* WASHINGTON (3/9/09)--The Credit Union Association of New York presented Rep. Nydia Velazquez (D-N.Y.) with a Legislator of the
Year award during a visit to her Washington, D.C., office Feb. 25. The award recognizes a distinguished legislator who has shown outstanding commitment to issues important to New York credit unions. “Velazquez regularly expresses her support for credit unions,” said association President/CEO William Mellin. “As chair of the small business committee, she regularly called upon credit unions to provide a voice in how to best serve the nation’s small businesses.” (Photo provided by the Credit Union Association of New York) ... * WASHINGTON (3/9/09)--The Senate expressed willingness to compromise on legislation that the House approved Thursday that would allow bankruptcy judges to modify terms of troubled mortgages, otherwise known as cramdown (American Banker
March 6). Senate Majority Whip Richard Durbin (D-Ill.) said he was open to compromise on the legislation. Brian Gardner, analyst with Keefe, Bruyette and Woods, said he predicted a Senate compromise also. The bill the House approved Thursday was slightly modified to encourage borrowers to seek loan modifications before declaring bankruptcy and also included language to require a borrower to wait 30 days between receiving help from a mortgage servicer and going bankrupt ... * WASHINGTON (3/9/09)--Senators doubted the Federal Reserve Board would be able to act as a systemic risk regulator, they said during a House Financial Services Committee meeting Thursday, given the central bank’s handling of the recent American International Group (AIG) bailout (American Banker
March 6). During the meeting, lawmakers quizzed Fed Vice Chairman Donald Kohn about the bailout, saying they wondered if the central bank had made a mistake. Regulators need to better explain why they rescued AIG, Sen.Christopher Dodd (D-Conn.) said. Kohn said the only power the Fed had at the time to help AIG was to lend them money, instead of extending a line of credit to the insurance company ...