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Inside Washington (06/26/2012)
  • JAMESBURG, N.J. (6/27/12)--National Credit Union Administration (NCUA) Board Member Michael E. Fryzel, at the invitation of New Jersey Credit Union League President Paul Gentile, addressed credit union CEOs and leaders at a breakfast in Jamesburg, N.J., Tuesday. During his presentation, Fryzel urged New Jersey credit unions to continue helping their members who are struggling financially. "The state of New Jersey continues to face economic struggles, as does the nation," Fryzell said. "It is important that you continue to provide your members with the services and loans they need. Credit unions have shown the country they remain true to their principles: They have kept lending and kept helping their members and one another without costing the American taxpayers a single dollar. You must take this opportunity to boost credit union participation and good works to an even higher level." Other topics Fryzel addressed included the status of NCUA's Corporate Resolution Plan, economic issues affecting consumer credit unions, pending NCUA rulemakings, the proposed rules of other federal agencies and the future of credit unions. After his address Fryzel took questions from the audience …
  • WASHINGTON (6/27/12)--Between five and 10 large banks are expected to submit living wills by July 1, posing a critical test for both banks and regulators and their efforts to end "too big to fail," as mandated by the Dodd-Frank Act. The living wills, which are documents that explain how banks would divide up their assets if they fail, could run to thousands of pages, according to some observers (American Banker June 26). Regulators have indicated that banks are unlikely to fail the first round of reviews, but the initial submissions are likely to influence future expectations, said Sylvia Mayer, a partner at Weil, Gotshal & Manges. Each draft will include a public portion, representing only a small part of the overall plan that will provide an overview of the bank's resolution strategy. Regulators are very likely to review the initial plans and come back to institutions with pages of questions, said John Lane, a former Federal Deposit Insurance Corp. official who is now a special adviser at Promontory Financial Group …

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