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Inside Washington (09/29/2009)
* WASHINGTON (9/30/09)--Illinois credit union officials attended Thursday’s National Credit Union Administration (NCUA) board meeting in Alexandria, Va., and later met their elected officials. The delegates were in the Washington, D.C., area for the Credit Union National Association’s Hike the Hill event.
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The group also met with NCUA board member Michael Fryzel, who said he was happy to talk with the delegation about issues regarding corporates and member business loans. From left are: Barrie Hendrickson, Cornerstone CU; Carl Sorgatz, Hawthorne CU; Cheri Taylor, Sangamon Schools CU; Ann Duble, NuMark CU; Gail Clore, Cornerstone CU; Fryzel; Geri Burek; South Division CU; John Bratsakis, Baxter CU; Karen Woods, Decatur Earthmover CU; and Don Edwards, Illinois Credit Union League. (Photo provided by the Illinois Credit Union League) ... * WASHINGTON (9/30/09)--The Federal Deposit Insurance Corp. (FDIC) has adopted a notice of proposed rulemaking that would require insured financial institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The assessments will help to replenish the Deposit Insurance Fund, which has dipped to lower levels recently because of several bank failures. So far, 95 have failed this year (Bloomberg Sept. 29). The prepaid assessments are expected to bring in about $45 billion. The board also voted to adopt a three-basis point increase in assessment rates effective Jan. 1, 2011, and extend the restoration period to eight years from seven years. “As of June 30, FDIC-insured institutions held more than $1.3 trillion in liquid balances, or 22% more than they did a year ago,” FDIC said in a statement. “Prepaying assessments will put the industry's liquid balances to good use in conserving capital and helping to maintain the capacity of banks to lend while they rebuild the fund” ... * WASHINGTON (9/30/09)--Ed DeMarco, new head of the Federal Housing Finance Agency (FHFA), said he supports standardized reporting for the Federal Home Loan Banks. The 12 banks have resisted such a move but DeMarco said the goal should be to enhance the “consistency and robustness” of their disclosures to the capital markets. A FHFA proposal that would expand the number of independent directors on the board of the Office of Finance--which issues debt for the banks--is due for comment next week. The proposal also would allow the directors to sit on an audit committee that could establish more standard accounting policies (American Banker Sept. 29). The prospect of the committee has caused some to think the individual bank boards wouldn’t have much say in developing accounting standards. However, DeMarco said that would not be the case ...


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