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Inside Washington (03/30/2012)
  • SPRINGFIELD, Mass. (4/2/12)--Norman Halls, chairman of STCU CU, Springfield, Mass.; and Michael Ostrowski, STCU CU president/CEO, travelled to Washington, D.C. for the Credit Union National Association's (CUNA) Government Affairs Conference (GAC) in March. Halls and Ostrowski met with their congressional representatives and exchanged greetings with National Credit Union Administration chair Debbie Matz. Member business lending, access to alternative capital and increased regulation were among the topics Hall and Ostrowski discussed with legislators. "Member business lending was an especially important issue for us," Ostrowski said. "We agree with the experts who say business growth is the only way out of the current economic situation.  We support efforts to increase the amount of money credit unions are allowed to lend to businesses. We don't want to turn away businesses because of the cap." From left, Matz meets Ostrowski and Halls during CUNA's GAC, where Matz was a general session speaker. (Photo provided by STCU CU) …
  • WASHINGTON (4/2/12)-- The Senate Banking Committee held its first hearing Thursday on mobile payments, discussing ways the technology is disrupting existing regulatory processes (American Banker March 30). The House held a hearing on the same issue last week. If mobile payments are made through a financial institution, the existing banking and consumer protection laws apply, but payments made through a text message via a mobile network provider don't fall under banking laws, said Banking Committee Chairman Tim Johnson (D-S.D.).  Industry participants said they would like regulators to work collaboratively to define the regulatory environment for mobile payments, said Kenneth Montgomery, chief operating officer of the Federal Reserve Bank of Boston, which is leading an industry working group on mobile payments …


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