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 (09/02/2010)
* WASHINGTON (9/3/10)--Regulators should be ready to shut down large financial institutions that threaten the financial system, said Federal Reserve Board Chairman Ben Bernanke. He testified before the Financial Crisis Inquiry Commission this week. Bailing out the risky institutions is not a healthy solution, he said. The regulatory reform law empowers regulators to shut down the firms whose collapse would bring down the system. Too-big-to-fail institutions were a source of the financial crisis and impeded policymakers’ efforts to contain it, Bernanke said (The Associated Press and Reuters Sept. 2). Bernanke also noted that legally, he could not have saved Lehman Brothers, which collapsed in 2008. Commission Chairman Phil Angelides had questioned whether politics were involved in the Fed’s decision not to bail out Lehman, but the Fed has said it had no authority to rescue the firm. Lehman did not have the capital to borrow enough to prevent collapse ... * WASHINGTON (9/3/10)--The Financial Crimes Enforcement Network (FinCEN) Wednesday reminded financial institutions of concerns and anti-money laundering guidance regarding informal value transfer systems (IVTS). Although FinCEN issued guidance in 2003 on money services businesses, the agency also warned that the systems have been used to fund terrorism (American Banker Sept. 2). IVTSs operate in the U.S. and interact with other financial institutions to store currency, remit and receive funds and clear checks. They must register with FinCEN ... * WASHINGTON (9/3/10)--The Federal Deposit Insurance Corp. has extended the application period by 30 days for a pilot program that will evaluate the feasibility of insured depository institutions offering low-cost transactional and savings accounts for the underserved. The extension responds to several institutions that indicated more time is needed to evaluate their programs. The new deadline is Oct. 15. Institutions will be notified of their selection by Oct. 29. The program was announced Aug. 10 ...


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
6 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
2 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
2 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
4 hours ago