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Inside Washington (11/25/2008)
* WASHINGTON (11/26/08)--Credit Union National Association President/CEO Dan Mica met with 70 New Jersey credit union leaders Nov. 20, including New Jersey Credit Union League President Paul Gentile, about the Treasury Department’s Troubled Asset Relief Program (TARP) and the possible addition of supplemental and risk-based capital programs for credit unions (The Weekly Exchange Nov. 24). If credit unions are going to receive capital relief, they should not be “pigeon holed” into one option, Mica said. He also said that taxpayer money has never been used to bail out credit unions, but if TARP could be used to help them, the industry may be better off in the long run. From left are: Gentile, former league chairman and NJ Gateway FCU President/CEO Rina Pantano, Mica, and New Jersey league chairman and Atlantic City Firemen’s FCU President/CEO Steven Schlundt. (Photo provided by the New Jersey Credit Union League) ... * WASHINGTON (11/26/08)--Lawmakers are working to reverse a Sept. 30 notice from the Treasury Department that would allow banks to write down loan losses from acquisitions. Sen. Bernie Sanders (D-Vt.) and Rep. Lloyd Doggett (D-Texas) proposed legislation last week to prevent an acquiring bank from writing off target loan losses after a purchase (American Banker Nov. 25). Some institutions, such as Wells Fargo and PNC Financial, have used the exception ...


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