Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (05/04/2012)
  • WASHINGTON (5/7/12)--Trade groups are concerned about how the Consumer Financial Protection Bureau (CFPB) will define larger non-bank market participants under its supervision. Under the current proposal, the CFPB would regulate large debt collection and credit reporting firms. Trade groups say the proposal also would include small companies. "The mere fact that this rule identifies 'larger participants' does not mean that it has no impact on small business," David Hirschmann, president/CEO of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness, said in a comment letter last month. The chamber maintains the CFPB's proposal does not comply with the Small Business Regulatory Enforcement Act, which requires the bureau to convene a panel of small business experts if the rule would substantially affect small firms (American Banker May 4). The proposal calls for firms with more than $10 million in annual debt collection receipts or those with more than $7 million in credit reporting receipts to be subject to CFPB supervision. The National Credit Reporting Association said the proposal should also consider the number of people employed by firms …
  • WASHINGTON (5/7/12)--The Treasury Department on Thursday provided additional details on its exit strategy for winding down the remaining bank investments in the Troubled Asset Relief Program (TARP). Treasury will use a combination of repayments, restructuring and sales of investments, Tim Massad, assistant secretary for financial stability, wrote in a blog entry. There are still 343 banks remaining in TARP's Capital Purchase Program, most of them community banks. Massad said only a few banks will repurchase their preferred shares. A "handful" of banks have proposed restructuring their investments, usually in the form of a merger or a plan to raise new capital, Massad said. Treasury, in turn, agrees to receive cash or other securities. The agency has participated in about 20 such transactions and will continue to do so in limited cases, Massad said. In March, Treasury sold its preferred stock investments in six banks through public auctions. The stock sales generated more than $362 million in income. "We expect the sale of existing investments to be an ongoing component of the wind down of TARP's bank programs," Massad wrote …


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
9 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
5 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
5 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
7 hours ago