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Inside Washington (06/28/2012)
  • WASHINGTON (6/29/12)--Federal Home Loan Banks (FLHB) increased credit exposure to European financial institutions substantially in 2010 and 2011, even as the risks associated with doing so increased, according to a study released Wednesday by the Federal Housing Finance Agency's (FHFA) Office of the Inspector General (OIG). For example, FHFA-OIG found that in 2011 one FHLB extended more than $1 billion in unsecured credit to a European bank although the foreign bank's credit rating was downgraded and later suffered a multibillion dollar loss. Although FHFA identified extensions of unsecured credit by the FHLBs as an increasing risk in early 2010, the agency did not prioritize it in its examination process due to its focus on greater financial risks then facing the FHLB system, the report said. In 2011, FHFA initiated oversight measures that focus on credit extensions, such as prioritizing them in the supervisory process and increasing the frequency with which the FHLBs report on their unsecured credit portfolios …
  • WASHINGTON (6/29/12)--Federal Reserve bank board directors should step down when it appears they have a conflict of interest, Federal Deposit Insurance Corp. (FDIC) board member Thomas Hoenig said in a Bloomberg Radio interview, according to American Banker (June 28). Directors should give up their seat "for the perception of the integrity of the institution," Hoenig said in an interview Tuesday on the program "The Hays Advantage" with Kathleen Hays and Vonnie Quinn. Hoenig was sworn in for a six-year term as a member of the FDIC board in April. Prior to that, Hoenig was the president of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal Open Market Committee from 1991 to 2011. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and then as a senior officer in banking supervision during the U.S. banking crisis of the 1980s …
  • WASHINGTON (6/29/12)--The Treasury Thursday launched the MyMoneyAppUp Challenge to help generate new ideas for personal finance mobile applications. The challenge features two components. The IdeaBank is a call for ideas, in 140 characters or less, for app-based solutions from the general public. Visitors to the site can vote on their favorite submissions. A panel of judges will select the final winners from the top 10 that receive the most votes from the public. Winners are eligible to receive cash prizes ranging from $250 to $1,000. The App Design Challenge is a call for comprehensive design proposals for mobile apps from companies, individuals and teams of individuals. Contestants must complete an online submission form detailing their design and how it will improve financial capability and/or access. Contestants are encouraged, but not required, to use ideas from the IdeaBank as inspiration for their proposals. Judges will review and score the proposals with the winners announced at an awards event and eligible for cash prizes ranging from $2,500 to $10,000 …
  • ALEXANDRIA, Va. (6/29/12)--The National Credit Union Administration has pushed back the time of its Monday, July 23 closed meeting to 2:30 p.m. (ET).  Originally, the closed session was slated for Tuesday, July 24 at 2 p.m. (ET) …


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