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Inside Washington (03/04/2009)
* WASHINGTON (3/5/09)--The Federal Reserve and the Treasury said Tuesday that they will seek legislation to give the Fed the additional tools it will need to manage reserves while providing the funds necessary for the Term Asset-Backed Securities Loan Facility (TALF) and other credit-easing programs. Increasing TALF lending will expand the Fed’s balance sheet, the agencies said. TALF, which has the potential to generate up to $1 trillion of lending for businesses and households, was launched Tuesday ... * WASHINGTON (3/5/09)--Sen. Charles Schumer (D-N.Y.) said Tuesday that he may introduce a bill that would create a financial services regulator for consumer protection. Schumer is working with Sen. Richard Durbin (D-Ill.) on the legislation and indicated that the regulator would review financial products and services, and “watch out” for the average American (American Banker March 4). The agency would be part of regulatory overhaul legislation that Schumer said he hopes to pass by the end of the year ... * WASHINGTON (3/5/09)--More than 100 credit union representatives from Texas attended a meeting Feb. 25 with Sens. Kay Bailey Hutchison (R-Texas) and John Cornyn (R-Texas) on Capitol Hill during
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an annual Hike the Hill event that coincides with the Credit Union National Association’s Governmental Affairs Conference in Washington, D.C. During the meeting, Hutchison said she opposed the Treasury Blueprint--released last year by former Treasury Secretary Henry Paulson--and said she was in favor of keeping the National Credit Union Administration separate and independent (The Advocate March 4). Cornyn said he favored lifting the member business lending cap for credit unions. Both said they oppose mortgage cramdown legislation, and government regulation or intervention in interchange fee income. Credit union representatives also met with other Texas congressional members during the Hill hike. From left are: Texas Credit Union League President/CEO Dick Ensweiler; Southwest Airlines FCU CEO Charles Rutan; City CU CEO Sharon Moore and Rep. Jeb Hensarling (R-Texas). (Photo provided by the Texas Credit Union League) ...

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