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News Now

Washington
Inside Washington (10/10/2008)
* ALEXANDRIA, Va. (10/13/08)--National Credit Union Administration (NCUA) Chairman Michael E. Fryzel is scheduled to appear Tuesday on the Fox Business Network’s “Money for Breakfast” program. The agency said Fryzel will discuss the recently-passed Emergency Economic Stabilization Act, which includes the increase in National Credit Union Share Insurance Fund (NCUSIF) coverage, as well as the current state of the economy and its relation to credit unions. The segment will air between 8-9 a.m. ET... * WASHINGTON (10/13/08)--The Treasury Department has received several proposals for its $700 billion rescue program from several large banks (American Banker Oct. 10). Bids for the program were due Wednesday evening, and the Treasury plans to make selections this week. Bank of New York Mellon Corp. and State Street Corp. bid on custody services and record-keeping, and BlackRock Inc. and Pacific Investment Management Co. bid on troubled mortgage-backed securities. The securities comprise the larges portion of the bailout. UBS AG analysts predict that the Treasury will begin purchasing mortgage assets within six to eight weeks ...


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