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Inside Washington (10/29/2010)
* WASHINGTON (11/1/10)- -Foreclosures have historically been a state issue, but several industry observers call for a national standard to govern the process, said American Banker (Oct. 29). While banks can use federal standards governing much of the lending process, they are still subject to local laws governing foreclosures, which range from California; unless a lender there has offered a modification, it must delay a foreclosure proceeding by a least six months, to Massachusetts; where the attorney general can review any foreclosure where the property is the primary residence of the borrow. “There are huge disparities in the time lines themselves, whether judicial or nonjudicial.…From that standpoint it’s a disparity in borrower treatment across the board,” said Cliff Rossi, a former banker who is an executive-in-residence at the University of Maryland’s Center for Financial Policy… * WASHINGTON (11/1/10)--The Internal Revenue Service last week released IR-2010-108 to announce cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. The IRS release notes that, In general, the limits will either remain unchanged, or the inflation adjustments for 2011 will be small. For instance, the elective deferral, or contribution, limit for employees who participate in section 401(k), 403(b), or 457(b) plans, and the federal government’s Thrift Savings Plan remains unchanged at $16,500. The catch-up contribution limit under those plans for those aged 50 and over remains unchanged at $5,500… * WASHINGTON (11/1/10)- -The Federal Deposit Insurance Corp. (FDIC), has released an updated version of its instructor-led Money Smart financial education curriculum for adults. This latest version incorporates changes in the law and industry practices that have occurred since 2006. For example, the curriculum reflects recent amendments to the rules pertaining to credit cards and the new overdraft opt-in rule. A new module, Financial Recovery, provides steps consumers can take to rebuild their finances after a financial setback. To obtain free copies of the curriculum visit the Money Smart page on FDIC’s web site… *WASHINGTON (11/1/10) -- The National Commission on Fiscal Responsibility and Reform has rescheduled this month’s meeting to Nov. 30. The commission, which serves as the president’s bipartisan deficit panel, is required to present recommendations to the U.S. Congress by Dec. 1 aimed at balancing the budget, excluding interest payments on existing debt, by 2015 and achieve long-term fiscal sustainability…


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