Beltway Report

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Sharpen Pencils and Sit Up Straight

Congress has been busier than Anna Nicole Smith’s probate attorney. It has decided to make college more affordable and wants lenders to contribute.

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Pushing Out the “Push-Out” Rules

Last December, the SEC and the Federal Reserve Board agreed to propose new rules implementing the “push-out” provisions of the Gramm-Leach-Bliley Act (“GLBA”). Under the jointly proposed Regulation R, bank employees would be permitted to receive incentive fees for referring bank customers to bank brokers, subject to certain requirements.

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Cash Cows

The House adopted legislation aimed at helping banks reduce the amount of cash transaction reports sought by financial law enforcement authorities as part of their anti-money-laundering efforts.

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Gift Card Guidance

Personally, we would have chosen Miss Manners to offer guidance on gift cards, but the OTS elbowed her aside. In early March, the OTS issued gift card guidance intended to help savings associations ensure adequate account administration and sound consumer disclosures.

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First Bank of Wal-Mart . . . Not

The Wal-Mart rhumba continues. House Financial Services Committee Chairman Barney Frank introduced a bill with bipartisan sponsorship that would bar commercial companies from being the parent of an industrial loan company (“ILC”).

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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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