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Inside Washington (04/07/2009)
* WASHINGTON (4/8/09)--On Tuesday, The New York Times published an obituary for Ed Callahan, former National Credit Union Administration chair and president/CEO of Patelco CU, San Francisco. Dan Mica, Credit Union National Association president/CEO, was quoted in the article. “Ed Callahan largely shaped the credit union system as we now know it,” Mica said. “Ed Callahan knew that we had to have solid, stable institutions. He knew we needed proper capitalization of the insurance fund, and he tried to minimize unnecessary regulations” ... * WASHINGTON (4/8/09)--Financial observers say that the Federal Deposit Insurance Corp.’s (FDIC) involvement in rescuing the financial sector may be compromising its mission. The FDIC’s borrowing power is set to triple, it has guaranteed $335 billion of debt incurred by banks and holding companies, and it could be given oversight of systemically significant nonbanks (American Banker April 7). The changes could compromise the agency’s independence and dilute its mission to protect deposits, observers said. Rep. Michael Capuano (D-Mass.) said in a March hearing that the FDIC’s role as a purchaser of toxic assets is jeopardizing the fund. However, some FDIC officials say the agency is ready to take on new responsibilities because it has a history of managing troubled assets and has experience from dealing with the savings and loan crisis ... * WASHINGTON (4/8/09)--The U.S. economy is in a state of panic, Federal Reserve Board Gov. Kevin Warsh said in a speech this week. The panic is the result of faulty private practices and flawed public policies. “Panics involve losses of confidence in the financial system, when even sound firms find it difficult to borrow. Panics are threatening to economic well-being. Panics take even less kindly to, and often result from, uncertainty. And panics place a greater burden on the deftness of policy responses than recessions alone,” Warsh said. “Financial stability demands policy stability--and policy preferences must be communicated clearly, credibly, and consistently and backed by concrete action,” he concluded ... * WASHINGTON (4/8/09)--The Treasury this week released additional guidance for potential investors in the securities portion of the Public Private Investment Program. The guidance extends the deadline for applying to the program to April 24. Treasury expects to inform applicants regarding preliminary qualification on or before May 15. Applications should be e-mailed. The program’s goal is to restart the market for legacy securities, allowing banks and other financial institutions to free up capital and stimulate the extension of new credit. It also seeks to maximize the inflow of private capital into the market while protecting taxpayers ...


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