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Washington
Inside Washington (03/08/2010)
* ALEXANDRIA, Va. (3/9/10)--This week is National Consumer Protection Week, a designation intended to emphasize the importance of thrift and the wise use of one’s financial resources and to highlight that message, National Credit Union Administration Chairman Debbie Matz issued a statement. “This week-long focus on the importance of consumer education and protection presents a perfect opportunity for credit unions to showcase their commitment to members,” Matz commented in a release. She lauded credit unions for their historic commitment to providing members with basic money management information. “But more can and should be done. I encourage credit unions to redouble their efforts to ensure that members are educated and aware consumers, and are well-equipped to navigate an increasingly complex financial landscape. Such an investment in consumers is credit union member service in action,” she said… * WASHINGTON (3/9/10)--Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, sent a letter to the four largest U.S. banks demanding immediate steps to write down second mortgages (The Wall Street Journal March 8). Frank sent the letter to CEOs at Wells Fargo and Co., JPMorgan Chase and Co., Citigroup Inc. and Bank of America Corp. Bank of America said it is committed to working with interested parties to develop more solutions to help homeowners modify first and second mortgages. Wells Fargo said it is helping as many customers as it can to find options to help pay their home equity loans. JPMorgan and Chase did not respond to the letter ... * WASHINGTON (3/9/10)--The Office of Thrift Supervision (OTS) is seeking comments on a proposal regarding applications for conversion from OTS-regulated, state chartered savings association to federal savings association; national bank, state savings bank or credit union to a federal savings association; and a state mutual holding company to a federal mutual holding company. The application is reviewed to determine whether it meets applicable eligibility requirements for the conversion and complies with applicable OTS policies. Applications also are reviewed to determine whether special conditions are needed to establish the institution’s authority to continue activities or investments permitted under state law but not authorized for a federal association, according to the Federal Register (March 8). Comments must be submitted by April 7 ...


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