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Washington
Inside Washington (01/12/2009)
* WASHINGTON (1/13/09)--In a letter sent to financial institutions Monday, the Federal Deposit Insurance Corp. (FDIC) told state nonmember institutions that they must monitor use of Troubled Asset Relief Program (TARP) funds. “Given that government funds, capital and guarantees are being used to support banking institutions, banks are expected to document how they are continuing to meet the credit needs of creditworthy borrowers, as described in the Interagency Statement on Responsible Lending,” the agency said. Institutions should describe how they used the money and summarize the information in annual reports and financial statements, FDIC added. The Treasury was criticized in a Congressional Oversight Panel report released Friday for not requiring financial institutions to document how TARP funds are being used (News Now Jan. 12) ... * ALEXANDRIA, Va. (1/13/09)--National Credit Union Administration
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(NCUA) Chairman Michael Fryzel met with members of the California and Nevada Credit Union Leagues at NCUA headquarters last week. “The active involvement of the California and Nevada leagues in the governmental affairs process is impressive,” he said. “It demonstrates their awareness of how important it is to interact, to have dialogue and to work with us at NCUA on critical issues.” From left are: Debbie Kwon-Moore, director of federal governmental affairs at the leagues; Ron McDaniel, CEO, California CU, Glendale, Calif.; Simone Lagomarsino, CEO, Kinecta FCU, Manhattan Beach, Calif.; Larry Sharp, CEO, Arrowhead CU, San Bernardino, Calif.; Fryzel; Mary Cunningham, CEO, USA FCU, San Diego; Dave Rhamy, CEO, Silver State Schools CU, Las Vegas; and Bill Cheney, president, California and Nevada leagues. (Photo provided by the National Credit Union Administration) ... * WASHINGTON (1/13/09)--Randall S. Kroszner Monday announced his resignation from the Board of Governors of the Federal Reserve System, effective Jan. 21. He has been with the board since March 1. Kroszner served as chairman of the Committee on Supervisory and Regulatory Affairs, and the Committee on Consumer and Community Affairs. He is returning to the Booth School of Business at the University of Chicago to assume a chaired professorship ...


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