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 (07/18/2008)
* WASHINGTON (7/21/08)--Federal Deposit Insurance Corp. (FDIC) officials are defending the way they handled the IndyMac crisis, though they have acknowledged they were not prepared for it (American Banker July 18). The agency has blamed extensive television coverage of the crisis for scaring consumers into thinking they would not have access to their money. FDIC Chairman Sheila Bair said the agency is monitoring the crisis, and doesn’t forsee a liquidity crisis because of it. Calif. State Rep. Ted Lieu (Calif.) said he thought the FDIC did a satisfactory job handling the crisis, although he said FDIC officials could have done better. James Barth, Auburn University finance professor, said the FDIC has not adequately explained deposit insurance to bank customers. Bert Ely, an Alexandria, Va.-based banking consultant, said the Office of Thrift Supervision (OTS) and the FDIC didn’t understand IndyMac’s problems quickly enough. Sen. Charles Schumer (D-N.Y.), has been blamed for triggering the panic by sending a letter to the OTS about IndyMac’s condition, but Ely said the bank failure could have happened regardless ...


RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 day ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 day ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
1 day ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
1 day ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
1 day ago