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Washington Archive

Washington

Fed releases HMDA hearing agenda

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WASHINGTON (9/10/10)--The Federal Reserve Board has released its official agenda for the Sept. 16 hearing on the Home Mortgage Disclosure Act (HMDA). As previously reported in News Now, University of Wisconsin CU Chief Credit Officer Mike Long will be among those testifying at the hearing. The hearing will also feature testimony from Illinois Senior Assistant Attorney General Thomas James and University of Wisconsin--Madison consumer science professor J. Michael Collins, among others. Fed Governor Elizabeth Duke will also be in attendance. The Sept. 16 hearing is based in Chicago, and follows recent hearings in Atlanta and San Francisco. A fourth hearing will be held on Sept. 24 in Washington, D.C. The hearings are meant to help the Fed assess the need for additional data and improvements, to identify emerging mortgage market issues, and to evaluate whether the 2002 revisions to Regulation C, which required lenders to report mortgage pricing data, helped provide useful and accurate information about the mortgage market. For the full hearing agenda, use the resource link.

CUNA nominates pair for Fed consumer council

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WASHINGTON (9/10/10)--The Credit Union National Association (CUNA) has nominated UW CU Chief Credit Officer Mike Long to serve on the Federal Reserve’s Consumer Advisory Council (CAC). Long is also testifying at a Fed Home Mortgage Disclosure Act hearing on Sept. 16. (See related story: Fed releases HMDA hearing agenda) CUNA has also re-nominated Alan Cameron, president/CEO of the Idaho Credit Union League, to continue serving on the council. Cameron’s current term runs through 2010. The CAC, which is composed of 30 members that serve three-year terms, advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The group meets three times a year in Washington, D.C. and meetings are open to the public. The group discussed loss-mitigation efforts, the Administration's Making Home Affordable program, neighborhood stabilization initiatives and challenges, and other issues related to foreclosures during its last meeting, which took place on June 17.

Corp. CU legacy assets rules now in near future

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ALEXANDRIA, Va. (9/10/10)--While the National Credit Union Administration (NCUA) has long hinted that new corporate credit union rules and legacy assets proposals would be released at the Sept. 16 open meeting, the NCUA on Thursday said that those matters would be considered at a later date. The NCUA recently told Credit Union National Association (CUNA) staff that greater work is needed before the corporate credit union and legacy asset issues are ready to be released. With the corporate and legacy asset issues absent from the agenda, the main issue of concern to credit unions will likely be the establishment of the National Credit Union Share Insurance Fund (NCUSIF) premium. The NCUA is levying the assessment to rebuild the equity level of the NCUSIF, which was depleted due to multiple credit union failures. CUNA has projected that the NCUA will charge a premium of between 6 and 10 basis points. The general status of the NCUA’s insurance funds will also be discussed during the meeting. The NCUA on Thursday also said it would discuss secondary capital accounts, short-term, small amount loans, and the adoption the Federal Accounting Standards Advisory Board’s (FASAB) financial reporting standards during the open meeting. Implementation of the recently enacted financial regulatory reforms will also be discussed, and the NCUA’s monthly report on the state of its according to the NCUA release. Delegations of authority as well as supervisory activities will be discussed by the board during the closed portion of the meeting. For the full NCUA agenda, use the resource link.

Inside Washington (09/09/2010)

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* WASHINGTON (9/10/10)--Elizabeth Warren had a meeting with President Barack Obama on Tuesday, possibly regarding a role to lead the new Bureau of Consumer Financial Protection (The Washington Post Sept. 8). Warren was not expected to be in Washington, D.C. until later this morn, when the Congressional Oversight Panel plans to release a report on the government’s $700 billion bailout fund. A White House official confirmed Warren visited the White House Tuesday but did not say why she was there ... * WASHINGTON (9/10/10)--Federal Deposit Insurance Corp. Chairman Sheila Bair said that regulators should be concerned about the risk of exposure the government is taking on in the mortgage market. There should be stricter underwriting standards, and “we can do a better job of having consistent, strong lending standards” for banks and nonbanks, she said. Fannie Mae and Freddie Mac back about 90% of new U.S. mortgages. Treasury Secretary Timothy Geithner has said the government’s role in housing should undergo a fundamental change but that it should also provide some backing in the mortgage market (Reuters Sept. 9) ... * WASHINGTON (9/10/10)—The House Financial Services Committee has announced a Sept. 15 hearing on the future and the progress of government-sponsored housing agencies Fannie Mae and Freddie Mac. Rep. Barney Frank (D-Mass.), who leads the committee, and Paul Kanjorski (D-Penn.) in July announced a slate of housing finance hearings set for September. The U.S. Treasury and the Department of Housing and Urban Development held a panel discussion on housing finance reform and its impact on the financial markets and housing policy in mid-August, and the Obama administration is planning to provide its own housing finance reform proposal to Congress in early 2011… * WASHINGTON (9/10/10)--The Senate Banking Committee will be much different next year, as chairman Christopher Dodd (D-Conn.) and four other members are set to leave at the end of this Congress. Sens. Evan Bayh (D-Ind.), Jim Bunning (R-Ken.) and Judd Gregg (R-N.H.) are retiring. Sen. Robert Bennett (R-Utah) also is not returning after losing his primary race. Some financial industry representatives anticipate the committee may be more moderate in the next two years, said American Banker (Sept. 9), whether or not Republicans take control of the Senate in the November elections ...