Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Inside Washington (12/08/2008)
* WASHINGTON (12/9/08)—The Federal Deposit Insurance Corp.’s (FDIC’s) decision that funds stored on reloadable cards are deposits and therefore are covered by FDIC insurance raises questions such as whether the cards are accounts that require banks to comply with certain rules and regulations. (American Banker Dec. 9) Those rules would include those of the Bank Secrecy Act, the, the USA Patriot Act's know-your-customer requirements, and Regulation E of the Electronic Funds Transfer Act, according to John L. Douglas, a partner in the Atlanta law firm Paul, Hastings, Janofsky & Walker LLP. Thew FDIC opinion was written by its general counsel and published last month in the Fedearl Register… * WASHINGTON (12/9/08)—House Financial Services Committee Chairman last week chided Bush administration officials about refusing to approve a foreclosure mitigation initiative proposed by Federal Deposit Insurance Copr. Chairman Sheila Bair. (American Banker Dec. 8) Speaking at the Consumer Federation of America conference here, Frank said Bair seems to have annoyed “the old boys’ club” and now several bank regulators are “up in the tree house with a 'No girls allowed' sign." He said, according to the paper’s “Washington People” section, that U.S. Treasury Secretary Henry Paulson’s explanation of being between administrations is no excuse…

RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting
53 minutes ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa
8 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST #FinancialLiteracyMonth
10 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
13 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA
13 hours ago