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Washington
Inside Washington (11/20/2009)
* WASHINGTON (11/23/09)--National Credit Union Administration (NCUA) Board Member Gigi Hyland met with the Young Credit Union Professionals (YCUP) during the Credit Union Association of Oregon’s annual convention. She addressed the group of 30 YCUP members in Salem, Ore., speaking about share insurance assessments, proposed regulation and capital structure. She also offered her “top four tidbits” for YCUP members to walk away with: educate your elders, advocate, look at what changes need to be made, and attend Credit Union Development Educator training. From left are NCUA Senior Policy Adviser Gary Kohn; Matt Goodwin; Chad Warneke; Angie Cayot; Rachel Snyder; Hyland; Victoria King; and Sara Bebout. (Photo provided by Oregonians CU) ... * WASHINGTON (11/23/09)--The Treasury Department said it will sell the warrants it received from TCF Financial Corp., CapitalOne, and JP Morgan Chase and Co. in a public auction (American Banker Nov. 20). The department obtained the warrants for the capital infusions it provided the institutions as a part of the Troubled Asset Relief Program. The companies have pushed for the sales to take place publicly. Some firms have negotiated directly with Treasury on the sales. The auction will be structured so investors can submit bids at certain levels above a minimum price to establish the warrants’ market price ... * WASHINGTON (11/23/09)--On Thursday, the House Financial Services Committee approved amendments that would give the government resolution powers for systemic firms, and create a fund to pay for the resolution of those firms. A vote was expected on the measure but Chairman Barney Frank (D-Mass.) said a final roll call vote would be delayed until after Thanksgiving due to a request from the Congressional Black Caucus regarding the economy. Among the amendments the committee approved included an amendment by Rep. Ron Paul (R-Texas), which would allow the Government Accountability Office to audit the Federal Reserve Board. It also would require the Fed to name who received 13(3) help after six months. The committee also approved Frank’s amendment to disclose the borrowers using 13(3) facilities after one year ... * WASHINGTON (11/23/09)--Both Democrats and Republicans on the Senate Banking Committee picked apart Chairman Christopher Dodd’s (D-Conn.) plan for financial reform. On Thursday, several committee members said the legislation was not “well-constructed” and not ready for quick action. Lawmakers indicated they agreed on Dodd’s legislative goals, but didn’t agree with his execution of them. Sen. Michael Bennet (D-Colo.) said Dodd should create a bipartisan bill before moving forward to avoid unintended consequences. Sen. Tim Johnson (D-S.D.) expressed some concerns about consolidating banking supervision into one agency, eliminating national bank preemption and creating a consumer financial protection agency. The bill needs to strengthen regulation where needed but not harm community banks and credit unions, who didn’t cause the financial crisis (American Banker Nov. 20) ...


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