Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

Washington Archive

Washington

Inside Washington (11/07/2008)

 Permanent link
* WASHINGTON (11/10/08)--Restructuring oversight of the nation’s financial system is going to be a larger challenge than most people realize, said Rep. Mel Watt (D-N.C.) last week. Though policymakers agree that something should be done to remedy the problem, they do not agree on a solution. Agency heads also are concerned about keeping their jobs, so it may be difficult for them to suggest a new system that doesn’t involve them. Watt said he’s seen more “turf protection” than public policy (American Banker Nov. 7). The congressman also said he plans to ask regulators during a hearing this week why foreclosures weren’t stemmed earlier. His role in revamping the financial system is not yet clear--he currently serves as chairman of the House Financial Services oversight subcommittee, but says he could leave to head a subcommittee on the Judiciary Committee ... * WASHINGTON (11/10/08)--The U.S. Small Business Administration (SBA) awarded more than $450,000 in veterans assistance and services grants to fund programs that promote business ownership for veterans and services to small businesses. The recipients, SBA Small Business Development Centers, were selected based on their range of services provided to veterans. The grantees are the Research Foundation at the State University of New York, the University of Arkansas at Little Rock, the University of Kentucky Research Foundation in Lexington, the University of Texas at San Antonio and George Mason University in Virginia ... * WASHINGTON (11/10/08)--Speaker of the House Nancy Pelosi is considering a two-staged effort to help the economy by acting on a $60 billion to $100 billion stimulus package and permanent tax cut next year, she told The Wall Street Journal. The job market is weak, and the White House needs to work with Congress during the end of the Bush administration, she said. (The Wall Street Journal Nov. 6). Any action taken during the lame-duck session will be a foundation for later measures, Pelosi added ...

CUNA Online CU expands cooperative reach

 Permanent link
WASHINGTON (11/10/08)—The Credit Union National Association (CUNA) welcomed the announcement Friday that Realtors FCU, headquartered in Rockville, Md,, was granted a charter to serve members and employees of the National Association of Realtors (NAR). Realtors FCU will operate as an Internet-based credit union without physical branch locations. The credit union plans to offer a wide range of products and services, to include share drafts, ATM services and debit cards, Internet banking and electronic bill-paying, courtesy pay, mortgage and home equity loans, and an audio response system. The credit union will have a national field of membership. “CUNA offers its warm welcome and hearty congratulations to the National Association of Realtors on its success in establishing a credit union for its members,” declared CUNA Preisdent/CEO Dan Mica. “The technological innovation that will allow the new Realtors FCU to provide online credit union access to its 1.2 million members across the country is laudable in that it expands the reach of cooperative financial institutions. “NAR has worked diligently on its members’ behalf to join the more than 90 million Americans who, as members of 8,000 state- and federally chartered credit unions, enjoy the status of member-owners of their financial cooperatives.” In announcing the NCUA’s approval of the charter, Chairman Michael Fryzel said: "The real estate industry fills an essential front-line role in America's economic life, and the choice and flexibility afforded to NAR members by access to credit union service makes this a logical endeavor. Their efforts to enhance the value of membership through this new credit union are commendable." The charter is due to be presented this morning at the NAR annual convention in Orlando. Tom Dorety, is president/CEO of Suncoast Schools FCU, Tampa, Fla., is scheduled to attend the presentation on behalf of CUNA as its chairman.

FinCEN seeks to make BSA rules user friendly

 Permanent link
WASHINGTON (11/10/08)—Credit unions and other interested parties have until March 19 to comment on a Financial Crimes Enforcement Network (FinCEN) plan to reorganize Bank Secrecy Act (BSA) information to make it more user friendly. FinCEN is proposing to move BSA regulations to a new chapter in the Code of Federal Regulations (CFR). That chapter would then be organized by financial industry, according to a document published in the Nov. 7 Federal Register. The reorganization is intended to make BSA regulations “more easily identifiable by a particular regulated industry,” FinCEN said. Among the labeled parts are the following:
* General Provisions; * Rules for Banks; * Rules for Casinos and Card Clubs; * Rules for Money Services Businesses; * Rules for Brokers or Dealers in Securities; * Rules for Mutual Funds; * Rules for Insurance Companies; and * Rules for Futures Commission Merchants and Introducing Brokers in Commodities.
Additionally, FinCEN is proposing to divide the regulations relating to currency transaction reporting (CTR) into separately numbered sections. “Interested parties will be able to identify specific CTR requirements, including those relating to filing reports, identification, aggregation, and structured transactions, more readily as they have been grouped together, rather than throughout the subpart or in several subparagraphs within a section,” the FinCEn document noted. FinCEN is also proposing minor technical changes to the BSA rules.