Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (12/06/2010)
* WASHINGTON (12/7/10)--The Securities and Exchange Commission Friday voted unanimously to propose joint rules with the Commodity Futures Trading Commission (CFTC) that would further define a series of terms for the security-based swaps market. The proposal originates from the Dodd-Frank Act, which established a comprehensive framework for regulating the over-the-counter swaps market American Banker Dec. 6). The new law requires the registration of swap dealers, security-based swap dealers, major swap participants and major security-based swap participants. It also subjects these entities to several statutory requirements--including capital, margin and business conduct requirements. “Today’s proposals lay out objective criteria, but they are just a first step, as we seek public comment to help us appropriately address the market impacts and potential risks posed by these entities,” said Mary Schapiro, SEC chairman. The proposals will be open for comment for 60 days … * WASHINGTON (12/7/10)--The Federal Reserve has been conducting a detailed evaluation of put-back risk at large financial institutions, Fed Governor Dan Tarullo told the Senate Banking Committee last week (American Banker Dec. 6). The Fed is asking institutions that originated large numbers of mortgages or sponsored significant mortgaged-backed securities (MBS) to assess the risk involved in those offerings. Tarullo said that as losses in MBS have escalated, investors are pursuing legal claims against the financial firms that originated or were otherwise involved in the offerings. The essence of these claims is that mortgages in the securitization pools were misrepresented when sold. Observers told the Bankerthey wonder if this will cause banking regulatory agencies to raise capital, reserve and liquidity requirements …


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
9 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
10 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
12 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
14 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
14 hours ago