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Inside Washington (11/18/2011)
  • WASHINGTON (11/21/11)--Both Republicans and Democrats had high praise for Thomas Hoenig, President Barack Obama's nomination for Federal Deposit Insurance Corp. vice chairman, during Hoenig's Senate confirmation hearing Thursday. U.S. Sen. Richard Shelby (R-Ala.), the leading Republican on the Senate Banking Committee, indicated support for moving as a package of nominations Hoenig; Martin Gruenberg, nominee for  FDIC chair; and Thomas Curry, nominee for comptroller of the currency, to the Senate floor for a vote (American Banker Nov. 18). Such a move would leave room for the Senate to debate the confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau, and who would also hold an FDIC seat. Carla Leon Decker,  president/CEO of the $47 million District Government Employees FCU, Washington, D.C., awaits a hearing on her nomination as a National Credit Union Administration board member …
  • WASHINGTON (11/21/11)--Committees in both the House and Senate are working to schedule hearings on a bill that would prevent members of Congress from profiting from their inside knowledge. The bill's sudden momentum comes in the wake of a Nov. 13 60 Minutes report about congressional representatives from both political parties making trades after receiving non-public information (American Banker Nov. 18). Before the 60 Minutes report, the House version of the bill, which would prohibit trading of stocks and other investment vehicles based on non-public information about future legislative action, had 10 co-sponsors. By Thursday, the bill had 47 co-sponsors. Four senators--Scott Brown (R-Mass.), Debbie Stabenow (D-Mich.), Jon Tester (D-Mont.) and Kirsten Gillibrand (D-N.Y.)--announced they would also introduce versions of the House bill. All four are up for re-election next year …
  • WASHINGTON (11/21/11)--In a joint letter released Thursday, 33 Democrats urged Senate Minority Leader Mitch McConnell (R-Ky.) to allow a vote on the Senate floor for the confirmation of Richard Cordray as the director for the Consumer Financial Protection Bureau (CFPB). Cordray's nomination was approved by the Senate Banking Committee last month (American Banker Nov. 18).  He currently serves as CFPB enforcement chief. Cordray, the former attorney general of Ohio, was nominated by President Barack Obama in July. Without a director, the CFPB lacks full authority, the letter said, leaving consumers such as military families and seniors susceptible to unfair or deceptive financial practices …


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