Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Inside Washington (05/21/2008)
* ALEXANDRIA, Va. (5/22/08)--The National Credit Union Administration (NCUA) Tuesday issued orders prohibiting seven individuals from participating in the affairs of a federally insured financial institution. Jason Stewart Dodge, a former employee of now-defunct Huron River Area CU, Ann Arbor, Mich., pleaded no contest to embezzlement and identity theft. He was sentenced to eight months in prison, 36 months probation and was ordered to pay $204,944 in restitution to the credit union. Lisa L. Holmes, former supervisor at Baylands FCU, West Point, Va., pleaded guilty to embezzlement. She was sentenced to serve one year of a 60-year sentence, up to 40 years probation and ordered to pay $37,000 in restitution. Mark E. Kasson, former CEO, Credit Union Group CU, Lawrence, Kan., pleaded guilty to falsifying credit union records and was sentenced to three months in prison followed by two years probation and a $1,000 fine. Credit Union Group CU is now Free State CU. Four individuals consented to the prohibition orders without admitting or denying fault. William A. Hamler III, a former employee of Syracuse (N.Y.) Cooperative FCU; Deanne Hall, a former teller at Nor-Car FCU, Easton, Pa.; Linda Leathersich, former teller at 1st Priority CU, Rochester, N.Y.; and Mark F. LeCain, former president/CEO of Sunshine State CU, Tallahassee, Fla. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million ... * WASHINGTON (5/22/08)--The Federal Register Wednesday published The Department of Housing and Urban Development (HUD)'s comment request for Federal Housing Administration-Insured Mortgage Loan Servicing of Delinquent, Default and Foreclosure with Service Members Act. Comments are due by July 21 ... * WASHINGTON (5/22/08)--Congressional members are wondering what’s next for a government-sponsored enterprises (GSE) reform bill that the Senate Banking Committee passed with a vote of 19 to 2 yesterday (American Banker May 21). House Democrats have said they are concerned about the differences in their version, which they passed two weeks ago, and the Senate’s version of the bill. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and ranking Sen. Richard Shelby (R-Ala.) created a compromise bill Friday. The final version likely will reflect the Senate bill, according to Sen. Mel Martinez (R-Fla.) and Jaret Seiberg, Stanford Group Co. analyst. Sen. Jack Reed (D-R.I.), who developed the compromise--which would make the housing fund created by the bill permanent but would move the fund to cover Federal Housing Administration expenses--noted that it’s too soon to know which version will come out ahead ... * WASHINGTON (5/22/08)--Republican Senators Tuesday said they were worried about a deal that was made between New York Attorney General Andrew Cuomo, Fannie Mae, and Freddie Mac (American Banker May 21). The agreement would create appraisal standards that must be followed by lenders who sell to Fannie and Freddie. Industry groups have supported an amendment that would set the rules at the federal level; however, the amendment was not considered when the Senate Banking Committee approved the measure Tuesday. Sen. Elizabeth Dole (R-N.C.) and Sen. Richard Shelby (R-Ala.) said they were still examining the issue. Sen. Charles Schumer (D-N.Y.), said Cuomo stepped in where regulation was needed. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said the appraisal agreement should not be altered without alternate appraisal guidelines ... * WASHINGTON (5/22/08)--The Senate Judiciary Committee has approved a measure introduced by Sen. Charles Schumer (D-N.Y.) that revises the Fair and Accurate Credit Transaction Act. It would prohibit retailers from printing credit card expiration dates or more than five digits of account numbers on receipts ( May 21). Violators would be subject to fines ranging between $100 to $1,000 ...


News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014
22 minutes ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers:
5 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow
6 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow
6 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU
6 hours ago