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
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago