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Washington
Inside Washington (01/30/2009)
* WASHINGTON (2/2/09)—Credit Union National Association (CUNA) analysis of the stimulus package (H.R. 1) passed recently by the House showed it would restore the high-cost area limit on Fannie Mae and Freddie Mac loans to $729,750 for loans made in 2009. The high-cost limit reverted to $625,500 on Jan. 1. The conforming loan limit remains at $417,000. The Senate as of late Friday had not yet scheduled a vote on its stimulus bill. However, President Barack Obama has said he wants final passage by Feb. 23 … * WASHINGTON (2/2/09)--Lawmakers plan to question the Treasury Department on how it is handling the financial crisis, Sen. Christopher Dodd (D-Conn.) said Thursday. Treasury Secretary Timothy Geithner will appear before the Senate Banking Committee, of which Dodd is chairman, to discuss how the Obama administration will use the second half of the $700 billion bailout (American Banker Jan. 30). Geithner is scheduled to meet with the committee Feb. 10. Dodd said he will ask if the Treasury plans to request more money. The administration must demonstrate it knows how to handle the funds it’s been given before asking for more, Dodd said. The senator is planning two meetings next week on regulatory reform and on Troubled Asset Relief Program oversight ... * WASHINGTON (2/2/09)--Three areas of regulation could have prevented the current economic crisis: basic consumer protection rules, supervision of credit rating agencies and regulation of companies slated to be “too big to fail,” according to a report released Thursday by the Congressional Oversight Panel for the Troubled Asset Relief Program. The report examines how deregulation of financial markets over the last 25 years have returned the boom-and-bust cycles that had plagued the U.S. economy until reforms of the Great Depression ushered in a half-century of financial stability. It also addresses eight areas of reform to avoid another financial crisis in the future ... * WASHINGTON (2/2/09)--The Federal Emergency Management Agency, known as FEMA, has issued a revised Standard Flood Hazard Determination Form, which includes a new Office of Management and Budget control number. The form is used for determining whether real property offered as collateral on a loan is located in a special flood hazard area. The form's format and content have not changed. The updated form must be used beginning June 16 …


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