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Inside Washington (11/16/2011)
  • ALEXANDRIA, Va. (11/17/11)--The National Credit Union Administration has rescheduled the closed board meeting originally set for Dec. 15. The meeting is now scheduled for Wednesday, Dec. 14, at 10 a.m. (ET) There are no changes to the open meeting still scheduled for Dec. 15. The revised schedule is available online…
  • WASHINGTON (11/17/11)--The House Financial Services Committee Chairman Tuesday passed a bill that would stop future bonuses at Fannie Mae and Freddie Mac. The measure passed by a 52 to 4 vote. The Equity in Government Compensation Act, ensures that executives and employees of Fannie Mae and Freddie Mac will receive compensation that is in line with pay practices at federal financial regulatory agencies. The bill does not make them Federal employees, but it aligns their compensation with that of Federal employees. The same day Edward DeMarco, the acting director of the Federal Housing Finance Agency, defended the multimillion-dollar compensation packages paid to executives at Fannie Mae and Freddie Mac, before the Senate Banking Committee. But DeMarco also blamed Congress for allowing the conservatorship of the government-sponsored enterprises (GSEs) to drag on so long. Chief executives at Fannie and Freddie receive $6 million in pay each year, even as the GSEs continue to receive millions of dollars in taxpayer support (American Banker Nov. 16). Fannie and Freddie had to pay bonuses to retain the talent required to manage $5 trillion worth of mortgage assets and $1 trillion of annual new business, Demarco said. The compensation packages are modeled after similar plans agreed to for large firms that received aid under the Troubled Asset Relief Program, he noted …
  • WASHINGTON (11/17/11)--The Government Accountability Office (GAO) on Tuesday announced that the Consumer Financial Protection Bureau's (CFPB) financial statements were "fairly presented in all material respects" and that CFPB "had effective internal control over financial reporting" during its first year of operation. GAO discovered deficiencies involving CFPB's internal controls that were less significant than a material weakness or significant deficiency. The GAO will report the weaknesses to CFPB management in a separate letter …


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