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News Now

Washington
Inside Washington (03/22/2011)
* ALEXANDRIA, Va. (3/23/11)--The National Credit Union Administration (NCUA) is conducting one of its free special training sessions on the duties of federal credit union directors on April 12 at its headquarters in here. The session promises to cover the key requirements of the new rule (NCUA Regulations 701.4) addressing the financial education of credit union board members, including understanding the credit union’s balance sheet and income statement. Online registration is available. The NCUA headquarters is at 1775 Duke Street, Alexandria, Va…. * WASHINGTON (3/23/11)--The Supreme Court upheld a ruling that the U.S. Federal Reserve must disclose details about its emergency lending program to banks during the financial crisis in 2008. The Clearing Housing Association--representing large commercial banks--had asked the high court to reverse a ruling by a federal appeals court that required disclosure of the lending records (American BankerMarch 22). The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News. The Fed responded to Bloomberg’s May 2008 Freedom of Information Act request by releasing only partial data regarding its lending programs, claiming exemptions that protected "trade secrets and commercial or financial information." A Fed spokesperson said the agency was in the process of fulfilling the requests following the Supreme Court ruling … * WASHINGTON (3/23/11)--Housing and Urban Development Secretary Shaun Donovan and Treasury Secretary Tim Geithner's responses to a question about whether the government-sponsored enterprises would be exempted from pending risk-retention requirements has created anxiety among investors (American BankerMarch 22). The question was posed by during a Senate Banking Committee hearing by Sen. David Vitter (R-La.) who asked if either Donovan or Geithner supported proposals to exempt GSE loans from risk-retention requirements. Donovan said he did not believe discussions about exemptions had taken place. He said the day’s discussion was focused on ensuring that the GSEs held adequate capital against their commitments. Geithner said the Obama administration’s objective is to have private markets with banks and investors shouldering more of the risk in housing finance. Douglas Harter, an analyst with Credit Suisse, said an absence of concrete information leaves such statements open for wide interpretation …


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