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Washington
Inside Washington (10/15/2010)
* WASHINGTON (10/18/10)--The Federal Deposit Insurance Corp. has issued updated procedures for how troubled banks can get approval to making "golden-parachute" payments, said American Banker (Oct.15). Existing rules do not allow a bank with a 4 or 5 CAMEL rating to make such payments to parties terminating their affiliation. But the bank can apply for an exemption under three scenarios: when regulators concur a payment is allowed, the employee was brought in late to try and save the institution, or an employee is terminated following an open-bank merger. As an increasing number of troubled institutions have sought approval, the new FDIC issued guidance aims to better outline the application process … * WASHINGTON (10/18/10)--The new Consumer Financial Protection Bureau (CFPB) is facing obstacles as it figures out how it will supervise the estimated 71,000 money transmitters, prepaid card issuers, check cashers, payday lenders, financial companies and other nondepositories that could fall under the CFPB’s jurisdiction, said American Banker (Oct. 15). CFPB’s top priority has been hiring relevant staff and beginning coordination with state officials. While the Dodd-Frank law mentions mortgage lenders and a few institutions the bureau should cover, the agency may expand that authority when it outlines the extent of its authority in a rule due by July 21, 2012. “To a large extent it is going to come down to who they define as covered persons,” said Bill Himpler, executive vice president for federal affairs at the American Financial Services Association. “They’re going to probably look at terms of their first bite at the apple where they can show the most progress, so I would venture to guess they would start with the biggest players” … * WASHINGTON (10/18/10)--S. Denise Hendricks has been appointed director of Equal Opportunity Programs at the National Credit Union Administration (NCUA). Hendricks will oversee three programs designed to enhance affirmative employment plans in such areas as recruitment, employment, training, retention and awareness, and foster a multi-cultural diverse workforce. Hendricks joins NCUA after a 15-year stint with the Department of Defense, most recently as the deputy assistant director of Equal Employment Opportunity Programs Division at Washington Headquarters Services …


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