Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (05/25/2010)
* WASHINGTON (5/26/10)--The New York Times reported Tuesday that the “Volcker Rule,” an Obama administration plan to ban banks from certain high-risk trading practices, is “very likely” to be included in the final financial regulatory reform bill that is expected to be worked out between House and Senate conferees by summer. The article said that while House Financial Services Committee Chairman Barney Frank (D-Mass.), a key player in reconciling the House and Senate versions of financial reform law, gave the Volcker rule high odds for being included, he on the other hand said a separate provision to force banks to spin off their derivatives businesses "goes too far." His pointed opposition reduces that provisions chances of making it in to the final package, at least in an unaltered state. Frank said banks would be prohibited from very risky derivatives activities by the Volcker Rule and that the derivative spin-off just wouldn’t be necessary… * WASHINGTON (5/26/10)—When the House and Senate conference committee meets to work out a final financial regulatory reform bill, Sen. Carl Levin (D-Mich.) wants to work in a provision to bar any financial firm that underwrites an asset-backed security from betting against that security.(American Banker May 25) On the Senate floor Monday, Levin said financial firms cannot be allowed to continue this practice, which, he said, has undermined the U.S. financial markets. He said the out-right ban could be added by strengthening the proprietary trading provisions offered by Sen. Christopher Dodd (D-Conn.) and therefore could be taken up by the conference committee. Under conference rules, lawmakers may work out differences between a House bill and a Senate bill, but no provision can be added if related language does not already exist in one version…


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
12 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
18 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
18 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
20 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
20 hours ago