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Washington
Inside Washington (10/12/2009)
* WASHINGTON (10/13/09)--Interested credit unions are reminded to sign up for the Credit Union National Association's (CUNA) audio conference call Oct. 20 at 2 p.m. EDT on portions of the Credit Card Accountability, Responsibility and Disclosure Act that will take effect Feb. 22. The call will cover parts of the act addressing minimum payment warnings on credit card statements, interest rate increase prohibitions, and portions of the act that require co-signors for cardholders under age 21. The call will be led by CUNA Senior Assistant General Counsel Jeff Bloch and feature Federal Reserve representative Benjamin Olson, PSCU Financial Services’ Steve Salzer, CUNA assistant general counsel and senior compliance counsel Michael McLain and University of Wisconsin CU Chief Credit Officer Mike Long ... * WASHINGTON (10/13/09)--Divisions over foreclosure mitigation--particularly between liberal Democrats and the Obama administration--are widening. On Friday, the Treasury issued a statement saying it had met its goal to modify 500,000 loans before a Nov. 1 deadline. On Monday, the Congressional Oversight Panel released a report indicating Treasury needs to re-examine the Home Affordable Modification Program because it deals with the housing crisis as it was six months earlier instead of the current situation (CongressDailyPM Oct. 9). The panel found that the program works only for certain mortgages, and does not help those struggling with job loss. Sen. Jack Reed (D-R.I.) has introduced legislation to fund grants for states to create mandatory mediation programs between lenders and borrowers; require lenders to evaluate if a borrower is eligible for a modification before; and give $7 billion to states to offer homeowners’ grants. House Financial Services Chairman Barney Frank (D-Mass.) also has said he would attach legislation to allow bankruptcy judges to cram down the terms of a mortgage onto the House’s regulatory reform measure. The Credit Union National Association has said that allowing bankruptcy judges to change the terms of a mortgage would lead to borrowers’ gaming of the system. A dissatisfied borrower could stop payments on a home and possibly be able to keep it ...


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