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Washington
Inside Washington (03/19/2010)
* WASHINGTON (3/22/10)--Pending congressional action to reform financial institutions will be “very good for credit unions and credit union members,” National Credit Union Administration Chairman Debbie Matz told an Internet audience during an appearance on Reuters Inside, a Web-based venue featuring in-depth coverage of public policy issues. “Credit unions fill an important niche; they have seen a ‘flight to quality,’” Matz said. “The average credit union capital level is almost 10%.” To view the segment, use the link ... * WASHINGTON (3/22/10)--House Financial Services Committee Chairman Barney Frank (D-Mass.) Wednesday introduced the Housing Preservation and Tenant Protection Act to stem the loss of affordable renting housing units nationwide. The measures aim to curtail the loss of housing and prevent displacement of low-income tenants. “This bill does not force any owners who enter into this voluntarily to abrogate their rights, and we are committed to working with current owners of these affordable housing units,” Frank said. Since the 1950s, the Department of Housing and Urban Development has subsidized about 1.7 million rental units in more than 23,000 privately owned, multi-family properties that are typically affordable to low-income tenants ... * WASHINGTON (3/22/10)--The House plans to vote this week on a bill that would eliminate private lenders’ role in government-guaranteed student loans. The bill is part of a health care reform package that the House planned to tackle this past weekend and the Senate could deliberate this week. The bill could save $61 billion over 10 years, according to the Congressional Budget Office (American Banker March 19) ... * WASHINGTON (3/22/10)--Sen. Richard Shelby (R-Ala.) said he is worried the “too big to fail” principle would remain if a proposed $50 billion fund to help resolve failed banks is the Senate’s regulatory reform bill (American Banker March 19). Senate Banking Committee Chairman Christopher Dodd’s (D-Conn.) bill would require that all institutions with more than $50 billion in assets support the fund. Shelby told a banking association conference that when the money is there, it could be used in unintended ways. While he didn’t oppose the creation of a fund, he said a resolution authority should be established to make sure that the fund is available. Under Dodd’s bill, the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Treasury would have to agree to put an institution into liquidation after bankruptcy judges deem it insolvent ...


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