Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Inside Washington (07/23/2010)
* ALEXANDRIA, Va.(7/26/10)--Supervisory activities will be discussed at the National Credit Union Administration’s (NCUA) upcoming closed board meeting, which will take place on Friday at 9 a.m. ET. The NCUA will hold its monthly open meeting, with a closed meeting to follow, on Thursday. Another closed meeting was held last week … * WASHINGTON (7/26/10)--The Federal Deposit Insurance Corp. (FDIC) plans to disclose the individuals and groups that it met with regarding the regulatory reform bill, which was signed into law by President Barack Obama Wednesday. The plan moves beyond current disclosure policies and perceptions that banks will try to weaken provisions of the reform bill as regulators implement its provisions (American Banker July 23). Right now, agencies publish only records of meetings about proposed regulations during a comment period. However, FDIC Chairman Sheila Bair said July 15 that she would develop rulemakings in an transparent manner. The agency’s disclosure plan is similar to the Obama administration’s--the administration has published records of meetings it held with lobbyists about the Troubled Asset Relief Program and economic stimulus measures ... * WASHINGTON (7/26/10)--Recent reports by government and private analysts indicate that mortgage loan servicers are making more loan modifications on their own than through government programs, such as the $50 billion Home Affordable Modification Program (HAMP), which aims to lower borrowers’ mortgage payments for five years. This year, servicers completed more than 800,000 alternative modifications, while HAMP produced 389,198 (USA Today July 23). Several recent reports the newspaper cited indicate that newer modifications have better results, lower monthly payments reduce default rates, redefault rates on modified mortgages remain high and eligibility standards for HAMP modifications are not consistent or clear-cut. Diane Thompson, lawyer at the National Consumer Law Center, said that some of the alternative programs trigger concerns because the interest rates and payments aren’t as low as HAMP. Under HAMP, servicers must reduce mortgages to 31% of borrowers’ monthly incomes. If borrowers make payments for three months, the modified mortgage is good for five years. Some alternatives only help borrowers for a few months, the newspaper added ...

RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
15 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
16 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow
16 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
16 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
17 hours ago