* WASHINGTON (9/15/08)--Credit union representatives from St. Louis Community CU; Vantage CU, Bridgeton;
and United CU, Mexico, Mo., met with Missouri’s entire congressional delegation Sept. 10 in Washington, D.C., as a part of the Missouri Credit Union Association’s (MCUA) annual “Hike the Hill.” They discussed the Credit Union Regulatory Improvements Act (CURIA) and how it would help credit unions respond to members’ needs in the current economy, and a recent MCUA study on the mortgage crisis in Missouri (The Missouri Difference
Sept. 12). “I think that we laid some good groundwork for any future attempts at a regulatory relief reform bill,” said Betty Clark, United CU president/CEO. From left are: Dan Boyle, Vantage CU; Mike O’Brien, St. Louis Community CU; U.S. Rep. Russ Carnahan (D-District 3), Hubert Hoosman, Vantage, and Amy McLard, MCUA vice president of legislative and public affairs. (Photo provided by the Missouri Credit Union Association) ... * WASHINGTON (9/15/08)--During an Aug. 26 meeting between National Federation of Community Development Credit Unions President/CEO Cliff Rosenthal and National Credit Union Administration Chairman Michael Fryzel, the federation listed its priorities. Among them: chartering and start-up of new credit unions, credit union partnerships and examiner supervision of low-income credit unions. On Thursday, Fryzel also met with Ben Rogers, the Filene Research Institute’s CU Tomorrow project leader and director of the Institute’s 30 Under 30 group. “Strategic planning, succession planning and member growth are all intertwined, and the Filene Institute is taking an impressive leadership role in fostering new thinking on these subjects. Attracting the next generation to membership and employment must be a mandatory exercise for today’s credit union leaders,” Fryzel said ... * WASHINGTON (9/15/08)--Financial services industry representatives are trying to pull back on an agreement that would create new appraisal standards for Fannie Mae and Freddie Mac. The agreement, which the enterprises made with New York Attorney General Andrew Cuomo to crack down on the appraisal process, isn’t effective until Jan. 1. If Fannie and Freddie break their agreement with Cuomo, he could theoretically sue them (American Banker
Sept. 12). But the Office of the Comptroller of the Currency said in May that the agreement itself may be illegal because it was made without comment from outsiders. The agreement could be too burdensome to implement, said Gil Schwartz, a former Federal Reserve Board lawyer. If the agreement remains, Fannie and Freddie must create an independent valuation protection institute to monitor and implement new appraisal standards ... * WASHINGTON (9/15/08)--Sens. Charles Schumer (D-N.Y.), Bob Casey, (D-Pa.), Sherrod Brown (D-Ohio) and Robert Menendez (D-N.J.) are urging the Bush administration to stop Fannie Mae and Freddie Mac from foreclosing on homes for at least three months. The senators want to see the mortgage giants help borrowers refinance into more affordable mortgages (The New York Times
Sept. 12). One criticism of that plan is that taxpayers may have to eventually cover the cost of the modified mortgages. Fannie and Freddie have guaranteed or purchased $5.3 trillion in mortgages and securities. On Sept. 7, Fannie and Freddie were placed into conservatorship by the federal government ... * WASHINGTON (9/15/08)--The Treasury Department will announce the depository institutions selected to receive $20.1 million in awards today in Chicago under the 2008 round of the Bank Enterprise Award program. Recipients were chosen after an application review by the Community Development Financial Institutions fund ...