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Washington
Inside Washington (08/17/2009)
* WASHINGTON (8/18/09)--National Credit Union Administration (NCUA) Chairman Michael Fryzel emphasized unity and commitment while speaking to the African American Credit Union Coalition’s 11th annual conference. “You have been through tough times. You have seen adversity. You have faced challenges financial and otherwise. And you have overcome these obstacles each time. I have a great deal of faith that you will continue to do so,” Fryzel said. He also noted the unique and important role that African American-oriented credit unions play in expanding credit union service to all eligible members. The coalition places a priority on increasing the global credit union movement’s strength by emphasizing the important role of credit union volunteers and professionals of African-American and African descent ... * WASHINGTON (8/18/09)--The Obama administration’s proposed Consumer Protection Agency is slated to focus equally on banks and nonbanks, but financial observers doubt that the agency will be able to do that. There are about 75,000 nonbank mortgage lenders and 8,000 banks. Michael Barr, Treasury assistant secretary of financial institutions, told American Banker (Aug. 17) that smaller banks could be given a break on supervision. Ellen Seidman, director of the Financial Services and Education Project at the New America Foundation, said the agency would likely be concerned with large institutions offering pay option adjustable-rate mortgages to millions of people rather than community banks providing basic 30-year mortgage loans. Nonbank lenders are concerned because regulators may not be familiar with their business models and therefore may not examine them the same way they examine banks. Smaller banks also are concerned about high examination fees, but Treasury officials have said larger banks would pay more in examination fees than smaller institutions ... * WASHINGTON (8/18/09)--Eric J. Spitler, top lobbyist at the Federal Deposit Insurance Corp. (FDIC), is leaving to work as the top lobbyist at the Securities and Exchange Commission (SEC) Tuesday. He was named director of the SEC’s office of legislative and intergovernmental affairs, and counselor to SEC Chairman Mary Schapiro (American Banker Aug. 17). Spitler worked for the FDIC for 18 years in positions including special assistant to the chairman, deputy director of the office of legislative affairs and legislative attorney ...


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