Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (08/03/2012)
  • WASHINGTON (8/6/12)--During a U.S. Senate securities subcommittee hearing Thursday, Sen. Jack Reed (D-R.I.) pointed out that no single regulator oversees the financial market. Without a single regulator, none of the regulators are effectively in charge of the market, Reed said (American Banker Aug. 3). The hearing was called after the release last month of the Financial Stability Oversight Council's latest annual report, which warned about the slow pace of reform in the tri-party repo market. The tri-party repo market offers a short-term borrowing source for the financial industry. The report called for reform of the industry within the next year. Industry officials have advocated making the reforms over several years …
  • WASHINGTON (8/6/12)--House and Senate Republicans Thursday introduced measures that would prevent the spread of "too-big-to-fail" to non-bank financial institutions.  The bills would remove the government's authority to designate non-bank financial institutions as "systemically important financial institutions" as described in the Dodd-Frank Act. The House bill is being sponsored by Rep. Scott Garrett (R-N.J.). The Senate version was introduced by Sen. David Vitter (R-La.). "This 'too-big-to-fail' virus is now poised to spread beyond banks to other types of financial firms," Garrett said. "Not surprising, it is the government that is preparing to label other financial firms "too-big-to-fail" by designating them as systemically important and spreading these market distortions"  …
  • WASHINGTON (8/6/12)--The Consumer Financial Protection Bureau (CFPB) is investigating mortgage insurance deals between banks and several large insurers. Genworth Financial said in a public filing Friday that it had received a subpoena from the agency for information about captive mortgage reinsurance deals (The New York Times Aug. 3). American International Group and MGIC Investment Corp. earlier in the week made similar disclosures. In some instances, mortgage borrowers must buy private mortgage insurance to cover the lender's losses in case of a default. Some borrowers have accused mortgage insurers of paying banks millions for a share of the reinsurance market. The deals have resulted in lucrative kickbacks for banks, according to civil lawsuits filed by the borrowers …


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
16 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
21 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
21 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
23 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
23 hours ago