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News Now

Washington
Inside Washington (02/02/2011)
* ALEXANDRIA, Va. (2/3/11)—The National Credit Union Administration (NCUA) will soon offer an additional $1.253 billion in its NCUA Guaranteed Notes (NGNs), The Wall Street Journal reported on Wednesday. The latest NGN offering will be comprised of mortgage-backed securities. A price for the NGNs will likely be released later this week, and price guidance is currently around 40 to 45 basis points. The NCUA last week completed its first NGN sale of 2011, gaining $1.5 billion in proceeds. The agency has completed 65% of the securitization designed to fund deposits assumed by the bridge corporate credit unions, and has gained a total of $19 billion in revenue from its NGN sales. The remainder of the NGNs will be sold in the coming months, according to the NCUA… * WASHINGTON (2/3/11)--The Government Accountability Office (GAO), which is the investigative arm of the U.S. Congress that studies how taxpayer dollars are used, released a study titled ”Payday Lending: Federal Law Enforcement Uses a Multilayered Approach to Identify Employees in Financial Distress”. The GAO report estimated that there are about $40 billion worth of payday loans written annually, usually for amounts between $100 to $500 and with a quick payoff times of about two weeks. The GAO report addressed concerns raised about payday lending to federal employees in law enforcement and national security positions. As part of its information collecting and to identify alternatives to payday lending that are available for consumers, GAO noted it spoke with a number of credit unions and banks, including some federal- and state-employee credit unions, offering small-dollar loan products. The report also features an Appendix IV with comments from the National Credit Union Administration… * WASHINGTON (2/3/11)--Starting Friday, women-owned small businesses can participate in a new federal contracting program offered by the U.S. Small Business Administration (SBA). In an announcement this week, SBA said women-owned businesses are one of the fastest growing sectors of the economy. “As we continue to look to small businesses to grow, create jobs and lead America into the future, women-owned businesses will play a key role,” SBA Administrator Karen Mills said. The new Women-Owned Small Business (WOSB) Federal Contract Program will be fully implemented over the next several months, with the first contracts expected to be awarded by the fourth quarter of fiscal year 2011…


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