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Inside Washington (06/23/2008)
* WASHINGTON (6/24/08)--Thirty Michigan credit union leaders visited with federal legislators and staff members June 11-12 for a “Hike the Hill” trip in Washington, D.C. Two messages dominated the meetings--the need for comprehensive credit union regulatory reform and opposition to proposed legislation regarding interchange fees (Michigan Monitor June 23). Credit union representatives met with all 17 members of Michigan’s congressional delegation. They also thanked Michigan’s 11 co-sponsors of the Credit Union Regulatory Improvements Act (CURIA)--including U.S. Reps. Dave Camp (R-St. Joseph), John Conyers (D-Detroit), Pete Hoekstra (R-Holland), Dale Kildee (D-Flint), Carolyn Cheeks Kilpatrick (D-Detroit), Joe Knollenberg (R-Bloomfield Hills), Sander Levin (D-Royal Oak), Thaddeus McCotter (R-Livonia), Bart Stupak (D-Menominee), Tim Wahlberg (R-Tipton) and Fred Upton (R-St. Joseph). From left: Daniel Schneider, USA CU, and U.S. Sen. Carl Levin (D-Mich.) listen to Lon Bone of T&C FCU during a visit to the senator's Capitol Hill office on June 12. (Photo provided by CUNA) ... * WASHINGTON (6/24/08)--Legislators are cracking down on mortgage lenders and brokers through a bill intended to ensure lenders only write mortgagees that borrowers can afford. Lenders also would have to send borrowers a notice three months before a foreclosure could occur (American Banker June 23). The Senate was scheduled to vote on the measure yesterday. The bill is a result of a compromise between New York Gov. David Paterson and legislators, and would make the state one of the first to reform lending standards in light of the housing crisis. Lawmakers in Minnesota recently attempted to pass a measure addressing foreclosures, but it was vetoed by Gov. Tim Pawlenty ... * WASHINGTON (6/24/08)--Rep. Dennis Kucinich (D-Ohio) is asking for records from more than 24 mortgage servicers to see how defaults and delinquencies were handled. The deadline is Thursday (American Banker June 23). Wells Fargo, JP Morgan Chase, Washington Mutual and Countrywide Financial are among those asked to provide the data. Kucinich requested that companies break the data down by refinancings, short sales, forbearance, rate freezing, repayment plans and principal reductions ...


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