* WASHINGTON (11/19/08)--The Government Accountability Office (GAO) is slated to release a report Dec. 2 on the Troubled Asset Relief Program (TARP). The GAO and the Financial Stability Oversight Board supervise TARP. Two other TARP supervisors are not yet in place (American Banker
Nov. 18). Neil Barofsky, assistant U.S. attorney for the Southern District of New York, was confirmed as a TARP special inspector general at a hearing Monday. He will testify before the Senate Banking Committee and then the Senate will vote on his nomination ... * WASHINGTON (11/19/08)--The Federal Deposit Insurance Corp. is scheduled to meet Friday to finalize a rule regarding the temporary liquidity guarantee program. The program, introduced last month, is intended to give corporate credit unions competitive standing in the market (News Now
Oct. 17) ... * WASHINGTON (11/19/08)--Those responsible for the mortgage market crisis should go to jail, Kenneth Donohoe, inspector general at the Department of Housing and Urban Development, told attendees of a mortgage fraud conference in Washington, D.C., last week. He noted his concerns regarding the Federal Housing Administration’s (FHA) ability to take on the refinancing load (American Banker
Nov. 18). A penalty of $100 million in fines and 30 years in prison for defrauding the agency could save the FHA, he said. Prohibiting down payments assistance to borrowers or anyone involved with the loan also could help, because down payment assistance is a magnet for fraud schemes, Donohoe said ... * WASHINGTON (11/19/08)--Privately held financial institutions are eligible for funds in the Treasury Department’s capital purchase program, the department said Monday. To collect, institutions must apply by Dec. 8. Public institutions had until Friday to apply. The Treasury has invested $158.6 billion in 29 institutions (Financial Week
Nov. 18). Privately held institutions follow similar rules to public institutions but the Treasury can only buy an additional 5% of underlying shares compared with 15% in public institutions ... * WASHINGTON (11/19/08)--National Credit Union Administration Vice
Chair Rodney Hood last week presented the National Association of Realtors with its federal credit union charter at the association’s annual meeting in Orlando, Fla. Realtors FCU, Rockville, Md., is slated to open next year. From left are Dick Gaylord, president of the National Association of Realtors; Dale Stinton, CEO, National Association of Realtors, and Hood. (Photo provided by the National Credit Union Administration) ...