Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (08/01/2008)
* WASHINGTON (8/4/08)--The Federal Deposit Insurance Corp. (FDIC) transferred the deposits of First Heritage Bank in Newport Beach, Calif., and First National Bank of Nevada to Mutual of Omaha Bank before they failed two weeks ago, a move the agency likely made to avoid another IndyMac-like failure, observers said (American Banker Aug. 1). The FDIC is required to follow a “least-cost” resolution test, which requires it to act on events in a way that is cost-effective for the insurance fund. About 27% of the two banks’ $3.2 billion deposits were not insured, which results in a higher cost to the insurance fund. Despite the least-cost resolution law, the FDIC may have moved in the way that was most practical to avoid another IndyMac, said Bert Ely, an independent banking consultant from Alexandria, Va. ... * WASHINGTON (8/4/08)--The House Financial Services Committee approved Rep. Carolyn Maloney’s (D-N.Y.) measure to crack down on credit card practices. The bill would ban double cycle billing, restrict certain card fees, prevent companies from raising interest rates on existing debt if a consumer is late paying a bill and block minors from owning cards. Lawmakers said the measure passed so that the Federal Reserve Board wouldn’t ease its proposal to bar deceptive credit card practices (American Banker Aug. 1) ... * ARLINGTON, Va. (8/4/08)--Michael Fryzel, National Credit Union Administration (NCUA) chairman, is scheduled to give a speech at the National Association for State Credit Union Supervisors (NASCUS) State System Summit Aug. 21 in Seattle, NASCUS announced Friday. Fryzel led the Illinois Department of Financial Institutions for seven years in the 1980s. He was sworn in as NCUA chairman Tuesday ...


RSS





print
News Now LiveWire
.@CFPB has concerns Re:electronic paymnts networks,particularly its effects on consumers,said bureau director Cordray http://t.co/mqi9bHL6Fb
1 hours ago
#NewsNow CUNA Tech Council white paper looks at EMV http://t.co/2znk5N0Y4m
2 hours ago
.@CUNA 3 pm ET Twitter chat Tues about recent customer satisfaction results ranking #CUs much higher than banks. #CUServiceExcellence.
2 hours ago
AACUL honors @DianaRDykstra with Eagle Award; Wendell Lyon re-elected chair http://t.co/FacmfLiItH
3 hours ago
.@NCUFoundation's Hyland, #creditunion leaders grace small screen for Va. TV program #CUNANewsNow http://t.co/opmMXzD91e
4 hours ago