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  • WASHINGTON (10/28/11)--The Credit Union National Association (CUNA) thanked Sen. Dianne Feinstein (D-Calif.) for drawing attention to the important role credit unions play in the lives of their members and the good work they are doing worldwide.  Feinstein submitted a statement into the Congressional Record to recognize International Credit Union Day (News Now Oct. 21), and she noted the 186 million consumers in 97 counties that are served by more than 56,000 credit unions. "These member-owned financial cooperatives provide their members access to affordable financial services. Many credit union members otherwise would not have access to these services because of financial or geographic challenges. Across the globe, credit unions are working every day to fulfill the mission, 'People Helping People,' CUNA noted in its letter of thanks. "We believe that credit unions are the best way for consumers to conduct their financial services, and we look forward to continuing to work with you on initiatives that support that goal."… 
  • WASHINGTON (10/28/11)--The U.S. Treasury Department must develop a clear exit path for community banks still mired in the Troubled Asset Relief Program (TARP), according to according to a government watchdog report due out Thursday. A common misperception is that most of the 707 TARP banks have paid back TARP, when only the largest banks have exited TARP, according to the report from the Special Inspector General for TARP. Smaller and medium-size banks are not exiting TARP with the same speed as the larger banks, with roughly 400 still in TARP. Of these, nearly half are not paying their TARP dividend and in some cases, the banks are operating under an order by their regulator. Compared with larger banks, community banks may face an uphill battle to exit TARP, the report said. Community banks do not have the same access to capital as the larger banks. They are more exposed to distressed commercial real estate-related assets and non-performing loans ...
  • WASHINGTON (10/28/11)--The Federal Housing Finance Agency (FHFA) Thursday released updated projections of the financial performance of Fannie Mae and Freddie Mac, including potential draws under the Senior Preferred Stock Purchase Agreements with the U.S. Department of the Treasury. FHFA first released financial projections in October 2010, and these updated projections show similar results for two out of three scenarios, and a decrease in cumulative Treasury draws in one scenario. Through the FHFA Conservator's Report, FHFA tracks actual performance versus projections on a quarterly basis. Under the three scenarios used in the projections, cumulative Treasury draws (including dividends) at the end of 2014 range from $220 billion to $311 billion. In the initial projections released in October 2010, cumulative Treasury draws (including dividends) at the end of 2013 ranged from $221 billion to $363 billion …
  • WASHINGTON (10/28/11)--New Jersey credit union advocates yesterday joined New Jersey Credit Union League (NJCUL) President/CEO Paul Gentile and Director of Government Affairs Chris Abeel for a day-long series of meetings on Capitol Hill to bring the job creation message to targeted members of New Jersey's Congressional delegation. In the morning the group met with U.S. Sens. Robert Menendez and Frank Lautenberg, both Democrats. In the afternoon, the group met with U.S. Reps. Donald Payne (D) and Bill Pascrell (D). They also met with the legislative counsel to U.S. Rep. Frank LoBiondo (R), who was called away at the last minute for a floor vote, and U.S. Rep Albio Sires' (D) chief of staff. On Wednesday, Payne announced he had signed-on to the House version H.R. 1418 of the Small Business Lending Enhancement Act that would increase the current credit union member business lending cap. Pictured from left: Chris Abeel, NJCUL director of government affairs; Beth Degnan, assistant vice president of external affairs, Affinity FCU, Basking Ridge, N.J.; U.S. Rep. Bill Pascrell (D); Paul Gentile, NJCUL president/CEO; Gary Chizmadia, volunteer, Credit Union of N.J., Ewing, N.J, and Al Feigenbaum, CEO, Advanced Financial FCU, New Providence, N.J. (Photo provided by NJCUL) …


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