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Inside Washington (11/04/2010)
* WASHINGTON (11/5/10)—In a shout-out to the Credit Union National Association (CUNA), the U.S. Treasury Department noted the appearance of Treasury spokesperson Tepricka Morgan on CUNA’s Home & Family Finance Radio show. On the Oct. 24 show, Morgan highlighted the safety and reliability of direct deposit for federal benefit payments and mentioned the Treasury’s Direct Express card as an option for those without a banking relationship. The appearance was noted in the Treasury’s widely distributed “Go Direct” Partner Update, which publicizes the government’s campaign to increase direct deposit of federal benefits checks. CUNA is a national partner of the program and was among the 30 financial institution associations that were noted for including Go Direct information in their publications… * WASHINGTON (11/5/10)--Some GOP leaders pledged to use the House majority delivered by the midterm elections to dismantle most provisions of the Dodd-Frank law. In statements made following the election, some House Republicans said the Obama administration should abandon the Consumer Financial Protection Bureau (CFPB), while others wanted housing finance to be placed completely in the private sector. However, some GOP members suggested a modified approach, such as restructuring the CFPB and whittling back its budget. Democrats in leadership roles cautioned the GOP to act with restraint. In the Senate, where Democrats continue to hold a slim majority, Sen. Tim Johnson (D-S.D.) said it was unlikely that major changes would impact Dodd-Frank (American Banker Nov. 4). Johnson is expected to become chairman of the Senate Banking Committee. Other issues that some Republicans hope to tackle include greater oversight of the administration’s foreclosure prevention program and reducing the regulatory burden on community financial institutions … * WASHINGTON (11/5/10)--The Federal Deposit Insurance Corp. (FDIC) is expected to announce changes in the procedure for setting deposit insurance assessments next week. The changes include a new assessment method mandated by the Dodd-Frank law (American Banker Nov. 4). The revised approach would require the FDIC to multiple an institution’s risk-based rate by the institution’s total assets minus its tangible equity. In the past, the FDIC figured the price by multiplying an institution’s risk-based rate by its domestic deposits. The new approach is expected to set a price that better reflects large institutions funded by both deposits and other operations. The risk-based rate is based on multiple financial and supervisory factors, which vary based on the size of the institution. The agency is expected to reveal additional changes in risk factors used for large financial institutions in a separate proposal …


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