* ALEXANDRIA, Va. (2/9/09)--The National Credit Union Administration
Board Member Hyland and Hiroaki, Funamoto, Deputy Governor, SIC. (NCUA Photo)
(NCUA) recently met with four representatives of the Japanese Agricultural and Fishery Cooperative Savings Insurance Corporation (SIC). SIC insures saving at agricultural and fishery cooperatives in Japan and the four representatives came to NCUA to learn more about the American credit union system. NCUA Chairman Michael Fryzel, NCUA board member Gigi Hyland, and NCUA staff discussed topics ranging from the structure of federal credit unions to share insurance and its federal backing. Fryzel said after the meeting that the SIC officials will be able to “go back to Japan and utilize the information learned to help enhance their own credit union system.” Hyland added, “These are the types of meetings that help the credit unions of the world perform to the best of their ability. At NCUA we find it important to assist the world credit union system and aid in its success via the opportunities afforded to us.”… * WASHINGTON (2/9/09)—New U.S. Treasury Secretary Timothy Geithner is expected to face some hostile questions tomorrow when he testifies before the Senate Banking Committee, (American Banker
Feb. 6) Geithner is scheduled to discuss the Obama administration’s plans for improving the Treasury’s TARP—or Troubled Asset Relief Program. Both Democrats and Republicans on the committee have voiced complaints about TARP and have said that public anger targeted at the program makes it a tough bet that Treasury will get more than the $700 billion already authorized for the program … * WASHINGTON (2/9/09)—Last week the U.S. Senate approved amendments to limit compensation for executives of companies receiving funds from the government’s Troubled Asset Relief program (TARP)(Dow Jones
Feb. 6). Compensation would be capped at $400,000 and bonuses would be sharply curtailed. The Senate agreed to the amendments by voice vote … * WASHINGTON (2/9/09)--Sen. Evan Bayh (D-Ind.) said Thursday that he is seeking a bipartisan compromise for Sen. Richard Durbin’s (D-Ill.) mortgage bankruptcy legislation (American Banker
Feb. 6). Bayh said he could seek to reform the legislation so that it would restrict a judge’s ability to cram down primary mortgages to risky loans. Bayh said he wishes to work with Sen. Arlen Specter (R-Pa.) on the bill. Specter has supported similar legislation. The Credit Union National Association (CUNA) appreciates Bayh’s comments and looks forward to working with the senator on the issue, said Ryan Donovan, CUNA vice president of legislative affairs ...