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Inside Washington (10/12/2011)
* WASHINGTON (10/13/11)--The Financial Stability Oversight Council voted yesterday to evaluate not only financial firms that have more than $50 billion in assets, but also other companies to determine which ones need extra supervision because they pose a potential threat to the economy American Banker Oct. 12). Financial institutions with more than $50 billion in assets are automatically considered systemically risky under the terms of the Dodd-Frank Act. Firms such as insurance companies that hold a 15-to-1 leverage ratio, $3.5 billion in derivatives liabilities or $20 billion of outstanding loans borrowed and bonds issued may be subject to additional scrutiny by regulators. Treasury Secretary Timothy F. Geithner, who chairs the council, did not identify what types of non-bank financial firms, such as hedge funds or asset management companies, would be considered systematically risky. Using a three-step process, the council will evaluate companies based on size, interconnectedness and liquidity risk to determine if they pose a risk. Firms considered financially susceptible would be required to to raise capital and minimize risky practices … * WASHINGTON (10/13/11)--Missouri credit unions added two new co-sponsors to the member business lending (MBL) bill during their Hike the Hill efforts earlier this month. U.S. Reps. Todd Akin (R) and William “Lacy” Clay (D) signed onto H.R.1418, the Small Business Lending Enhancement Act. Clay joined the bill Oct.3, and Akin announced he was joining the bill at a breakfast meeting at National Credit Union House with Missouri credit union leaders on Oct. 5. The credit unions met with the state’s entire congressional delegation. “Missouri’s credit union leaders went to Capitol Hill with a purpose, and they clearly made a difference,” said Missouri Credit Union Association President/CEO Mike Beall. “There are no better advocates for the credit unions than these motivated and informed activists, and our visits helped drive our message home leading up to (Wedesday’s) House hearing on MBLs,” Beall said. The Credit Union National Association (CUNA) and credit unions are urging Congress to increase the credit union MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity for credit unions to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said …


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