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Inside Washington (03/15/2011)
* WASHINGTON (3/16/11)--The next meeting of the Financial Stability Oversight Council (FSOC) will take place at 3 p.m. ET Thursday, according to the U.S. Treasury Department. The council, created by the Dodd-Frank Act to identify threats to the financial system, will consider a proposal on designating financial market utilities. In January the council outlined a list of factors to use to help gauge when a firm poses risks to the system and merits additional oversight. The FSOC is chaired by Treasury Secretary Timothy Geithner and includes Federal Reserve Board Chairman Ben Bernanke as well as other key regulators from the Securities and Exchange Commission and the Commodity Futures Trading Commission. The meeting on Thursday will be the council’s fourth … * WASHINGTON (3/16/11)—U.S. Treasury Secretary Tim Geithner addressed the Obama administration’s proposals for mortgage market reform in a Tuesday Senate Banking Committee hearing, saying that the administration is “committed to a system in which the private market – subject to strong oversight and strong consumer investor protections – is the primary source of mortgage credit.” The Obama administration released its proposals for housing market reform last month. One proposal would almost completely privatize the housing finance system, limiting the government's role to assisting low-income and veteran homebuyers. A second proposal would create a system through which the government would back mortgages only in times of financial distress. Under a third proposed option, the government could also use a system of reinsurance to backstop private mortgage guarantors to a targeted range of mortgages. Geithner said that each of these solutions would require legislative action, and added that “failing to act would exacerbate market uncertainty.” However, he added, “haste would be counterproductive – possibly destabilizing the housing finance market or even disrupting the broader recovery”… * WASHINGTON (3/16/11)--Nearly 40 Missouri credit union representatives from 13 credit unions visited Capitol Hill to share
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concerns about debit interchange and member business lending with Missouri‟s federal lawmakers at the Credit Union National Association’s Governmental Affairs Conference Feb. 27-March 3. “Our elected officials listened to our issues and seemed to be engaged in working with us,” said Jason Peach, chief financial officer of West Community CU, O’Fallon, Mo. Lawmakers who met with credit unions included Sen. Roy Blunt (R); Rep. William “Lacy” Clay (D); Rep. Todd Akin (R), Rep. Russ Carnahan (D), Rep. Vicky Hartzler (R), Rep. Billy Long (R), Rep. Blaine Luetkemeyer (R) Pictured hee with Missouri credit unions and the Missouri Credit Union Association is Blunt, center. (Photo provided by Missouri Credit Union Association) ...


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