* WASHINGTON (10/23/08)--The Federal Deposit Insurance Corp. (FDIC) and Washington Mutual are disagreeing over $4.4 billion that WaMu deposited into two subsidiaries Sept. 25 before they failed. The thrifts were then sold to JPMorgan Chase and Co. (American Banker
Oct. 22). WaMu is seeking approval from a judge to transfer funds transfer from JPMorgan Chase to the bankruptcy estate, which would compensate WaMu’s creditors. However, the FDIC filed a motion Monday to stay the transfer because the agency said the funds should be used to compensate the subsidiaries’ debtholders ... * WASHINGTON (10/23/08)--The Securities and Exchange Commission (SEC) will take a closer look at disclosures and financial statements regarding executive compensation, John W. White, Division of Corporate Finance director at the SEC, said in a speech Tuesday. White also noted that the Troubled Asset Relief Program (TARP) will bring up some new compensation disclosure challenges. “This is certainly something that companies should, and no doubt are, beginning to gear up for,” he added. Nine of the nation’s largest financial institutions already have agreed to participate in TARP and sell $125 billion of their senior preferred stock to the U.S. Treasury. The SEC is required to look at public companies’ annual reports once every three years (American Banker
Oct. 22) ... * WASHINGTON (10/23/08)--The National Association of State Credit Union Supervisors (NASCUS) urged the House Financial Services Committee to consider credit union capital improvements in its deliberation of regulatory reform proposals. The committee held a hearing Oct. 21 to address reform for financial markets. NASCUS wrote the committee, saying that credit unions need comprehensive reform, including access to supplemental capital. Access to capital would allow credit unions to accumulate net worth beyond retained earnings, protect their liquidity, and plan and respond proactively in the financial environment, NASCUS said ... * WASHINGTON (10/23/08)--President Bush invited 20 world leaders to Washington, D.C., Nov. 15 for an international summit meeting on the economy. The meeting will take place two weeks after the presidential elections, have a broad agenda, and allow leaders to agree on reform of the institutional and regulatory regimes in the world’s financial sectors, Bush press secretary Dana Perino said (The New York Times
Oct. 22) ... * WASHINGTON (10/23/08)--Last month, 13 credit union representatives from Oregon met with National Credit Union Administration Chairman Michael Fryzel and board member Gigi Hyland during a Hike the Hill event (Oregon Outlook
The group also met with Oregon Reps. David Wu (D), Greg Walden (R), Earl Blumenauer (D), Peter DeFazio (D) and Darlene Hooley (D). It also met with staff for Sens. Ron Wyden (D) and Gordon Smith (R), and Small Business Administrator Sandy Baruah. From left are: Chuck Garner, Oregonians FCU; Troy Stang, president/CEO, Credit Union Association of Oregon (CUAO); Tim and Linda Wheeler, Oregon First Community CU; Mark Turnham, NW Priority CU; Carlyn Roy, OSU FCU; Brooke Van Vleet, First Tech CU; Mike Clack and Dave Loprinzi, NW Priority CU; Matt Purvis, Northwest Community CU; Dann Penn, MaPS CU; Char Shinn, Northwest Resource FCU, and Pam Leavitt, CUAO senior vice president of governmental affairs. (Photo provided by the Credit Union Association of Oregon) ...