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WASHINGTON (6/4/08)--Virginia Gov. Mark Warner won the endorsement of the state’s 202 credit unions in his bid for the U.S. Senate seat of retiring Sen. John Warner. The endorsement was announced at Credit Union House May 22 in Washington, D.C. Pictured with the “Little Guy” (from left) are: Stan Leicester, Virginia Credit Union League chairman; Warner; Larry Kelly, CEO, Apple FCU, Fairfax, Va.; and Rick Pillow, league president. The "Little Guy" is an iconic figure that represents those served by America's credit unions.(Photo provided by the Virginia Credit Union League) ... * WASHINGTON (6/4/08)--Oversight of over-the-counter credit derivatives needs to be strengthened, said Sen. Charles Schumer (D-N.Y.) He wrote a letter to the Federal Reserve Board and the Commodities Future Trading Commission, noting that the recent collapse of Bear Stearns Co. shows derivatives trading can create risk (American Banker
June 3) ... * WASHINGTON (6/4/08)--Minnesota Gov. Tim Pawlenty vetoed a measure that would place a one-year moratorium on foreclosures(American Banker
June 3). The governor wrote in a letter to state Senate President James Metzen that he vetoed the measure because he feared it would increase interest rates. The bill would have also let homeowners pay the minimum monthly payment at the time of origination or 65% of the mortgage payment upon default, whichever is lower ... * WASHINGTON (6/4/08)--The Federal Reserve Board held a meeting last week to discuss investment banks. The Fed did not release details of the meeting (American Banker
June 3). Questions about how to regulate investment banks have been circulating for several months, and in March, 20 dealers were given access to the Fed’s discount window. The Fed has sent examiners to the banks that received loans ...