Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (08/03/2010)
* WASHINGTON (8/4/10)--The Securities and Exchange Commission (SEC) has raised concerns about “abbreviated disclosures” that don’t tell investors enough about why the mutual funds use derivatives. Regulators said they worry that more funds are using derivatives without shareholders knowing the risks or investment strategies (American Banker Aug. 3). The SEC criticized inadequate disclosures in a letter to the Investment Company Institute. Barry Miller, associate director in the SEC division of investment management, said all funds that use derivatives should “assess the accuracy and completeness” of disclosures ... * WASHINGTON (8/4/10)--The state of the U.S. banking system has improved significantly since the worst of the financial crisis, Federal Reserve Board Chairman Ben Bernanke said in a speech Monday. Loss rates on most types of loans are peaking and bank capital ratios have risen to new highs. However, many banks have large volumes of troubled loans and lending standards remain tight. With weak credit demand and banks writing down problem credits, bank loans outstanding have continued to decline, he added. Bernanke noted that the Fed has been working to improve the flow of funds to creditworthy small businesses. The Credit Union National Association (CUNA) and credit unions support an amendment to a stimulus bill that would raise credit unions’ member business lending caps to 27.5% from 12.25%. CUNA has said lifting the caps would generate $10 billion in credit for small businesses in the first year and create 108,000 jobs ... * WASHINGTON (8/4/10)--Rep. Maxine Waters (D-Calif.) said she does not agree with a House ethics report released Monday that calls for an investigation into her relationship with a bank that received money from the Troubled Asset Relief Program (TARP). The report focuses on Waters’ involvement in a 2008 meeting with the National Bankers Association and then-Treasury Secretary Henry Paulson (American Banker Aug. 2). The meeting was called to discuss OneUnited Bank, Boston. Waters’ husband, Sidney Williams, served on the bank’s board until 2008 and has investments in OneUnited. The bank received $12 million in TARP funds. Waters said in a press release that she has not violated any rules and will seek a trial ...


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago