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The Associated Press reported that former Republican U.S. Representative Jennifer Dunn of Seattle died today after suffering a pulmonary embolism in her Virginia apartment, citing a statement from her family.
The Frank/Gillmor bill also would expand the FDIC's authority to regulate ILC holding companies
The biggest ILC is owned by Merrill Lynch Bank USA, which is operated by Wall Street firm Merrill Lynch (MER.N: Quote, Profile, Research). Wal-Mart and Home Depot are among the commercial companies with ILC applications now in limbo.
Comptroller of the Currency John Dugan, an FDIC board member, said in January that if U.S. lawmakers failed to act within the one-year extended moratorium, he would resume reviews of ILC applications by commercial companies.
Gillmor introduced a bill in July with eight other House members that would require mortgage lenders to be licensed and registered, and make them undergo training in ethics and federal lending law. It would also make it easier for borrowers to understand their mortgages, require subprime lenders to set up escrow payments for property taxes and homeowners insurance, and force them to consider whether a borrower will be able to repay the loan.