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TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Financial crisis is subject of federal inquiry
WASHINGTON (4/2/10)--The Financial Crisis Inquiry Commission on Thursday announced that representatives from the Federal Reserve, Fannie Mae, the Federal Housing Finance Agency, the Federal Housing Finance Board, the Office of Federal Housing, and Citigroup will testify during a hearing entitled "Subprime Lending and Securitization and Government-Sponsored Enterprises." The FCIC was created by Congress last year and is tasked with studying fraud in the financial system and determining the cause of the financial crisis. The hearing will take place on April 7, 8 and 9, and will start at 9 A.M. E.T. on each of those days. The hearing will also be available via webcast. The FCIC conducted an earlier series of hearings which featured testimony from Securities and Exchange Commission (SEC) Chairman Mary Schapiro, Attorney General Eric Holder, and various high ranking executives. Thomas Greene, a lawyer in the California Attorney General's office, is the current executive director of the 10-member commission. The FCIC will issue a final report on the nation's financial crisis to the U.S. Congress by December 2010. Credit unions have seen growth in spite of the below average economic conditions, reporting a 5.7% increase in share drafts, a 3.9% increase in regular shares, and a 1.4% increase in money market accounts during February. (See related story: CU loans down 0.6%, savings up 1.8%) For the FCIC hearing notice, as published in the Federal Register, use the resource link.
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