Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Inside Washington (11/16/2009)
* WASHINGTON (11/17/09)--The Federal Deposit Insurance Corp. (FDIC) voted Thursday to require insured financial institutions to prepay about three years’ worth of estimated insurance assessments. The pre-payment will boost the FDIC’s cash position of the Deposit Insurance Fund (DIF) without impacting industry earnings. Payment of the assessment is due Dec. 30. The agency estimates it will collect $45 billion from the pre-payment. The assessment is different from a special assessment, which the FDIC collected on Sept. 30, because it does not affect bank earnings, the agency said in a release ... * WASHINGTON (11/17/09)--National Credit Union Administration (NCUA) Board Member Michael Fryzel met with Central Credit Union of Illinois CEO Joan Jensen in Bellwood, Ill. Fryzel and Jensen discussed corporates, member business loans, alternative capital, credit card issues, real estate trends and activities in Congress regarding regulatory reform and consumer protection. “Regardless of size, credit unions across this country are staying aware of all the important issues that impact their operations and what they can do for their members,” Fryzel said. “I am encouraged by the involvement of these individuals who truly put helping others first.” Central Credit Union of Illinois has $78 million in assets. * WASHINGTON (11/17/09)--Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said injecting capital into the nation’s banks through the Troubled Asset Relief Program (TARP) was a mistake (American Banker Nov. 16). Bair said she regrets not doing more to stop the move. TARP was originally created to dump toxic loans but was later scrapped for perform capital infusions into the nation’s struggling banks. Bair did not blame Treasury officials for the decision to infuse the capital but said the plan backfired, leading to public outcry. The program has had a “terrible” impact on public attitudes toward the financial system, she said ... * WASHINGTON (11/17/09)--Financial industry representatives are working on a strategy to respond to a regulatory reform bill that the Senate Banking Committee hopes to pass by next month (American Banker Nov. 16). The banking industry has a growing list of complaints about the discussion draft of the legislation, released Nov. 10, but the list is so long, many industry representatives do not know where to start. Larger financial institutions are concerned about the proposed creation of a consumer protection agency, derivatives contracts changes, and the elimination of national bank preemption. Smaller institutions are focused on the consumer agency and proposed consolidation of regulators. Credit Union National Association (CUNA) President/CEO Dan Mica has said that credit unions need a “unique” regulator in all aspects of examination and supervision (News Now Nov. 11) ... * WASHINGTON (11/17/09)--The Federal Deposit Insurance Corp. (FDIC) has softened the wording of the orders the agency sends to stressed financial institutions (American Banker Nov. 16). FDIC has changed cease-and-desist orders to “consent orders” and relaxed some of the wording used in the order’s introduction. Traditional cease-and-desist orders will now be issued to banks that refuse to stipulate and seek administrative hearings. Banks that consent will receive the newer version of the order. No new orders have been made public so far ...


News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation
9 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.”
14 hours ago
.@daytondailynews : The secret is out about #creditunions @DayAirCU @CODECreditUnion
14 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
16 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
16 hours ago