Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House starts reg reform discussion
WASHINGTON (11/19/09)--Regulatory reform discussion continued on Wednesday as the House Financial Services Committee began its markup of H.R. 3996, the Financial Stability Improvement Act of 2009, with opening statements. The legislation would create a stabilization resolution fund, located at the Federal Deposit Insurance Corporation (FDIC), to cover the cost of resolving failing financial companies that are systemically important to the financial system, and would direct the FDIC to fill this fund by assessing fees on financial companies, including credit unions, with over $10 billion in total assets. A to-be-offered amendment from Rep. Brad Sherman (D-Calif.) would increase the $10 billion-asset funding threshold to $75 billion, effectively exempting all credit unions. CUNA has detailed several reasons that credit unions should be excluded from the legislation, including their member-owned, not-for-profit cooperative business plans. NCUA Chairman Debbie Matz has also called for credit unions to be exempted from the terms of this bill. While it is not known how long regulatory debate will continue, Senate Majority Leader Harry Reid (D-Nev.) and House Majority Leader Steny Hoyer (D-Md.) are reportedly aiming to end this year’s congressional action by Dec. 18.


RSS print
News Now LiveWire
#NewsNow: @CFPB offers tips for consumers who think their credit/debit cards have been hacked. http://t.co/rHnfYkJPIj
8 hours ago
See who's 1st to earn @CUNA's new biz development designation #NewsNow http://t.co/vn5ch4HkRC
9 hours ago
Joe Bergeron, president/CEO of the Association of Vt. CUs, has been re-elected to the board of the @NCBACLUSA
10 hours ago
NCUA reminds: CU managers/directors looking to improve leadership skills still can register 4 Leadership Boot Camps. http://t.co/0AUtIpWNqr
10 hours ago
Australia's Customer Owned Banking Association is @fileneresearch 's latest Gold benefactor.
12 hours ago