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NCUA special closed meeting has two items

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ALEXANDRIA, Va. (2/9/09)—An agenda item has been added to a National Credit Union Administration (NCUA) special closed meeting scheduled for tomorrow. Matters to be considered at the closed session are:
* Administrative action under Section 207 of the Federal Credit Union Act. Closed pursuant to Exemptions (8) and (9)(A)(ii) and 9(B); and * A personnel matter. Closed pursuant to Exemptions (2) and (6).

Obama names economic recovery team

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WASHINGTON (2/09/09)—President Barack Obama Friday announced the members of his new Economic Recovery Advisory Board, to be led by former Federal Reserve Board Chairman Paul Volcker. The announcement followed the release of statistics that showed the economy lost another 600,000 jobs last month. In a blog posting on the White House website, Obama was quoted as saying his new board is comprised of Democrats and Republicans to ensure the policies it helps to develop “have the benefit of independent thought and vigorous debate." In addition to Volcker and Staff Director and Chief Economist Austan Goolsbee, the board will be comprised of the following members:
* William Donaldson, chairman, SEC (2003-2005); * Roger Ferguson Jr., president/CEO, TIAA-CREF; * Robert Wolf, chairman/CEO, UBS Group Americas; * David F. Swensen, CIO, Yale University; * Mark T. Gallogly, founder and managing partner, Centerbridge Partners L.P.; * Penny Pritzker, chairman and founder, Pritzker Realty Group; * Jeffrey Immelt, CEO, GE; * John Doerr, partner, Kleiner, Perkins, Caufield & Byers; * Jim Owens, chairman/CEO, Caterpillar Inc.; * Monica C. Lozano, publisher and CEO, La Opinion; * Charles E. Phillips, Jr., President, Oracle Corp. * Anna Burger, chair, Change to Win; * Richard L. Trumka, secretary-treasurer, AFL-CIO; * Laura D'Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley; and * Martin Feldstein, George F. Baker Professor of Economics, Harvard University.

Inside Washington (02/06/2009)

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* ALEXANDRIA, Va. (2/9/09)--The National Credit Union Administration
Board Member Hyland and Hiroaki, Funamoto, Deputy Governor, SIC. (NCUA Photo)
(NCUA) recently met with four representatives of the Japanese Agricultural and Fishery Cooperative Savings Insurance Corporation (SIC). SIC insures saving at agricultural and fishery cooperatives in Japan and the four representatives came to NCUA to learn more about the American credit union system. NCUA Chairman Michael Fryzel, NCUA board member Gigi Hyland, and NCUA staff discussed topics ranging from the structure of federal credit unions to share insurance and its federal backing. Fryzel said after the meeting that the SIC officials will be able to “go back to Japan and utilize the information learned to help enhance their own credit union system.” Hyland added, “These are the types of meetings that help the credit unions of the world perform to the best of their ability. At NCUA we find it important to assist the world credit union system and aid in its success via the opportunities afforded to us.”… * WASHINGTON (2/9/09)—New U.S. Treasury Secretary Timothy Geithner is expected to face some hostile questions tomorrow when he testifies before the Senate Banking Committee, (American Banker Feb. 6) Geithner is scheduled to discuss the Obama administration’s plans for improving the Treasury’s TARP—or Troubled Asset Relief Program. Both Democrats and Republicans on the committee have voiced complaints about TARP and have said that public anger targeted at the program makes it a tough bet that Treasury will get more than the $700 billion already authorized for the program … * WASHINGTON (2/9/09)—Last week the U.S. Senate approved amendments to limit compensation for executives of companies receiving funds from the government’s Troubled Asset Relief program (TARP)(Dow Jones Feb. 6). Compensation would be capped at $400,000 and bonuses would be sharply curtailed. The Senate agreed to the amendments by voice vote … * WASHINGTON (2/9/09)--Sen. Evan Bayh (D-Ind.) said Thursday that he is seeking a bipartisan compromise for Sen. Richard Durbin’s (D-Ill.) mortgage bankruptcy legislation (American Banker Feb. 6). Bayh said he could seek to reform the legislation so that it would restrict a judge’s ability to cram down primary mortgages to risky loans. Bayh said he wishes to work with Sen. Arlen Specter (R-Pa.) on the bill. Specter has supported similar legislation. The Credit Union National Association (CUNA) appreciates Bayh’s comments and looks forward to working with the senator on the issue, said Ryan Donovan, CUNA vice president of legislative affairs ...