Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (05/20/2010)
* WASHINGTON (5/21/10)--The Senate rejected a credit card amendment from Sen. Sheldon Whitehouse (D-R.I.) that would require national banks to offer borrowers credit based on interest rate limits in their states. The amendment failed 60 to 35. Whitehouse said he intended for the measure to bar any lender from exporting interest rate rules from states in which they are based for non-mortgage based consumer credit offers (American Banker May 20). He also said his provision aimed to separate consumer advocates from bank defenders. The amendment’s vote came after a failed move to invoke cloture on the regulatory reform bill. Sen. Maria Cantwell (D-Wash.) was one of two Democrats to vote against the cloture, saying the reform bill is too soft on derivatives. All swaps should be cleared, she said ... * WASHINGTON (5/21/10)--The Federal Deposit Insurance Corp. (FDIC) is receiving help from private investors after the agency shouldered the cost of 240 bank failures by tapping into its deposit insurance fund--which has sunk into the red, said The New York Times (May 19). The investors are taking over troubled banks to ease the burden on the government. On Thursday, FDIC was expected to announce that it would reduce the amount it puts aside to cover future losses by more than $3 billion during the first quarter. This would be the first reduction it has experienced since second quarter 2007. Seventy-two banks have failed this year, and industry representatives worry that more will follow. The agency--which previously predicted that 1,000 banks could fail--now foresees about 500 or 750 failures ...


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago