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Inside Washington (12/27/2011)
  • WASHINGTON (12/28/11)--President Barack Obama was expected to announce plans Tuesday to nominate economist Jeremy Stein, a Harvard University finance professor, and Jerome Powell, a former private-equity executive,  to fill the two open spots on the Federal Reserve's  seven-member board of governors. (The Wall Street Journal Dec. 27)  The move essentially packages a nominee who is a Democrat with one who is a Republican in what is described as an attempt to overcome daunting hurdles in the path of Senate confirmation …
  • Washington (12/28/11)--$2.2 billion-asset Bank of Hampton Roads in Norfolk, Va., will pay $33,600 in fines and $619 million-asset State Bank and Trust Co. of Defiance, Ohio, will pay $9,340 in fines for violations of the National Flood Insurance Act, reported the Dec. 27 issue of American Banker.  The penalty orders did not describe the banks'  violations, but the article noted the act's requirement that loans secured by properties in these areas at a high risk for flooding have the proper coverage.  The Virginia bank was named in violation in its capacity as successor of Gateway Bank and Trust in Elizabeth City, N.C.,  which Hampton Roads acquired in 2009 …
  • WASHINGTON (12/28/11)--Late last week, four federal banking agencies approved an extension on the comment period for a proposal that  requires regulators to implement certain prohibitions on banking entity and nonbank financial company to restrict their ability to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.  The proposal, commonly referred to as the Volcker Rule, is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The new comment deadline is Feb. 13, 2012, pushed back from Jan. 13, 2012. The proposal was issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission …

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