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Inside Washington (06/16/2009)
* WASHINGTON (6/17/09)--The Arkansas Credit Union League and credit union representatives traveled to Washington, D.C., to hike Capitol Hill June 10 and meet with Arkansas Reps. Marion Berry (D), Vic Snyder (D), John Boozman (R) and Mike Ross (D).
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The group also met with the staff of Sens. Mark Pryor (D) and Blanche Lincoln (D). During the meetings, the group discussed member business lending, the corporate structure of credit unions and interchange fees with their delegates. The event began with a legislative briefing at Credit Union House with Credit Union National Association (CUNA) Director of Federal Legislative Affairs Michele Johnson, followed by a reception with the Arkansas delegation at Credit Union House. From left, front row are: Reta Kahley, Arkansas league president; Gina Williams, CEO of UARK FCU; Joyce Judy, CEO of Arkansas Employee FCU; Landon Splawn; Carolyn Ashcraft; Windy Campbell, CEO of Electric Coop CU; and Claudetta Harrod. From left, back row are: Snyder; Boozman; Dwayne Ashcraft, CEO of Arkansas Superior FCU; Ross; Jan Hanna, CEO of Northwest Arkansas FCU; and Ron Harrod, Arkansas league lobbyist. (Photo provided by Credit Union House) ... * WASHINGTON (6/17/09)--On Monday, the Treasury released a proposal that would require loan originators to retain 5% of a loan’s credit risk when selling the loan into secondary markets (American Banker June 16). The proposal, which is part of the Obama administration’s broader restructuring plan expected to be released today, also would forbid loan originators from transferring the risk they are required to retain. House Financial Services Committee Chairman Barney Frank (D-Mass.) circulated a similar measure that passed the House May 7, but Frank’s measure would apply only to certain subprime loans and would allow regulators to lower the mandatory 5% mark ... * WASHINGTON (6/17/09)--Without the Federal Reserve Bank’s emergency lending powers, the nation would have seen a much more severe outcome in the current financial crisis, according to Fed Gov. Elizabeth Duke. She spoke at a recent Women in Housing and Finance meeting. Events involving “specific institutions” came up quickly and the Fed had to act quickly, she said. It would have been preferable if another government agency had the funding and authority to help, but nobody else acted, she said. Duke’s comments were made after Republican and Democratic leaders suggested scaling down the Fed’s authority. A plan by Republican lawmakers unveiled last week would prevent the Fed from lending to individual institutions. Barney Frank (D-Mass.), chair of the House Financial Services Committee, said the Fed’s powers should be re-evaluated ...


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