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Inside Washington (04/23/2009)
* WASHINGTON (4/24/09)--The National Credit Union Administration (NCUA) board approved revisions to delegations of authority that transfer the responsibilty for chartering new federal credit unions from the regions to the Office of Small Credit Union Initiatives (OSCUI). Under the changes, the OSCUI now has the authority to approve or disapprove new charters and has authority to enter into a Letter of Understanding and Agreement. The OSCUI must concur if a regional director wants to revokie a new charter if the credit union fails to commence operations within a specific time frame ... * WASHINGTON (4/24/09)--The Obama administration would like to see changes to a credit card bill that could be taken up by the House Thursday. Among the changes: the administration would like card companies to disclose how long it would take cardholders to pay off a balance when they only make minimum payments, and force card issuers to get cardholders’ permission before they are charged a fee for exceeding credit limits. The administration also wants to require that banks apply payments first to balances carrying the highest interest rate, and require any teaser interest rate to be offered for at least six months (American Banker April 23). The legislation, by Rep. Carolyn Maloney (D-N.Y.) passed the House Financial Services Committee Wednesday ... * WASHINGTON (4/24/09)--It has been two months since the Treasury Department announced its intention to expand the Term Asset-Backed Securities Loan Facility (Talf) but so far, no changes have been made and financial observers express doubt that the changes will ever happen (American Banker April 23). The Treasury said it would expand Talf to include mortgage-backed securities and eventually take on legacy securities. The Federal Reserve Board runs and finances Talf and has not indicated that it will act on the proposed expansion. Chris Low, FTN Financial economist, said there isn’t much that can get Talf going because the [economic] climate has changed. Bert Ely, a consultant in Alexandria, Va., said few companies have used Talf, which makes it more challenging to expand it. The biggest obstacle to expanding Talf, however, is executive compensation restrictions. Most investors would not be interested in having to follow the restrictions, although it is not clear if the restrictions apply to Talf, observers said ...


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