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Inside Washington (02/09/2012)
  • WASHINGTON (2/10/12)--The National Association of State Credit Union Supervisors (NASCUS) pledged its support for HR 3993, the Capital Access for Small Business Jobs Act Wednesday. The legislation would allow credit union access to supplemental capital. "NASCUS applauds the introduction of this bill and enthusiastically supports the ability of state and federal regulators to be provided with this regulatory parity enjoyed by other federal regulators," said NASCUS President/CEO Mary Martha Fortney. For more coverage of H.R. 3993, read "CUNA welcomes 'visionary' CU capital bill."
  • WASHINGTON (2/10/12)--Rep. Elijah E. Cummings (D-Md.), ranking member of the House Committee on Oversight and Government Reform, and committee member John F. Tierney (D-Mass.) Wednesday sent a letter to Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA) raising questions about his recent response to Congress arguing that principal reduction programs do not serve the interests of American taxpayers. After months not responding to requests for data and analysis, and in the face of a subpoena request, DeMarco sent a response letter to Cummings and Tierney on Jan. 20, outlining his justification for refusing to approve any principal reduction programs for loans backed by Fannie Mae and Freddie Mac. "The single most significant revelation in your letter to Congress," wrote Cummings and Tierney, "is that, even based on your own questionable assumptions and data, principal reduction programs serve the taxpayer interests even when compared to your preferred alternative of forbearance ...
  • WASHINGTON (2/10/12)--The Federal Reserve Board on Wednesday postponed its closed meeting to discuss Capital One Financial Corp.'s proposed acquisition of ING Direct USA, the central bank said. The meeting has been rescheduled for 2:30 p.m. (ET) on Feb. 13. The postponement was made because of to a scheduling conflict, according to a Capital One spokesperson (American Banker Feb. 9). The Fed held three public hearings on the proposed deal under which Capital One would buy the U.S. online banking unit of ING Group. Community bankers and consumer advocates have criticized the deal, saying it will create another "too big to fail" institution. The Independent Community Bankers of American called for a moratorium on all acquisitions of institutions with assets of more than $100 billion until regulators finalize a new regulatory framework required by the Dodd-Frank Act for systemically important financial institutions. Capital One has said the deal would reduce systemic risk and create jobs ...
  • WASHINGTON (2/10/12)--The Consumer Financial Protection Bureau (CFPB) has received over 2,000 comments on student loan issues from consumer advocates, industry associations, banks, schools, and individual borrowers. The agency last year requested information on a series of issues impacting private student loans from origination to servicing to collection. The CFPB said many commenters were excited by the idea of a standard financial aid shopping sheet. Commenters said information on their estimated debt at graduation, estimated monthly payment after graduation, their likely ability to repay my loans, breakdowns of school costs, and historical information on how students of that school have repaid their own debts was most important. Students and others involved in education have also requested sections to review the key terms of student loans and additional information on federal work-study programs. Information on how average interest rates impact borrowing, how interest rates for federal loans compare to private loans, and when interest begins to accrue on different types of loans was also very important to commenters, the CFPB said. The CFPB is sharing these comments with the Department of Education, and that body will use the comments to publish its own financial aid information sheet. The agency is also set to deliver a comprehensive report on the private student lending market to Congress in the summer of 2012…


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