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Inside Washington (11/29/2011)
  • WASHINGTON (11/30/11)--A final rule released Monday by the Federal Housing Finance Agency could  create a more merger-friendly environment for Federal Home Loan Banks. Although the banks previously were allowed to merge, they lacked regulatory guidelines for conditions under which mergers would be approved (American Banker Nov. 29). The final rule did not provide some procedural details, such as what kind of voting programs would be appropriate for obtaining members' approval of a proposed merger; how those should be structured; and how to address the transition from a separate board of directors to a combined board. Regarding the size and composition of the board, directors should have input from both banks, according to the final rule. Merger approvals will be a one-step process, a decision following comments from banks that a two-step approach would be lengthy and burdensome. The rule also changed the voting rights of each member of a constituent bank to ensure fair governance. The final rule provides that each member of the bank can cast one vote for each share of bank stock the member was required to own by a certain date …
  • WASHINGTON (11/30/11)—U.S. Rep. Maxine Waters (D-Calif.) is poised to succeed Barney Frank (D-Mass.) as lead Democrat on the House Financial Services Committee, according to industry insiders. Frank on Monday announced he would not seek reelection for his House seat next November. Waters is the most senior Democrat on the committee, and she has political ties to House Speaker Nancy Pelosi (D-Calif.) (American Banker Nov. 29). Waters is African American. It would be unlikely to not appoint someone who is both senior and a minority, according to former Rep. John LaFalce, who preceded Frank as lead Democrat on the Financial Services panel. Waters is under an ethics investigation, a factor that could work against her appointment. Other possible appointees include U.S. Rep. Carolyn Maloney (D-N.Y.), U.S. Rep. Luis Gutierrez (D-Ill.) and U.S. Rep. Melvin Watt (D-N.C.) …
  • WASHINGTON (11/30/11)--The Federal Housing Finance Agency (FHFA) has announced the appointments of Richard B. Hornsby as the agency's chief operating officer and Jon Greenlee as deputy director of the division of enterprise regulation. Hornsby served at the Federal Reserve Bank of San Francisco for 26 years, most recently serving as group vice president and division head for the reserve bank's financial planning and control and corporate administration divisions. In this position, he oversaw many of the bank's support functions in nine states. Greenlee joins FHFA from KPMG LLP, where he was the managing director in the financial services regulatory advisory practice. In that role, he provided support to clients concerning the Dodd-Frank Act and Basel II and III, and credit, capital, liquidity and resolution planning issues …


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