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News Now

Washington
Inside Washington (08/12/2008)
* ALEXANDRIA, Va. (8/13/08)-- National Credit Union Administration (NCUA) Chairman Michael Fryzel (left) welcomed Credit Union National Association (CUNA) President Dan Mica for an initial meeting Monday at agency headquarters here. “As the regulator charged with ensuring the safety and soundness of the nation’s federal credit unions, I appreciate the important role that CUNA and all trade organizations play within the credit union industry,” Fryzel said. “The services offered and training CUNA provides have been an integral part of the federal credit union system since the 1934 inception of both NCUA and CUNA. I look forward to an eventful 2009, as we celebrate 75 years of regulating and serving federally chartered credit unions.” (Photo provided by the National Credit Union Administration) ... * WASHINGTON (8/13/08)--About 44% of senior loan officers who responded to a recent Federal Reserve Board survey said they expect to securitize or sell conforming-jumbo mortgage loans to Fannie Mae and Freddie Mac. The other 44% said they did not expect to securitize or sell such loans, while 12% said they did not expect to originate any of those loans. Senior loan officers at 52 domestic banks and 21 U.S. branches and agencies of foreign banks were surveyed. Fifty officers responded to the question regarding conforming-jumbo mortgage loans. Of the banks who said they would sell or securitize such loans, 16 were large banks. Fannie and Freddie reported second-quarter losses of $2.3 billion and $821 million, respectively (News Now Aug. 12) ... * WASHINGTON (8/13/08)--Senate Banking Committee leaders are pushing the Farm Credit Administration (FCA) to drop a proposed rule that would allow lenders in the Farm Credit System to invest 150% of their capital in projects for rural communities with 50,000 people or fewer (American Banker Aug. 12). The rule also would allow lenders to invest in rural-area venture capital firms. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Richard Shelby (R-Ala.) wrote a letter to the FCA saying the proposed rule is too broad. Congress also should determine if the system should be expanded, given the credit crisis, they added ... * WASHINGTON (8/13/08)--Raymond T. Crosier, president/CEO, Online Resources Corp., will serve as chairman of the Electronic Funds Transfer Association (EFTA) for a two-year term. Richard G. Lyons Jr., executive vice president of global debit and prepaid at MasterCard, was elected vice chairman. Sandra Hartfield, president/CEO, electronic banking division, Palm Desert National Bank, and Lynn Barr, partner, Goodwin Procter LLP, were re-elected treasurer and secretary, respectively. EFTA is a trade association dedicated to advancing electronic payment systems and commerce ...


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