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Inside Washington (10/01/2008)
* WASHINGTON (10/2/08)--Arty Arteaga, (right) president/CEO of the Defense Credit Union Council, met with National Credit Union Administration (NCUA) Chairman Michael E. Fryzel Tuesday at the NCUA headquarters. “Military credit unions have been one of the traditional cornerstones of the industry, from the earliest days to the present,” Fryzel said. “The dedication to providing the highest-quality financial services to the military community is impressive, and the Defense Council of Credit Unions is an exceptionally important voice in making certain that the defense credit union story is told.” (Photo provided by the National Credit Union Administration) ... * WASHINGTON (10/2/08)--The Department of Housing and Urban Development was scheduled to release details yesterday about its Hope for Homeowners program, which would allow borrowers nearing foreclosure on homes worth less than their mortgages to refinance into loans backed by the Federal Housing Administration (FHA). If the bailout bill is approved, the FHA would pay the new lender up front. The government facility created to purchase the $700 billion of troubled assets under the bailout plan also could buy loans eligible for Hope for Homeowners (American Banker Oct. 1). The bailout plan requires the government to prevent foreclosures and encourage servicers whose loans were purchased by the Treasury Department to use the FHA program ... * WASHINGTON (10/2/08)--The President’s Advisory Council on Financial Literacy will meet Oct. 14 at 2 p.m. in Washington, D.C. The public is invited to submit comments to or through mail. The department will post all statements on its website ... * WASHINGTON (10/2/08)--The Consumer Advisory Council will meet Oct. 23 at 9 a.m. Attendees should register no later than Oct. 21 by completing a form ... * WASHINGTON (10/2/08)--Twenty-four Maine Credit Union League representatives and 10 Maine credit unions visited Washington, D.C. Sept. 16-18. They talked with each member of Maine’s congressional delegation, heard a legislative briefing from the Credit Union National Association (CUNA) at Credit Union House, toured the National Credit Union Administration with board member Gigi Hyland, and attended a reception on Capitol Hill with the Maine delegation and staff members. “The visits are an important part of why we are so fortunate to have solid and positive relationships with our entire congressional delegation,” said league President John Murphy. Hyland said the current economic uncertainty and credit market dislocation underscore the need for the Credit Union System to work as a system. Liquidity is tight and corporate credit unions continue to work diligently to access all available liquidity sources, she said. “Maintaining calm and confidence in the credit union is vital to overcome the current challenges,” Hyland added. About 17 Hill hikes took place in September. Thirty-six have taken place year-to-date, with 35 leagues participating, according to CUNA ...

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