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Inside Washington (10/30/2008)
* WASHINGTON (10/31/08)--The Federal Deposit Insurance Corp. Chairman Sheila Bair said Wednesday the agency had worked out a standardized loan modification program--one step closer to implementing a plan that would guarantee up to three million at-risk mortgages for lenders if they agree to modify loans (American Banker Oct. 30). The plan could cost the government up to $50 billion, and the money would be taken out of the $700 billion Congress gave the Treasury Department for the rescue plan. Last week, Bair said that 400,000 IndyMac borrowers are eligible for modifications. Policymakers need to use temporary measures deployed during the credit crisis and tighten lending rules. Until foreclosures are stemmed, the housing crisis will continue, she added ... * WASHINGTON (10/31/08)--The Financial Crimes Enforcement Network (FinCEN) withdrew its proposed anti-money laundering (AML) program rules for unregistered investment companies, commodity trading advisers and investment advisers in an effort to increase its efficiency and effectiveness in administering the Bank Secrecy Act (BSA). FinCEN will not proceed with BSA requirements for those entities without publishing new proposals and allowing for industry comments. It will consider whether it should impose requirements under the BSA on those entities. FinCEN also announced a new section of its website called “Pending Rules” ...


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