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Inside Washington (10/14/2008)
* WASHINGTON (10/15/08)--The U.S. Treasury Department announced Tuesday that it has hired Bank of New York Mellon to serve as custodian for the implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act. A Treasury release said the New York City-based firm began work immediately to help the department with custodial, accounting, auction management and other infrastructure services needed to administer the “complex portfolio of troubled assets the Department will purchase.” Treasury said it hired the Bank of New York Mellon to provide the accounting of record for the portfolio, hold all cash and assets in the portfolio, provide for pricing and asset valuation services and assist with other related services… * WASHINGTON (10/15/08)--The Treasury Department's Go Direct campaign to boost direct deposits of federal benefits checks is accepting registrations through October for its "Go Direct Champions” recognition program. Credit unions and other depository institutions can register for the program designed to recognize the success of participants in increasing the use of direct deposit among members or customers receiving Social Security or Supplemental Security Income. Top performers over the October 2008 through May 2009 program period will receive an award and official recognition from the Treasury. Interested parties can register at www.GoDirect.org. The Credit Union National Association is a Go Direct national partner… * WASHINGTON (10/15/08)--The Senate Banking Committee and the House Financial Services Committee have scheduled hearings to focus on the current financial crisis and regulation. On Thursday, the Senate Banking Committee is slated to meet. Witnesses include Arthur Levitt, senior advisor, The Carlyle Group; Eugene Ludwig, CEO, Promontory Financial Group; Jim Rokakis, treasurer, Cuyahoga County, Ohio; Marc H. Morial, president/CEO, National Urban League; and Eric Stein, senior vice president, Center for Responsible Lending. The House Financial Services Committee has scheduled a hearing Oct. 21 to address the need for regulatory restructuring and reform for the financial markets. Witnesses have yet to be announced ... * WASHINGTON (10/15/08)--The Federal Deposit Insurance Corp. (FDIC) adopted an interim final rule to simplify deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. Coverage will be provided to lenders and investors as a collective group, based on the cumulative amount of borrowers’ payments of principal and interest. This will enable the FDIC to make deposit insurance determinations on accounts more quickly. Under current rules, accounts maintained by a mortgage servicer comprised of principal and interest payments are insured based on the ownership interest of each lender or investor. “This simplification of coverage rules for accounts will help prevent losses to otherwise insured depositors and prevent withdrawals of deposits for principal and interest payments from depository institutions,” said FDIC Chairman Sheila Bair ... * WASHINGTON (10/15/08)--National Credit Union Administration (NCUA) Chairman Michael E. Fryzel (left) recently met with Housing and Finance Board member Geoff Bacino at the NCUA headquarters. “I welcome former NCUA board member Geoff Bacino to NCUA as a fellow regulator responsible for oversight of the nation’s Federal Home Loan Banks. Bacino and I share not only an Illinois background but also a regulators perspective, given his former and my current service on the NCUA Board,” Fryzel said. (Photo provided by the National Credit Union Administration) ...


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