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News Now

Washington
Inside Washington (10/08/2008)
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WASHINGTON (10/9/08)--On Tuesday, a delegation of staff members from the Credit Union National Association (CUNA) visited the Federal Reserve in Washington, D.C. to meet with Federal Reserve Board Gov. Elizabeth Duke. Duke was recently sworn in as the Federal Reserve Board's newest governor. From left are: CUNA General Counsel Eric Richard, Duke, CUNA President/CEO Dan Mica and CUNA Deputy General Counsel Mary Dunn.(Photo provided by CUNA) ... * WASHINGTON (10/9/08)--The Treasury Department yesterday announced a technical correction that would permit additional money market funds to participate in Treasury's Temporary Money Market Fund Guarantee Program. Funds that have a policy of maintaining a stable net asset value or share price that is greater than $1.00 and had such policy on Sept. 19, 2008 are eligible to participate, provided the fund meets all of the other original requirements. The enrollment deadline for these funds that are now eligible as a result of this technical correction is 11:59 p.m. ET on Oct. 10, 2008. This technical correction does not extend the original deadline for funds that maintain a stable share price of $1.00 and that qualified under the program originally announced on Sept. 29, 2008... * WASHINGTON (10/9/08)--Public comment is being sought by federal bank and thrift regulatory agencies on a joint notice of proposed rulemaking to assign a 10% risk weight to claims on or guaranteed by Fannie Mae and Freddie Mac. Claims include all credit exposures but do not include preferred or common stock. The Federal Reserve Board, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Office of Thrift Supervision, issued the rulemaking. The current risk level is 20% ...


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