* WASHINGTON (8/29/08)--Democrats are optimistic that if elected president, Sen. Barack Obama (D-Ill.) would create smart financial services policies to help the troubled market (American Banker
Aug. 28). Obama would create “market friendly” regulation, according to House Financial Services Committee Chairman Barney Frank (D-Mass).. Obama also would push for more oversight, said Rep. Charlie Wilson (D-Ohio). Rep. Gregory Meeks (D-N.Y.) said Obama is pro-business, but is not interested in over-regulating. Rep. Paul Kanjorski (D-Pa.) said Obama would be more pragmatic than opposing presidential candidate Sen. John McCain (R-Ariz). The Republican side is hurting for new ideas regarding financial services, and may not attract much support in Congress, he said ... * WASHINGTON (8/29/08)--American companies are on their way to using international accounting standards after the Securities and Exchange Commission took action Wednesday that would allow some American companies to implement the rules starting next year. By 2016, all American companies will be required to use the standards. Adopting the international standards would help investors compare companies in different regions (The New York Times
Aug. 28). About 110 firms will be following the rules in their financial statements after Dec. 15, 2009. In order to qualify, the companies must be one of the largest 20 in their industry worldwide ... * ALEXANDRIA, Va. (8/29/08)--National Credit Union Administration (NCUA) Chairman Michael E. Fryzel
toured and became a member of State Department FCU during his visit of the credit union’s headquarters here. The NCUA, like the credit union, is located in Alexandria. The NCUA said the chairman’s tour of the credit union was part of his outreach to the credit union industry during his first months in office. Pictured are Lavae Lindley (left) as she helps Fryzel open an account at the credit union (Photo provided by the National Credit Union Administration)… * ALEXANDRIA, Va. (8/29/08)--New London (Conn.) Security First FCU’s full payout is over 97%, the National Credit Union Administration (NCUA) announced Thursday. One month ago, the agency placed the credit union into liquidation after the credit union was considered insolvent. As of July 28, roughly 80% of the account balances were paid by the National Credit Union Share Insurance Fund, and 99.5% were paid by Aug. 28. The remaining accounts are being reviewed or have deposits in excess of the $100,000 federal insurance limit for individual accounts. NCUA is working to maximize recoveries for the benefit of uninsured depositors ...