* WASHINGTON (3/3/09)--The Treasury Department has released guidance
to help financial institutions repay Troubled Asset Relief Program (TARP) funds. The guidance, presented in a frequently-asked-questions format, addresses where institutions should send funds and how much must be repaid--25% of the issue price of preferred stock--if institutions want to begin paying back TARP funds now ... * WASHINGTON (3/3/09)--Freddie Mac announced Monday that its CEO, David Moffett, has resigned from the organization. Freddie’s board of directors is working with the Federal Finance Housing Agency (FHFA) to appoint Moffett’s successor and expects to name an interim CEO by March 13. Moffett served as CEO since September and previously served as a senior adviser to the Carlyle Group in Washington, D.C. (The New York Times
March 3) ... * WASHINGTON (3/3/09)--The Maine Credit Union League announced that all four members of Maine’s congressional delegation attended the league’s annual breakfast Feb. 24 during the Credit Union National Association’s Governmental Affairs Conference in Washington, D.C. During the breakfast, Sen. Olympia Snowe (R-Maine) thanked
credit unions for being a stable source of lending and said she supported raising the cap on member business lending. Sen. Susan Collins (R-Maine) expressed her support of credit unions, saying they play a significant role in moving the economy forward. Rep. Mike Michaud (D-Maine) expressed support for raising lending caps and Rep. Chellie Pingree (D-Maine( said she looks forward to working with credit unions. From left are Snowe and Tucker Cole, president/CEO of Evergreen CU and the chair of the Maine CU League's Governmental Affairs Committee. (Photo provided by the Maine Credit Union League) ... * WASHINGTON (3/3/09)--According to the New Jersey Credit Union League (NJCUL), 22 New Jersey credit unions and 50 credit union
leaders attended the Credit Union National Association’s Governmental Affairs Conference in Washington, D.C., last week. New Jersey credit union representatives met with the offices of their entire congressional delegation, with seven congressional members meeting credit unions in person. Some New Jersey representatives also toured Credit Union House. They included, from left, front row: Ray Del Nero, president/CEO of Merck EFCU; Yvette Segarra, manager of special events of NJCUL; Lou Vetere, president/CEO of Garden Savings FCU; Jim Merrill, senior vice president league service corp. of NJCUL; and Christina Olender, president/CEO of Parlin DuPont EFCU. From left, back row: Tom O’Shea, president/CEO of FAA Eastern Region FCU; Leo Ardine, president/CEO of United Teletech Financial FCU; Paul Gentile, president/CEO of NJCUL; Mike Reilly, president/CEO of Central Jersey FCU; and Shawn Gilfedder, president/CEO McGraw-Hill EFCU and league chairman. Photo provided by the New Jersey Credit Union League) ...