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Inside Washington (03/23/2012)
  • WASHINGTON (3/26/12)--A House Financial Services financial institutions and consumer credit subcommittee hearing on mobile payments held last week revealed the complexity of mobile payment options and the lack of existing regulations to address those options. (American Banker March 23) While one MasterCard representative that testified said that mobile payments with cell phones are more secure than credit or debit cards, the Payment Card Industry Security Standards Council's Troy Leach said a lack of mobile payment security controls, and potential abuse of computer programs and encryption methods, do pose security risks. Members of Congress questioned who would regulate these types of transactions. "Most importantly, we must make sure these payments are safe and secure, at least as safe as using cash, checks or credit cards, and hopefully even more so," subcommittee chair Shelley Moore Capito (R-W.Va.) said. Additional hearings on the topic have been planned…
  • WASHINGTON (3/26/12)--Separate bills that would make it easier for small banks to draw investors and would ban insider trading by members of the U.S. Congress and federal employees passed the Senate last week. The first bill, which would require small financial institutions with 2000 or more investors to register with the Securities and Exchange Commission, passed by a 73 to 26 vote. (American Banker March 23) The current SEC registration threshold is 500 investors. Similar legislation passed the House earlier this month, but the House will need to again consider the bill after the Senate made some changes. The bill is expected to be signed into law if it passes the House. The insider trading legislation, which passed the Senate by unanimous consent, is expected to be signed into law soon. That bill, the STOCK Act, would increase financial-disclosure requirements legislators and their staffers, as well as presidential staff…
  • RALEIGH, N.C. (3/26/12)--A total of 85 North Carolina credit union representatives covered the need for greater member business lending capacity and access to supplemental capital in meetings with legislators last week.
    North Carolina Credit Union League (NCCUL) Senior Vice President of Association Services Dan Schline (left) discussed credit union issues with Sen. Richard Burr (R) during the NCCUL's Capitol Hill visits at CUNA's 20120 Governmental Affairs Conference. (NCCUL Photo)
     The delegation, led by the North Carolina Credit Union League (NCCUL), met with Sens. Richard Burr (R) and Kay Hagan (D), and various N.C. members of the U.S. House of Representatives. The League also hosted a reception for the members of Congress and their staff. "It was a great exchange of information on a variety of topics," said NCCUL Senior Vice President of Association Services Dan Schline, "and our credit unions got to share their concerns on issues of importance. Overall the tone of the meetings was positive and credit union representatives updated their elected leaders about how issues before Congress impact credit unions and their ability to serve members back home," said Schline. "The League really appreciates everyone taking the time to make the trip, and for being so engaged in the political process," NCCUL President/CEO John Radebaugh added. One credit union advocate who made the trip, Allegacy FCU, Winston Salem, N.C., vice president of community relations and government affairs John Williams, did so for the last time. Williams, who has represented credit unions for 34 years, said he plans to retire at the end of April. "I'm getting my last whack at legislators," Williams said during the Capitol Hill visits…


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