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Inside Washington (11/02/2011)
  • WASHINGTON (11/3/11)--Sen. Richard Durbin (D-Ill.), the architect of debit interchange fee cap regulations that became effective last month, is proposing that the Federal Trade Commission report on the interchange cap's impact on small-issuer interchange fee income and whether merchants are discriminating against small issuers that are still able to charge more for debit card purchases. The original debit interchange fee cap legislation required the Federal Reserve to monitor these markets and release a report. The report is due in late 2012. Consumer Bankers Association President Richard Hunt told American Banker the Fed-to-FTC change may indicate that Durbin does not trust the Fed. Durbin's amendment to his legislation is tucked into a Financial Services General Government appropriations bill that will be added to an upcoming "minibus" spending bill …
  • WASHINGTON (11/3/11)--The Financial Crimes Enforcement Network (FinCEN) has scheduled a Nov. 9 webinar to cover the new regulatory requirements of its Prepaid Access Final Rule, its intent and purpose, and the regulatory expectations. The agency has also issued a Frequently Asked Questions document to address final rule issues …
  • WASHINGTON (11/3/11)--Filing procedures for some Bank Secrecy Act (BSA) forms will change on Dec. 1, the Financial Crimes Enforcement Network reminds. Specifically, FinCEN in a Wednesday release said filers must check the appropriate amendment or correction box and complete the form in its entirety when they correct or amend previously filed paper reports …
  • WASHINGTON (11/3/11)--A federally mandated foreclosure review process will likely cost banks hundreds of millions of dollars, and that tab, which would be paid to borrowers that may have erroneously lost their homes due to foreclosure errors, misrepresentations, or deficiencies, could grow (American Banker Nov. 2). Under recent federal enforcement actions, 14 large mortgage servicers were required to hire independent firms to examine their past mortgage processing activities, and mortgageholders that may have been wrongly foreclosed upon are being notified of their case status through the mail. Mortgage servicers have also created a website, www.independentforeclosurereview.com, a toll-free number, and an upcoming public information campaign. Independent consultants will evaluate whether borrowers suffered financial injury during the foreclosure process and determine appropriate remediation. Where a borrower suffered damages, the consent orders require remediation to be provided. Federal Housing Authority involvement in some loans, and the chance that mortgage servicers have destroyed or lost some loan modification documents, may complicate the investigation process ...
  • WASHINGTON (11/3/11)--The U.S. Small Business Administration (SBA) will join CUNA Strategic Services provider Agility Recovery Solutions to present a Nov. 15 webinar on business continuity plans. The webinar will feature comment from Agility CEO Bob Boyd. The SBA in a release said developing business continuity plans can help reduce liabilities, ensure employee and customer retention, "and may even reduce operational expenses." ...


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