Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Washington Archive


New hot topics compliance session slated for Feb. 11(1)

 Permanent link
WASHINGTON (2/9/10)--Pressing credit union compliance issues will be the subject Thursday of a Credit Union National Association (CUNA) audio conference. Through this audio conference, credit union compliance professionals can learn about the current hot topics and will have an opportunity to ask questions of the panel. On the call will be a panel of experts from CUNA's compliance department lead by Kathy Thompson, senior vice president for compliance. Participants in the call will receive an overview of recent compliance developments that will affect credit union operations. The 90-minute audio conference, scheduled to begin 3 p.m. (ET), will be broken into two parts, with the first segment covering areas that currently require special attention by credit unions, including:
* Credit cards: Troublesome areas in the Fed's new credit card rules; *July's open-end Regulation Z changes; *New model privacy notices; *Overdrafts rules; and *Consolidation of the Fed's check processing operations.
The second part of the audio conference will provide a quick update on developing compliance issues, such as:
* Proposed internet gambling regulations; *Risk-based pricing; and * The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).
For more information or to register for the audio conference, use the resource link.

Snow closes federal offices CUNA Washington

 Permanent link
WASHINGTON (2/9/10)--An historic snowstorm that dumped almost 36” at one local airport over 36 hours forced the federal government to close offices Monday and again today, and local jurisdictions have urged residents not to travel due to treacherous road conditions. Public transportation—both bus systems and Metro Rail—have been running on limited schedules and the Credit Union National Association, in response to the problems, closed its Washington, D.C. office Monday and Tuesday. CUNA's Madison, Wisc. office is operating under a normal schedule.

Inside Washington (02/08/2010)

 Permanent link
* WASHINGTON (2/9/10)--Federal Reserve Board Chairman Ben Bernanke is expected to lay out an exit strategy to tighten credit this week. The plan will be implemented when the Fed decides that the economy has sufficiently recovered. According to The Wall Street Journal, the Fed likely won’t raise interest rates for several months, but officials have been discussing for months what to do when the economy strengthens (Feb. 8). When the economy has recovered, the Fed plans to raise the interest rate paid on excess reserves--currently at 0.25%. The rate aims to entice banks to tie up money they would otherwise lend, which would in turn limit credit. If the Fed moves too quickly, it could trigger an economic downturn. Otherwise, if the Fed waits too long, it could trigger inflation ... * WASHINGTON (2/9/10)--Though the Obama administration has predicted a $1.6 trillion budget deficit this year, Treasury Secretary Timothy Geithner said the U.S. will not lose its Aaa debt rating ( Feb. 8). Investors worldwide turn to the U.S. when they are concerned about global stability, which reflects basic confidence in the U.S. and its ability to withstand the global recession, Geithner said. Last week, Moody’s Investors Service said the U.S. government’s bond rating will be under pressure unless budget deficits are reduced. The nation plans to tackle the deficit once the labor market improves, Geithner added. Tax cuts and small business assistance are among the proposed measures to jumpstart the economy. Geithner has said a cut in spending could hurt the economy ... * WASHINGTON (2/9/10)--Rep. John Murtha (D-Pa.), 77, died Monday after being hospitalized for several weeks with a gall bladder infection (Politico Feb. 8). He was the longest-serving member of the Pennsylvania delegation and was chair of the House Appropriations Subcommittee on Defense. In 1974, he was the first Vietnam War combat veteran elected to Congress. One of Murtha’s most noteworthy efforts included bringing jobs to western Pennsylvania, which was hit by the loss of steel and coal jobs during the 1970s and 1980s ...

Congress this week Three hearings to watch

 Permanent link
WASHINGTON (2/9/10)—Although the schedule in the U.S. Congress should be viewed as tentative this week as Washington, D.C. digs out from its historic snowstorm, the Credit Union National Association (CUNA) will following several hearings on both sides of the Capitol. Of particular note, Ronald Covey, President/ CEO of St. Mary's Bank CU, Manchester, NH, is among the witnesses scheduled to testify Thursday at a House Financial Services Committee/ House Small Business Committee joint hearing on the “Condition of Small Business and Commercial Real Estate Lending in Local Communities Other hearing of note to credit unions include:
* On Wednesday, the House Small Business Committee will conduct a hearing on the Small Business Administration's budget for fiscal year 2011. SBA Administrator Karen Mills is scheduled to testify; and * Also, on Wednesday, the Senate Banking Committee subcommittee on security and international trade and finance has scheduled a hearing on “Equipping Financial Regulators with Tools Necessary to Monitor Systemic Risk.”

CUNA ire on administrations plan noted in iAmerican Bankeri

 Permanent link
WASHINGTON (2/9/10)—The Credit Union National Association’s (CUNA’s) ire on behalf of credit unions when a recent Obama administration plan proposed to funnel $30 billion into community banks for business lending--but do nothing for credit unions—was highlighted in Monday’s “People” section of American Banker. The article contrasted CUNA’s heated outrage to the National Association of Federal Credit Union’s more muted response to the president’s announcement. NAFCU, said American Banker, responded by “politely sending a letter to the president” asking for credit union inclusion. CUNA, on the other hand, “went for the jugular,” noting its outrage that the administration's plan did not help credit unions engage in more business lending, the newspaper pointed out. It further noted that CUNA President/CEO Dan Mica underscored that credit unions can inject more than $10 billion into the economy through increased business lending if the cap on such loans is increased to just 25% of assets. "But the administration overlooked — or snubbed — the opportunity," Mica said in a public statement.

Consumer card awareness study revealed by CFACUNA today

 Permanent link
WASHINGTON (2/9/10)-- The Credit Union National Association (CUNA) and the Consumer Federation of America (CFA) postponed until today the release of its new study on the level of consumer awareness of protections offered by new credit card statutory requirements. The survey results will be revealed today by CUNA Chief Economist Bill Hampel and CFA Executive Director Stephen Brobeck via teleconference at 12 p.m. (ET). The presenters also will offer tips for prudent consumer credit card use under the new regulatory regime. The study release was originally scheduled for a press conference Monday, but was delayed by the Washington, D.C.-area snow emergency.