* WASHINGTON (1/26/09)--The Credit Union Association of New York’s Michael Lanotte, senior vice president and general counsel, and Amy Kramer, vice president of governmental affairs, met five freshman members of New York’s congressional delegation in Washington, D.C.
recently. Kramer and Lanotte discussed the credit union difference while meeting with Reps. Chris Lee (R-Buffalo/Rochester); Daniel B. Maffei (D-Central New York); Eric J.J. Massa (D-Finger Lakes/Jamestown); Michael E. McMahon (D-Metropolitan); and Paul D. Tonko (D-Capital/Southern Adirondack). Lanotte and Kramer also advocated for credit union access to Troubled Asset Relief Program funds, lifting the member business lending cap, and modernizing credit union’s capital requirements, and emphasized the importance of maintaining a separate credit union regulator. From left are: Kramer; Maffei; Tom Gannon, Credit Union National Association senior legislative representative; and Lanotte. (Photo provided by the Credit Union Association of New York) ... * WASHINGTON (1/26/09)--The Federal Deposit Insurance Corp. (FDIC) will meet Tuesday to discuss a proposal regarding interest rate restrictions for institutions that are less than well-capitalized. The agency also will discuss a final rule on processing deposit accounts in case of an insured depository institution fails. The meeting will be Webcast via the Internet and made available on-demand after the event ... * WASHINGTON (1/26/09)--The U.S. financial regulatory system is outdated and significant reforms are critically and urgently needed, according to a Government Accountability Office (GAO) report released Thursday. “The current regulatory approach has significant weaknesses that if not addressed will continue to expose the U.S. financial system to serious risks,” said the 99-page report
. Determining how to create and implement a regulatory system that reflects new market realities is key to reducing the chance that the U.S. will experience another financial crisis, the GAO said ... * WASHINGTON (1/26/09)--The House Financial Services Committee will meet Tuesday at 10:15 a.m. to appoint majority and minority members to subcomittees, committee Chairman Barney Frank (D-Mass.) announced Friday. The committee also will consider a resolution adopting the rules for the 111th Congress ... *
WASHINGTON (1/26/09)--New York Gov. David Paterson announced that Rep. Kristin Gillibrand (D-N.Y.) will succeed Hillary Clinton in the U.S. Senate. The appointment lasts until 2010. Gillibrand is a second-term representative. She has represented New York’s 20th Congressional District. A special election will be held to fill Gillibrand’s vacant seat. The Credit Union Association of New York (CUANY)’s governmental affairs staff participated in a credit card hearing with Gillibrand in 2007 and established a solid relationship with her regarding the credit union difference and issues that concern New York’s credit unions, CUANY said. “On behalf of New York’s credit union community we congratulate Rep. Gillibrand on her appointment,” said CUANY President/CEO William J. Mellin. “We look forward to growing our relationship with her and advancing credit unions’ legislative agenda in the Senate.” ...