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Inside Washington (06/17/2008)
* WASHINGTON (6/18/08)--A hearing focusing on how payday lending can harm Social Security recipients is scheduled for June 24. The Subcommittee on Social Security of the House Committee on Ways and Means announced the event yesterday. A Credit Union National Association (CUNA) witness, Darwin Brokke, CEO of Citizens Community CU, Devils Lake, N.D., recently testified at a hearing focusing on how payday lending affects Native American communities ... * WASHINGTON (6/18/08)--The Senate yesterday was scheduled to discuss legislation to help the foreclosure crisis and reform regulation of Fannie Mae and Freddie Mac (American Banker June 17). The bill, which is being pushed by Senate Banking Committee Chairman Christopher Dodd (D-Conn.) was approved last month and is being modified to align with the House version. The measure has not yet been scheduled for a Senate vote, said a spokesman for Senate Majority Leader Harry Reid (D-Nev.) ... * WASHINGTON (6/18/08)--The Internal Revenue Service (IRS) is extending tax payment deadlines for those affected by severe storms and flooding in 10 states, the agency announced Monday. The deadline for the payments was Monday. “At a time like this, taxes should be the last thing on the minds of these unfortunate victims,” said IRS Commissioner Doug Shulman. The IRS has provided tax relief to counties in Iowa, Indiana and Wisconsin. Earlier this spring, the agency provided similar relief to Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma. Due dates of new deadlines vary, depending upon location ... * WASHINGTON (6/18/08)--The Federal Deposit Insurance Corp. (FDIC) has announced steps to provide regulatory relief to financial institutions and to facilitate recovery in areas of Indiana affected by severe storms and flooding in a financial institution letter published yesterday ...


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.@CUNA's Pierce: Every dollar a CU spends on complying with a regulation is a dollar that is not spent to the benefit of its membership.
2 minutes ago
(2of2)...that incentive structure for CUs and banks is quite different, and regulatory structure should reflect those differences."
3 minutes ago
Pierce: When considering reg burden as it relates to consumer financial protection, it is critical that policymakers understand...(1of2)
4 minutes ago
.@CUNA's Pierce: "Without meaningful relief, consolidation in CU sector will continue."
9 minutes ago
..."higher for smaller-sized credit unions than these behemoth institutions." (3of3)
11 minutes ago