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Washington
Inside Washington (12/08/2008)
* WASHINGTON (12/9/08)—The Federal Deposit Insurance Corp.’s (FDIC’s) decision that funds stored on reloadable cards are deposits and therefore are covered by FDIC insurance raises questions such as whether the cards are accounts that require banks to comply with certain rules and regulations. (American Banker Dec. 9) Those rules would include those of the Bank Secrecy Act, the, the USA Patriot Act's know-your-customer requirements, and Regulation E of the Electronic Funds Transfer Act, according to John L. Douglas, a partner in the Atlanta law firm Paul, Hastings, Janofsky & Walker LLP. Thew FDIC opinion was written by its general counsel and published last month in the Fedearl Register… * WASHINGTON (12/9/08)—House Financial Services Committee Chairman last week chided Bush administration officials about refusing to approve a foreclosure mitigation initiative proposed by Federal Deposit Insurance Copr. Chairman Sheila Bair. (American Banker Dec. 8) Speaking at the Consumer Federation of America conference here, Frank said Bair seems to have annoyed “the old boys’ club” and now several bank regulators are “up in the tree house with a 'No girls allowed' sign." He said, according to the paper’s “Washington People” section, that U.S. Treasury Secretary Henry Paulson’s explanation of being between administrations is no excuse…


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