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Washington
Inside Washington (02/04/2010)
* WASHINGTON (2/5/10)--The National Federation of Community Development Credit Unions commended the Treasury Department for allowing community development credit unions (CDCUs) to access Troubled Asset Relief Program funds. Cliff Rosenthal, federation president, said up to $200 million could be invested in qualifying CDCUs as a result. There are more than 150 credit unions certified as community development financial institutions. More credit unions could qualify for the designation, and the federation plans to work with interested credit unions to help them become certified. Investments through the program will take the form of secondary capital at a rate of 2% for eight years ... * WASHINGTON (2/5/10)--Federal bank and thrift regulators were expected to issue guidance on small business loans as early as yesterday (American Banker Feb. 4). The guidance is expected to caution banks against tightening credit for small business as a result of the financial crisis. Banks should judge borrowers’ creditworthiness and not base loan decisions on a borrower’s industry or geography. Banks also will not be criticized by examiners for lending to small-business, creditworthy borrowers. President Barack Obama has said banks may have tightened credit too much after the market experienced trouble ... * WASHINGTON (2/5/10)--Federal Reserve Board Gov. Kevin Warsh faulted lawmakers for focusing too much time on attempting to combine financial regulators instead of tackling more critical issues (American Banker Feb. 4). Warsh made the comment while speaking to the New York Association for Business Economics. Real regulatory reform depends on figuring out how many regulators are needed or determining the makeup of an oversight council, he said. He also criticized policymakers for not addressing the future of Fannie Mae and Freddie Mac. Also, giving regulators more power to resolve big banks does not go far enough. Greater market discipline is needed to accompany stricter regulation, he added ...


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