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Inside Washington (05/02/2011)
* ALEXANDRIA, Va. (5/3/11)--The National Credit Union Administration (NCUA) Board Chairman Debbie Matz activated the agency’s disaster relief policy to assist credit unions and their members in rebuilding and recovering areas in Tennessee and additional counties in Mississippi severely damaged by last week’s tornadoes. Yesterday’s announcement builds on Saturday’s decision by NCUA to provide disaster assistance in Alabama, Georgia and Mississippi. President Barack H. Obama has now declared that a major disaster exists in Tennessee and ordered federal aid to supplement state and local recovery efforts. The president’s actions make federal funding available for these affected Tennessee counties: Cheatham, Davidson, Hickman and Williamson. Four additional counties in Mississippi were added to the list of those announced Saturday. Mississippi’s Chickasaw, Choctaw, Neshoba and Webster counties also can access federal emergency assistance programs. Under the agency’s disaster assistance policy, NCUA will, where necessary encourage credit unions to make loans with special terms and reduced documentation to affected members; reschedule routine examinations of affected credit unions if necessary; guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund; and make loans to meet the liquidity needs of member credit unions through the central liquidity facility … * WASHINGTON (5/3/11)--John Munn, director of the Nebraska Department of Banking and Finance since 2005, will again chair the Federal Financial Institutions Examination Council's (FFIEC) State Liaison Committee (SLC), the FFIEC announced Monday. Munn’s most recent term as chairman is set to continue until April 30, 2012. He has served as chairman since he was elected to a partial term in 2008. The FFIEC also announced that Charles Vice, commissioner of the Kentucky Department of Financial Institutions, will continue to serve on the SLC through April 30, 2013. Vice’s previous two-year term was set to expire this year. The SLC is a five-member panel of state financial regulatory agencies that works to encourage "the application of uniform examination principles and standards by state and federal agencies" and allows state regulators to "participate in the development of those principles and standards." Texas Credit Union Commissioner Harold Feeney was one of three SLC members to be re-appointed last month. Doug Foster, commissioner of the Texas Department of Savings and Mortgage Lending, and Massachusetts Division of Banks Commissioner David Cotney also serve on the SLC. SLC members serve two-year terms. National Credit Union Administration (NCUA) Chairman Debbie Matz last month agreed to assume leadership of the FFIEC for a two-year term. Matz is the first NCUA leader to take charge of the FFIEC in more than 20 years. Matz has said she will work to restore "the responsibility and accountability in our financial system" during her term as FFIEC leader ... * WASHINGTON (5/3/11)--An insurance firm has launched a new product providing additional coverage to executives and directors at financial companies whose personal assets are now at greater risk as a result of expanded Federal Deposit Insurance Corporation (FDIC) authority as provided under the Dodd-Frank Act. The firm, Marsh USA Inc., has created a new form of insurance protection designed to cover the costs associated with an FDIC receivership action. Under Dodd-Frank, the FDIC was given authority to become the receiver of a wider range of struggling financial companies. Under this authority, the FDIC can conduct investigations, recoup executive compensation, repudiate personal services contract and sue directors and officers of financial companies in receivership. The FDIC has the authority to repudiate contracts that it determines to be “burdensome,” including compensation agreements. The regulator can also recoup compensation received during the previous two years by any current or former senior executive or director that it deems “substantially responsible for the failed condition” of the company …


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