Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Too big bill unlikely to address CUs CUNA
WASHINGTON (10/29/09)--Commenting on recently introduced draft legislation aimed at controlling systemic risk in the financial system, Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan said that CUNA “does not believe credit unions pose a systemic risk to the financial system.” He added that credit unions will likely not be “covered by or affected directly by the legislation. “If even one of the largest credit unions were to fail, as costly as that might be to the credit union system, it would not threaten the overall financial system,” he added. The draft bill, which was released by House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) earlier this week, would create a monitoring system intended to reduce the threats that systemically risky firms pose to the financial system. The legislation also would establish a process for shutting down large, financially troubled nonbank financial institutions in a way that minimizes impact on U.S. taxpayers and the financial system. The bill also contains general provisions aimed at overhauling the country's financial regulatory system. The Federal Reserve Board would be granted oversight, regulatory, and enforcement powers over systemic firms under the legislation, which would also create an interagency regulatory council to advise legislators on financial regulation, American Banker reported. The National Credit Union Administration would serve on this regulatory board, if established. The Fed also may be granted the power to impose uniform standards for liquidity, risk-based capital, and leverage, American Banker added. CUNA is currently analyzing the legislation.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
20 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
20 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
21 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
21 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago