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Inside Washington (10/29/2008)
* WASHINGTON (10/30/08)—The Credit Union National Association is advising credit unions that the Federal Emergency Management Agency (FEMA) has issued the Compendium of Flood Map Changes, which provides a listing of changes made to the National Flood Insurance Program maps effective Jan. 1 to June 30, 2008. Future notices of map changes will be issued approximately every six months... * WASHINGTON (10/30/08)--Financial services companies slated “too large to fail” may face political backlash next year, according to observers (American Banker Oct. 29). The issue is likely to surface when regulators revamp the financial system. Manuel Johnson, former Federal Reserve Board vice chairman, said he could envision politicians arguing to break up large institutions or tax them to redistribute profits. The “too big to fail” debate has waged for years, and on Oct. 14, the government came close to deciding which institutions were too large to fail when it provided $125 billion to nine institutions. Bank of America, Citigroup, JP Morgan Chase and Co., and Wells Fargo received $25 billion each. The Treasury has hesitated to provide guidelines on how much of their capital infusions banks would be required to use for new lending, but observers expect that the situation will likely change after next week’s presidential elections ... * WASHINGTON (10/30/08)--Steve Cross was named deputy director this week of the Federal Housing Finance Agency, where he will reside over the 12 Federal Home Loan Banks (FHLBs). Cross authored a failed proposal two years ago that would require FHLBs to keep more of their earnings. The proposal triggered tension between him and some individuals in the FHLB system (American Banker Oct. 30). James Lockhart, Finance Agency director, said Cross was hired because he had done a good job running the Federal Housing Finance Board’s supervision department--a position Cross held for six years. Geoff Bacino, director at the Finance Board, who advocated tabling Cross’ original proposal, said Cross would not “disrupt” the banks in his new job ... * WASHINGTON (10/30/08)--The Small Business Administration made changes to the Military Reservist Economic Injury Disaster Loan program, effective Tuesday. The changes will make the program more accessible to small businesses facing financial loss when the owner or an essential employee is called to active military duty. A small business can apply for a loan on the date the employee receives notice of duty. SBA extended the period for one year after the employee is discharged from duty. Also, the small business is no longer required to pledge collateral to secure a loan of $50,000 or less ...


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