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News Now

Washington
Inside Washington (06/28/2010)
* WASHINGTON (6/29/10)--Credit unions lost “a true friend” when Sen. Robert Byrd (D-W.Va.) died Monday morning at the
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age of 92, West Virginia Credit Union League (WVCUL) Senior Vice President Rich Schaffer told News Now Monday. “We have lost an ally and statesman,” Schaffer said. As late as last Friday, Byrd’s staff was in contact with the state league regarding the financial reform package the senator was closely monitoring. Byrd was a record nine-term senator who assumed that office in 1959, following three terms in the House of Representatives. In this 2005 photograph, Byrd (left) is shown with WVCUL President Kenneth Watts at Credit Union House on Capitol Hill. Byrd was third in line of succession from the president, following Vice President Joe Biden and House Speaker Nancy Pelosi… * WASHINGTON (6/29/10)--The Treasury Department's inspector general (IG), who oversees such things as operations at the Office of Thrift Supervision (OTS), reported recently that the OTS ineffectively regulated regulating BankUnited before the Coral Gables, Fla. The report said the regulator failed to make the bank change its aggressive, high-risk lending strategy that largely caused the thrift’s 2009 failure. OTS also allowed BankUnited to backdate a capital infusion from its holding company, the report said. (American Banker June 25) The back-dating strategy at the agency, involving other thrifts, had earlier led to the dismissal of two senior OTS officials. public Thursday. The IG report was required because the BankUnited failure caused a "material loss" to the Deposit Insurance Fund… * WASHINGTON (6/29/10)--The Federal Deposit Insurance Corp. (FDIC), in its just-released summer 2010 issue of “Supervisory Insights,” takes a look at the agency’s increased use of “loss-sharing agreements” to deal with bank failures, and also examines how the financial crisis has highlighted the need for greater transparency and strengthened consumer protections in the financial system. There is also a feature explains how provisions of the Credit Card Accountability Responsibility and Disclosure Act and amendments to Regulation Z will affect bank product offerings and operations. The publication also provides guidance for examiners in assessing banks’ CARD Act compliance…


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