Beltway Report - May 2007


Scrabble for Bankers

How many words can you spell with the letters B, E, M, Z, and DD? The Federal Reserve Board wants to know. It has requested public comment on proposed amendments

to five consumer financial services and fair lending regulations (Regulations B, E, M, Z, and DD) clarifying consumer electronic disclosure requirements.


Table It

The Feds like tables. On May 23, 2007, the FRB revamped Regulation Z, which implements the Truth in Lending Act, and proposed substantive and formatting revisions. The proposed revisions rely heavily on the tabular format pioneered by the “Schumer Box” and extend it to initial disclosures, periodic statements, and solicitations.


Big Box Banking Shelved?

Worried that Big Box stores might enter banking, the House Financial Services Committee passed H.R. 698, the Industrial Bank Holding Company Act of 2007.


Mosh Pit

In case you missed it on C-Span, some members of Congress think the FTC should regulate banks. U.S Representatives Barney Frank and John Dingell sent a joint letter to federal financial services regulators and the Federal Trade Commission, calling for the strengthening of protections for

financial consumers against unfair and deceptive trade practices.


Insider Stuff

The Federal Reserve Board on May 29 issued a final rule under Regulation O relating to insider lending by insured depository institutions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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