Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (06/30/2011)
* WASHINGTON (7/1/11)--Calling prepaid access products “the fastest growing area within the payments sector,” the Office of the Comptroller of Currency (OCC) issed guidance Wednesday supporting national banks’ participation in prepaid programs. The OCC stressed the importance of consumers understanding the products and their associated costs. OCC also cited potential risks to financial institutions, including fraud and money laundering. “To limit potential risks to banks and consumers, however, national banks should implement comprehensive risk management programs that provide appropriate oversight and controls commensurate with the risk, complexity of the activities, and use of any third-party providers to facilitate the prepaid programs,” the guidance said … * WASHINGTON (7/1/11)--Financial firms continued to vie for position in the swaps marketplace in the wake of the Dodd-Frank Act during a Senate Banking subcommittee hearing on securities, insurance and investment. Dodd-Frank established swap execution facilities, similar to the exchanges where securities are traded, in an effort to create more transparent pricing and reduce systemic risk in derivative markets where trades were previously made over the counter (American Banker June 30). About 40 firms will apply to become swaps execution trading facilities, according to testimony at the hearing. But market participants said they expect the market to consolidate to 15 or 20 firms within two years. Jurisdiction of swaps regulation is split between two agencies. The Securities and Exchange Commission (SEC) will regulate security-based swaps. The Commodity Futures Trading Commission (CFTC) will have authority over other swaps. The hope among lawmakers is that the SEC and CFTC will synchronize their rules, according to the Banker


RSS





print
News Now LiveWire
.@Cornerstone_CUL in 2014: $9K in savings per member #NewsNow #CUSystem http://t.co/7LnsV876cs
23 minutes ago
RT @CUNA: Bill to codify #creditunion Advisory Council, is introduced by @reppittenger @RepDennyHeck HT @newsnowlivewire http://t.co/0zviXx…
51 minutes ago
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
17 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
18 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
19 hours ago