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News Now

Washington
Inside Washington (08/22/2011)
* ALEXANDRIA, Va. (8/23/11)--As noted Friday in the Credit Union National Association’s News Now LiveWire Twitter feed, the National Credit Union Administration issued revised guidance to credit unions explaining the impact on credit unions of the Standard and Poor’s downgrade of long-term, U.S. debt. The new guidance clarifies how examiners assign risk weights to government securities held by credit unions, and specifically notes that the agency assigns a zero risk weight to U.S. Treasury securities held by corporate credit unions Sign up for News Now LiveWire here… * WASHINGTON (8/23/11)--The Consumer Financial Protection Bureau (CFPB) is developing a working relationship with state attorneys general (AGs). In April, the CFPB and state AGs released a joint statement of principles to coordinate investigations and identify mutual enforcement priorities (American Banker Aug. 22). Richard Cordray, the Obama administration’s nomination to be the CFPB’s first director, is a former Ohio attorney general. Observers say Cordray was an aggressive AG who pursued mortgage servicers for their foreclosure practices before “robo-signing” was a national issue. The first indication of a partnership between the CFBP and state AGs was the bureau’s involvement in the mortgage-servicer-settlement negotiations. Critics say the CFPB and Elizabeth Warren, who organized the bureau, improperly influenced the negotiations. The bureau has claimed that it provided advice only upon request …


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