Attention-Getting Penalty

Massachusetts Attorney General Martha Coakley announced a $1 million settlement with UBS. The banking organization allegedly misled Massachusetts municipalities in connection with the sale of auction rate securities.

Fed Extends Credit Facilities

The Federal Reserve Board has extended and modified the emergency credit facilities it created in connection with recent market turmoil. Certain facilities were extended through January 2009.

Basel Report

The Joint Forum of Basel Committee on Banking Supervision has issued a paper on “Credit Risk Transfer — Developments from 2005 to 2007.” The paper focuses mainly on collateralized debt obligations.

Credit Card Practices

The House Financial Services Committee voted 39-27 to approve a bill regulating credit card practices. The measure parallels a pending Federal Reserve Board regulatory proposal.