credit union regulator; member business lending; and preventing Community Reinvestment Act requirements from being applied to credit unions. From left are: Mark Landreth, league senior vice president of governmental affairs; Rich Simonton, CEO, Insight Financial CU, Orlando, Fla.; Patrick La Pine, league president/CEO; Rep. Bill Posey (R-Fla.); Justin Thames, league political action coordinator; and Tom Gannon, senior legislative representative, Credit Union National Association. (Photo provided by the League of Southeastern Credit Unions) ...


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