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Washington
Inside Washington (01/25/2010)
* WASHINGTON (1/26/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz plans to continue discussion of credit union issues at a Town Hall meeting Feb. 4 in Lake Buena Vista, Fla. On Thursday, Matz held a similar meeting in Dallas, with more than 200 attendees participating. The session touched on NCUA’s plans to revamp the corporate credit union system, including concerns about legacy assets. The Feb. 4 meeting’s agenda includes more discussion about NCUA’s proposed changes to the corporates and changes to streamline field of membership applications. To register, use the link. Pictured are NCUA Board Member Michael Fryzel and Matz at the Dallas meeting. (Photo provided by the National Credit Union Administration) ... * WASHINGTON (1/26/10)--The Securities and Exchange Commission (SEC) said it plans to more closely scrutinize this year’s proxy statements to see how companies’ board directors and senior executives are paid and how performance targets are used (American Banker Jan. 25). Shelley Parratt, deputy director of SEC’s division of corporate finance, said at a Northwestern University law conference Friday that companies should disclose their performance targets for board directors, even if the benchmarks are met or ignored by compensation committees ... * WASHINGTON (1/26/10)--Under the Federal Housing Administration (FHA)-Hamp Making Home Affordable program, mortgage servicers will have a little more breathing room to assist struggling borrowers with financial hardships, but who have not yet missed a payment. Under a new policy, servicers can reduce payments or offer borrowers forbearance. Previously, borrowers could not access these options until they missed several monthly payments. The options will help borrowers from becoming delinquent and thus enable them retain their homes, said FHA Commissioner David Stevens (American Banker Jan. 25) ... * WASHINGTON (1/26/10)--The Federal Deposit Insurance Corp. (FDIC) and the Bank of England are improving cooperation for cleanups of international banks. The two announced a memorandum of understanding (MOU) Friday signaling their commitment. They will share information and consult with each other regarding the resolution of bank failures in the U.S. and United Kingdom. “The recent financial crisis demonstrates that greater international coordination among resolution authorities as well as resolution processes capable of resolving the largest, most complex financial institutions are necessary to protect the public,” said FDIC Chairman Sheila Bair. “This MOU is an invaluable step forward toward implementing the recommendations of the Basel Committee’s Cross Border Resolution Group, which the FDIC co-chaired. It is also a further step in support of the continuing work of the Financial Stability Board’s Crisis Management Working Group, chaired by Paul Tucker of the Bank of England” ...


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