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  • WASHINGTON (10/27/11)--H.R. 1263, a bill that would amend the Servicemembers Civil Relief Act (SCRA) to extend protections against sale, foreclosure, and seizure of property to the surviving spouses of deceased servicemembers, would also require institutions with annual assets greater than $10 billion to maintain a toll-free telephone number to provide assistance to members of the military. The asset level was incorrectly reported in an Oct. 17 News Now article. Click here to read the corrected article. ...
  • WASHINGTON (10/27/11)--West Coast Bank, Lake Oswego, Ore., has been ordered by the Federal Deposit Insurance Corp. (FDIC) to pay a $390,000 fine and repay customers at least $350,000 in fees for overdrafting their accounts. The order, announced Monday in a regulatory filing by the bank, settles allegations by the FDIC that $2.5 billion asset West Coast deceived customers with its "Courtesy Coverage" overdraft protection. West Coast Bank did not admit to or deny the charges in signing the order. West Coast has agreed to correct all violations and review its program to ensure it complies with FDIC guidelines within 60 days. Under the agreement, West Coast's board is required to "participate fully" in the oversight of the bank's compliance management system and undergo educational training that specifically address consumer protection laws …
  • WASHINGTON (10/27/11)--The Federal Housing Finance Agency (FHFA)  announced that  two Freddie Mac board members, having reached the company's mandatory retirement age, will be stepping down from the board at the end of the current term in February 2012.  They are  Chairman John Koskinen and Robert Glauber, who is chairman of the Governance and Nominating Committee. To promote a smooth transition, FHFA Acting Director Edward J. DeMarco said in a release, Christopher Lynch, currently chairman of the Freddie Mac board's audit committee, will assume the chairmanship of the Freddie Mac board, effective at the December 2011 board meeting. Separately, the FHFA release noted, Laurence E. Hirsch notified the Freddie Mac on Oct. 18 that he will not seek re-election to the company's board of directors when his current term expires. Current Freddie Mac CEO Charles Haldeman, Jr. recently informed the board of his intention to step down some time in the coming year. FHFA Acting Director DeMarco requested that the outgoing and incoming board chairs work with the board and FHFA on developing a succession plan for the position of CEO …


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