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Inside Washington (11/17/2011)
  • WASHINGTON (11/18/11)--Corporate credit unions will no longer be required to execute 314a Bank Secrecy Act searches, according to guidance offered in a letter released by the National Credit Union Administration. Financial Crimes Enforcement Network (FinCEN) established the 314(a) program through the issuance of a rule established in 2002. As amended, its requirements are now published in 31 CFR Part 1010.520. The 314(a) program requires certain financial institutions to search their records and identify if they have responsive information with respect to the particular investigative subject when they receive such requests from FinCen. After consultation with FinCEN, NCUA determined that the searches would no longer be necessary because corporate credit unions do not service accounts for natural person members and provide services only to member credit unions and other such entities …
  • WASHINGTON (11/18/11)--The Consumer Financial Protection Bureau (CFPB) is seeking information from stakeholders in the private student loan market. The CFPB published a notice and request for information to collect data on a series of issues impacting private student loans from origination to servicing to collection. The CFPB is asking the public, students, families, the higher education community, and the student loan industry to provide information voluntarily. The bureau is seeking a broad swath of information, including information available to shop for private student loans; the role of schools in the marketplace; underwriting criteria; repayment terms and behavior; impact on field of study and career choice; servicing and loan modification; financial education and default avoidance …
  • WASHINGTON (11/18/11)--The chief executives at Fannie Mae and Freddie Mac on Wednesday defended $12.8 million in bonuses and deferred salary paid last year to 10 top executives at the government-sponsored enterprises (American Banker Nov. 17). Freddie Mac CEO Charles Haldeman Jr. and Fannie Mae presdent/CEO Michael Williams, appearing before the House Oversight Committee, said the pay packages were necessary to attract and retain the talent required to manage trillions of dollars in assets and annual new business. Haldeman said he understood the outrage, but he noted that overall spending at Freddie Mac has been drastically reduced. Freddie Mac leadership tried to cut spending in a way that did not risk disrupting the functioning of the company, he said. Employee attrition at Fannie Mae this year is double its historical rate, Williams said …

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