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Washington
Inside Washington (10/28/2008)
* WASHINGTON (10/29/08)--The International Association of Deposit Insurers says it hopes a three-day meeting hosted by the Federal Deposit Insurance Corp. will help finalize guidelines to help countries establish standardized deposit insurance systems (American Banker Oct. 28). The meeting starts Wednesday. About 90 government representatives will attend and will focus on finalizing proposed guidelines that were issued in February. Raising or waiving limits on insurance coverage, expanding coverage to credit derivatives and expanding coverage to keep consumers from escaping to money market funds also could be discussed ... * WASHINGTON (10/29/08)--The Federal Housing Finance Agency (FHFA) became official Monday. The agency integrates the Federal Home Loan Banks, the Office of Federal Housing Enterprise Oversight, the Federal Housing Finance Board, and the Department of Housing and Urban Development’s government-sponsored enterprise mission team. The FHFA oversees Fannie Mae and Freddie Mac. The agency also announced the appointments of Edward DeMarco, senior deputy director, chief operating officer and deputy director for Housing Mission and Goals; Stephen Cross, deputy director of the Division of Federal Home Loan Bank Regulation; Chris Dickerson, deputy director of the Division of Enterprise Regulation; and David Lee, the Federal Housing Finance Board’s director of the office of management, as the FHFA’s chief administrative officer ... * WASHINGTON (10/29/08)--Observers speculate that the Treasury may need more than $700 billion for its rescue package. The department already has earmarked $250 billion for banks and the remaining $450 billion to purchase troubled assets (American Banker Oct. 28). David Nason, assistant treasury secretary for financial institutions, said Monday in an interview with CNBC that the department may have to take equity stakes in insurance companies or automakers. The original intent of the Treasury’s plan was to purchase troubled assets. The $700 billion may go mostly into capital, and it’s unknown how active the asset program would be, according to Bert Ely, an independent analyst based in Alexandria, Va. The Treasury remains committed to the asset program, Nason said Monday, but it has not yet released complete details on it ... * WASHINGTON (10/29/08)--According to New York Gov. David Paterson, congressional leaders should include state officials on the two panels overseeing the Treasury Department’s $700 billion financial rescue program. The representatives could provide valuable input, he said in a letter to Senate and House leaders (American Banker Oct. 28). One panel has yet to be formed, while the other will be chaired by Federal Reserve Board Chairman Ben Bernanke. Paterson plans to call for state participation at a Wednesday House hearing ...


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