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Inside Washington (10/13/2010)
* WASHINGTON (10/14/10)—Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and U.S. Treasury Secretary Timothy Geithner have joined the White House in opposing a national moratorium on home foreclosures (Politico and American Banker Oct.13). Allegations of flawed paperwork have caused Bank of America Corp. to suspend foreclosures nationwide, while several other lenders temporarily halted foreclosures in 23 states. Dodd said a nationwide foreclosure moratorium could damage the economy and hinder the housing recovery. Geithner said a moratorium might hurt homeowners in neighborhoods that already have high numbers of empty houses by putting more downward pressure on housing prices... * WASHINGTON (10/14/10)--The Federal Deposit Insurance Corp. pledged to use severe restraint when tapping its new resolution powers to deal with the failure of giant firms. The Dodd-Frank regulatory reform law enables the agency to treat similar firms differently when handling the resolution of a large firm that could pose a systemic risk if allowed to go into bankruptcy (American Banker Oct. 13). The law allows the FDIC to pay more to creditors who provide essential services for the failing firm. The FDIC has proposed a limited rule that would bar some creditors from favorable treatment, including shareholders, subordinated-debt holders and long-term holders of senior debt. There is a 30-day comment period on the limited rule... * WASHINGTON (10/14/10)--House Financial Services Committee Chairman Barney Frank (D-Mass.) this week said that his committee would hold a hearing on the Financial Crimes Enforcement Network’s (FinCEN) recent wire-transfer proposal. As reported in American Banker, Frank said that the FinCEN proposal would “further increase bank costs” and liabilities. "The need to better identify and track flows of terrorist funds is clear. I am not persuaded that such a broad-scale policy change is the best way to achieve that goal," Frank added. The FinCEN proposal, which would require some depository institutions and money services businesses to provide FinCEN with records of certain cross-border electronic transmittals of funds, will likely not impact credit union practices…


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