Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (05/01/2012)
  • WASHINGTON (5/2/12)--John Munn was re-elected chairman of the Federal Financial Institutions Examination Council State Liaison's Committee (SLC). His term will run through April 30, 2013.  Munn is the director of the Nebraska Department of Banking and Finance, where he has served since January 2005. Munn was first elected chairman of the SLC in February 2008 for a partial term created when the previous chairman resigned.  Since May of 2008, Munn has been subsequently re-elected to five one-year terms.  Also, David J. Cotney, commissioner, Massachusetts Division of Banks, was reappointed to the SLC.  His nomination was first confirmed by the council in 2010 to complete a partial term vacancy created by the resignation of Sarah Bloom Raskin, upon her appointment to the Board of Governors of the Federal Reserve System. Cotney's first full term will continue through April 30, 2014. Cotney has more than 20 years experience with the Massachusetts Division of Banks. He previously served as the chief operating officer and senior deputy commissioner for administration and policy, and 10 years experience as deputy commissioner in various units of the division ...
  • WASHINGTON (5/2/12)--About 60% of lenders said they were now "much less likely" to originate home loans backed by Fannie Mae and Freddie Mae to an applicant with a FICO score of 620 and a 10% down payment than they were before the financial crisis, according to the Federal Reserve's Senior Loan Officer Opinion Survey. Banks provided several reasons for their hesitancy, including fear of exposure to residential real estate; effects of legislative changes, supervisory actions and new accounting standards; higher servicing costs for delinquent mortgages; and the challenges some borrowers face in obtaining second liens (American Banker May 1). The survey indicated banks were less likely to originate Fannie Mae and Freddie Mac-backed loans to potential borrowers with a FICO score of 680 regardless of the size of the down payment. Reservations by banks about using the government-sponsored enterprises for borrowers with a FICO score above 720 with a 10% down payment have changed little from 2006. About 71% of lenders said their likelihood to lend to those borrowers was about the same


RSS print
News Now LiveWire
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
24 minutes ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
1 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
3 hours ago
Mich #creditunions encourage everyone to #CULunchLocal Oct 14 as part of #ICUDay http://t.co/NZp71fgr8Z
4 hours ago
.@IllinoisLeague Hession: #HB5342 cause for celebration...will serve as a model across the country for state, fed regulators @GovernorQuinn
4 hours ago