Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (11/30/2008)
* ALEXANDRIA, Va. (12/1/08)--National Credit Union Administration (NCUA) Chairman Michael Fryzel said last week that the most important step taken by his agency to deal with financial market dislocations may its adoption of a 12-month examination program. The NCUA Board voted unanimously to approve the accelerated exam schedule at its Nov. 20 open meeting. Fryzel was addressing more than 50 Illinois credit union executives at a luncheon following a tour of Baxter CU in Vernon Hills, Ill. The chairman said the new program equips NCUA with additional and essential tools to oversee the safety and soundness of the credit union movement. Pictured from left are Baxter CU representatives: Jeff Johnson, senior vice president and chief information officer; John Bratsakis, senior vice president-Business Development; Bob McKay, senior vice president-chief operating officer; NCUA Chairman Fryzel; Carl Presto, vice president-Finance; Mike Valentine, president/CEO; and Baxter board member Bob Benziger … * WASHINGTON (12/1/08)--U.S. Small Business Administration (SBA)Acting Administrator Sandy Baruah said last week that the plan by the Treasury and the Federal Reserve to improve market conditions for asset-backed securities--including those composed of SBA-backed small business loans--should be welcome news to credit-hungry small businesses across the country. The Treasury-Fed plan establishes the Term Asset-Backed Securities Loan Facility, or TALF, to make loans to investors who purchase asset-backed securities made up of small business loans guaranteed by SBA, auto loans, student loans, or credit card loans. As a result, Baruah said, lenders will find it easier to sell the loans they make and use the proceeds of those sales to make new loans. The SBA said about $4 billion in securities backed by SBA-guaranteed loans are bought and sold in the secondary market each year, with the total outstanding amounting to about $15 billion. At present, a share of the current year’s volume of loans securitized by lenders--estimated at up to $3 billion--is essentially frozen. The resulting lack of liquidity hampers the ability of some of SBA’s lending partners to make new SBA-backed loans …


RSS print
News Now LiveWire
NCUA announces free webinar, 'Merger Best Practices,' to be offered on Wed., Sept. 17, 2014,2 p.m. ET. 2 register: http://t.co/7NaPNVuG4u
17 minutes ago
#creditunion loan growth continues at pace not seen in years, says @CUNA's monthly estimates. See #NewsNow http://t.co/L1dBFQE5gd
28 minutes ago
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 29 ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 29 ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
8 29 ago