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Washington
Inside Washington (08/05/2010)
* ALEXANDRIA, Va. (8/6/10)--National Credit Union Administration board member Gigi Hyland at this week’s National Directors’ Convention urged credit union directors to serve as the “voice” of their members and “ask the tough questions at board meetings.” “You are not management’s rubber stamp,” Hyland added. She also suggested that boards, management and staff should be as diverse as their credit union’s field of membership. Hyland empathized with the rigors of serving as a credit union director, saying that “staying abreast of current issues and trends is tough.” However, she added, directors can “use all of the resources available” to stay current on issues … * WASHINGTON (8/6/10)—While many federal regulators acquired new authorities following the enactment of comprehensive financial regulatory reform, American Banker this week reported that the Office of the Comptroller of the Currency (OCC) may be losing its influence. While past law advised the Federal Reserve to share some of its duties related to large national financial institutions with the OCC, the recently enacted reforms grant the Fed greater authority over large-institution oversight. While most are unsure of how this change in oversight authority will play out, the Banker reported that many within the OCC are concerned. However, there are others who feel that the Fed will still lack the resources to deal with this nascent authority, and, thus, the OCC will retain its current role in full, said the publication. Former Comptroller of the Currency Bob Clarke told the Banker that the OCC and the Fed would “have to sit down and sort out what kind of information the Fed is going to want” as part of its systemic-risk authority …


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