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Washington
Inside Washington (12/06/2007)
* WASHINGTON (12/7/07)--Rep. Carolyn Maloney (D-N.Y.), chair of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, announced that a hearing on the Financial Consumer Hotline Act of 2007 will take place next Wednesday. The act will establish a toll-free telephone number that consumers can call if they have a problem with their financial institution. The National Credit Union Administration is scheduled to testify … * WASHINGTON (12/7/07)--The House Wednesday approved a bill to give the Federal Deposit Insurance Corp. and the Comptroller of the Currency power to define unfair and deceptive practices. It also passed a bill that would require the Treasury Department and the four banking agencies to give Congress annual reports about their progress regarding expansion of minorities’ ownership of depository institutions (American Banker Dec. 6) … * WASHINGTON (12/7/07)--A study conducted by Federal Financial Analytics Inc. indicates that Basel II could actually increase capital levels, despite industry representatives’ worries that the accord would drop the levels. Assets have become riskier than some had anticipated, so risk-based capital requirements would increase, said Karen Shaw Petrou, managing director of Federal Financial Analytics (American Banker Dec. 6). The study did not state how much the levels would increase, but did note that introducing Basel II during credit problems in the markets could strain banker’s profits …


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Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
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