Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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 ...


News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
7 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire
8 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out!
8 hours ago
.@Discover to support #ApplePay by fall HT @Forbes
9 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale
12 hours ago