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Does your bank plan to write a comment letter on the Fed/OTS/NCUA proposal asserting that assessing overdraft protection service fees without an advance opt out is unfair?
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Former ABA Chairman Betsy Duke Confirmed for Fed Seat (6/30/08) The Senate on June 27th confirmed former ABA Chairman Betsy Duke for a seat on the Federal Reserve Board through 2012. Senate Majority Leader Harry Reid (D-Nev.) said Duke's confirmation will ensure that the Fed can function during the current economic slowdown. Duke, 55, is the COO of TowneBank, Portsmouth, Va., and she will become the only Fed governor with commercial banking experience. "Betsy's many years as a bank CEO and her involvement in ABA over the past decade have given her a firsthand understanding of the challenges facing the financial services industry," ABA President and CEO Ed Yingling said. "As ABA chairman, she traveled the country, talking to, listening to, and working with leaders from institutions of all sizes and complexity. Betsy is a smart, results-oriented strategic thinker. She will be a terrific addition to the board."
Financial Services Panel Approves MSB Bill (6/30/08) The House Financial Services Committee last week approved by voice vote a bill (H.R. 4049) intended to get banks out of the business of monitoring deposit accounts held by money-services businesses. Under the legislation, MSBs would be required to self-certify that they have sufficient anti-money laundering internal controls. The bill also would mandate that the Internal Revenue Service and the Financial Crimes Enforcement Network continue to regulate MSBs. More Compliance News
