Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (09/07/2011)
* WASHINGTON (9/8/11)--The Federal Deposit Insurance Corporation (FDIC) announced a new program Wednesday, one intended to encourage small investors and asset managers to partner with larger investors to participate in the FDIC's structured-transaction sales for loans and other assets from failed banks. Called “The Investor Match Program,” the FDIC is hopeful it will help facilitate partnerships in order to bring together sources of capital and expertise. FDIC’s stated goal is to expand opportunities for participation by smaller investors and asset managers, including minority and women-owned firms, in FDIC structured-sales transactions. The program has additional goals that include knowledge transfer and increased effectiveness of execution by small investors and asset managers via enhanced organizational competencies … * WASHINGTON (9/8/11)--U.S. Rep. Brad Miller (D-N.C.) applauded the efforts of the Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, for its lawsuits against some of the largest U.S. banks for allegedly misrepresenting the quality of loans they had assembled and sold as securities to investors and the agencies. Pending lawsuits against 17 financial institutions, including Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and others allege that the banks failed to perform their due diligence to verify borrower income and property values that were often inflated or false. “Not pursuing those claims would be an indirect subsidy for an industry that has gotten too many subsidies already,” Miller said. “The American people should expect their government not to give the biggest banks a backdoor bailout” … * VIENNA, Va. (9/8/11)--The Financial Crimes Enforcement Network (FinCEN) announced Wednesday it has assessed a $5,000 civil money penalty against a Georgia-based money transmitter for a series of violations, including allowing its registration with FinCEN as a money transmitter to lapse for several years. Since 2001, the Bank Secrecy Act has required certain money transmitters to register with the FinCEN by filing a Registration of Money Services Business (RMSB) form, and renewing the registration every two years. According to FinCEN, on Nov. 15, 2006, Altima's owner, Babak Safarriyeh, a.k.a “Bobby Safari,” filed an initial RMSB form but did not renew Altima's money services business registration until Feb. 25, 2010, resulting in a lapse of registration lasting more than two years. Altima was dissolved on Sept. 6, 2010, and on Dec. 31, 2010, Altima's money transmitter license, issued by the Georgia’s Department of Banking and Finance, expired … * WASHINGTON (9/8/11)--The National Association of ATM ISOs and Operators (NAAIO) and the Alliance of Specialized Communications Providers (ASCP) have joined to form the National ATM Council (NAC). NAAIO and ASCP are combining to better represent the interests of the nation’s independent ATM operators, the two organizations said. NAC’s membership will include a majority of the independently owned (non-bank) ATMs in the U.S. Independent ATMs account for approximately one-half of the nation’s ATMs. In addition to promoting America’s independent ATM industry, NAC has also established three affiliated trade councils to advance the interests of the U.S. independent business sectors of correctional communications, public communications and air/vac/water services …


RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
6 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
7 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
8 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
9 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
11 hours ago