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News Now

Washington
Inside Washington (01/20/2009)
* WASHINGTON (1/21/09)--A fraudulent e-mail seeking credit card information that purports to be from the National Credit Union Administration (NCUA) has been in circulation since Friday, Members United Corporate CU said in a statement to its members. The phishers ask e-mail recipients to click on a link to obtain a subscription from the NCUA Express Subscription Service. The recipient is then directed to a clone site that seeks credit card information. The NCUA does not charge for the service and does not solicit information over the Internet, the statement said ... * WASHINGTON (1/21/09)--The Federal Deposit Insurance Corp. (FDIC) is working to restore the Troubled Asset Relief Program (TARP) to its original purpose. The agency could issue a proposal soon that would allow financial institutions to apply for a 10-year debt guarantee if they put up collateral of recent consumer loans (American Banker Jan. 20). Currently financial institutions are guaranteed for three years. Institutions must apply before July and would agree to issue no more than 125% of their outstanding secured debt. Last week, Ben Bernanke, Federal Reserve Board chairman, suggested an aggregated bank could be created to purchase bad assets. Sheila Bair, FDIC chairman, said she supported his idea. Institutions planning to sell assets to the bank would be required to take an equity position, she said. The Treasury originally said TARP would be used to purchase troubled assets and create a market for them, but changed its focus to inject capital into banks ... * WASHINGTON (1/21/09)--The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve’s check processing operations in the Fifth and Sixth Districts. As of March 21, the Charlotte branch office of the Federal Reserve Bank of Richmond will no longer process checks. Bankers served by that office will be reassigned to the head office of the Federal Reserve Bank of Atlanta ...


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