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 (08/02/2010)
* WASHINGTON (8/3/10)--The Financial Stability Council, which will be created under the recently enacted regulatory reform bill, has some financial industry representatives wondering if the council itself will be too tough to manage because of competing interests, said American Banker (Aug. 3). Council members will include the heads of nine federal agencies, three state representatives, the heads of the Federal Insurance Office and the Office of Financial Research, and a president-appointed insurance expert. Observers have questioned how regulators will define “systemic risk.” “No one has the faintest idea,” said Peter Wallison, a fellow in financial policy studies at the American Enterprise Institute. When defining risk, the council will need to consider assets, leverage, size, liabilities and interconnectedness, Banker said. The council will present reports to Congress and be subject to audits by the Government Accountability Office ... * WASHINGTON (8/3/10)-- The administration plans to move as quickly as it can to bring clarity to new rules of finance, said Treasury Secretary Timothy Geithnerin a speech at New York University Monday. The administration plans to provide full transparency and disclosure. It will not layer new rules on top of old rules, or risk killing the freedom for innovation that is necessary for economic growth, he added. Also, the administration wants to ensure that it has a more “level playing field” nationally and internationally and brings more order and coordination to the regulatory process. The process is broad and complicated, and will take time, Geithner said. He noted some of the administration’s priorities--including consumer protection and ensuring financial firms have more capital than they did before the financial crisis ... * WASHINGTON (8/3/10)--The Federal Deposit Insurance Corp. (FDIC) Thursday closed on a sale of securities as a part of a securitization backed by about $471.3 million of performing single-family mortgages from 16 failed banks. The pilot program marks the first time the FDIC has sold assets in a securitization in the financial crisis. About $400 million senior certificates were sold at a coupon of 2.184% with an average life span of 3.66 years. As outlined in the FDIC’s proposed Securitization Safe Harbor Rule, the deal incorporates transaction-governance procedures that align compensation of the servicer with resolving problem loans and minimizing losses to the trust ...


RSS





print
News Now LiveWire
Better economic & #CU conditions,leading to higher rates in '15,'16, will boost CU earnings, asset quality,capital http://t.co/rmJvi3MIpQ
7 hours ago
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
11 hours ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
12 hours ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
12 hours ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
12 hours ago