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Washington
Inside Washington (11/14/2011)
  • WASHINGTON (11/15/11)--The Federal Reserve will soon issue a package of proposed rules implementing the Dodd-Frank Act, Federal Vice Chairman Janet Yellen said Friday. The central bank will release for comment its proposed rule on enhanced prudential standards that would apply to large bank holding companies and systemically important nonbank financial firms, Yellen said at a conference hosted by the Federal Reserve Bank of Chicago (American Banker Nov. 14). The rules, considered by many to be the core of Dodd-Frank, affect some of the biggest issues in financial services, such as risk-based capital requirements, leverage, resolution planning and concentration limits. The Fed issued its proposed rule for designating nonbank financial firms in October …
  • WASHINGTON (11/15/11)--The Supreme Court's decision to consider a housing case could help banks that have been negatively impacted by fair lending laws. The case is not directly related to lending, but it does focus on legal theory used to prosecute and pursue banks for discrimination (American Banker Nov. 14). Magner v. Gallagher centers on a conflict between landlords and the city of St. Paul, Minn. In the majority of previous cases, courts have found lenders liable if their practices have a "disparate impact" on minorities, even though the lender's policies are not intentionally discriminatory. Banks, which have faced scrutiny for their lending from the Justice Department since the nation's financial crisis, could find relief if the Supreme Court eliminates or restricts the legal standard …


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