* WASHINGTON (4/29/09)--Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Monday the FDIC should be granted the power to step in and assist a systemically significant company when it is in trouble (American Banker
April 28). The FDIC has more experience than any other agency to help, she said. The Treasury Department has proposed giving the FDIC more power, but trade groups have not supported the proposal, saying that the agency does not have the expertise to handle cleaning up non banks and the workload could hurt its mission as a deposit insurer. But creating a new agency to deal with non banks, Bair argued, would be counterproductive because the new entity would have to adjust to the environment ... * WASHINGTON (4/29/09)--The Financial Crimes Enforcement Network (FinCEN) has issued guidance
that highlights factors credit unions should consider when determining the appropriateness of exempting a non-listed business from Currency Transaction Report (CTR) requirements. FinCEN allows credit unions to grant Phase II exemptions from the CTR filing requirements for non-listed businesses that meet certain specified criteria. However, the exemption is not available for non-listed businesses that derive more than 50% of their annual gross revenues from ineligible business activities. FinCEN expects credit unions to gather sufficient information to make a “reasonable determination” that a member derives no more than 50% of its annual gross revenues from ineligible business activities. Credit unions should consider their understanding of the member's business, purpose of accounts, actual and anticipated activity, and look at the member’s financial statements or a self-certification statement from the member when deciding whether to grant the exemption ... * WASHINGTON (4/29/09)--National Credit Union Administration (NCUA)
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Chairman Michael Fryzel met with the Credit Union Association of New York last week. The league visited Washington, D.C., to meet with its congressional delegation, including Sen. Charles Schumer (D-N.Y.). “The activism of the New York league and member credit unions in governmental affairs is impressive,” Fryzel said. “Dialogue with both NCUA and Capitol Hill is essential, and I continue to encourage credit union involvement in the process.” From left are: Robert Nemeroff, marketing director, Melrose CU; Michael Lanotte, senior vice president and general counsel, Credit Union Association of New York; Fryzel; Paul Sonsnowski, general counsel and vice president of compliance, Polish and Slavic FCU; Amy Kramer, vice president of governmental affairs, the association; and William Mellin, president/CEO, the association. (Photo provided by the Credit Union Association of New York) ... * WASHINGTON (4/29/09)--Several briefings on the swine flu have been scheduled to take place on Capitol Hill. Sen. Tom Harkin (D-Iowa) planned an emergency hearing yesterday, and Sen. Joseph Lieberman (I-Conn.) scheduled a hearing for Wednesday. Rep. Frank Pallone Jr. (D-N.J.) planned to hold a hearing for Thursday to examine how federal, state and local health agencies will deal with the situation. The Credit Union National Association offers several resources
about what to do in a pandemic situation. A webinar
on the subject also will be available today ... * ALEXANDRIA, Va. (4/29/09)--National Credit Union Administration (NCUA) Chairman Michael Fryzel encouraged Ohio credit union leaders during an annual meeting in Cleveland, Ohio, to stay member-focused and involved as dialogue about NCUA’s corporate stabilization plan moves forward. “None of this is being considered in a vacuum,” he said. “We actively solicited and received significant and helpful input from almost 500 commenters, and you can rest assured that your views will be integral to whatever final product emerges. This is your corporate system, created, governed, and directed by you for over 30 years. You properly have a voice in what new, reformed corporate network emerges and I strongly encourage you to stay involved.” ...