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
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
2 hours ago
IBEW Local 816 FCU closes.The Paducah, Ky., $6.3 million-asset #creditunion served 929.It's the 6th federally insured CU liquidation of 2014
2 hours ago
.@BankOnOregon recruiting #creditunions for underbanked project via @NWCUA http://t.co/j6MgHbe9F8
3 hours ago
.@wpcu's Fecher to testify next week on reg burden @HouseFinSrvicesCmte's subcommittee FIs/consumer credit #NewsNow http://t.co/eNGlQ7n3SS
4 hours ago
1 in 6 US teens considered financially illiterate, survey finds #NewsNow http://t.co/KpqYveLf4n
4 hours ago