Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Obama signs historic financial reg reform
WASHINGTON (7/22/10)—President Barack Obama on Wednesday officially signed legislation that introduces a series of sweeping regulatory reforms that substantially restructure financial regulations and provides consumers with new protections. The legislation is mainly aimed at Wall Street and larger financial firms and seeks to help avoid a repeat of the country's recent crisis prompted by a meltdown of housing and mortgage markets. The legislation also addresses thrifts, deposit insurance reforms, hedge funds, credit rating agencies, executive compensation, and investor protections, among other items. The legislation, which was officially approved by the Senate last week, makes permanent an increase in federal deposit insurance to $250,000 per account, and extends on an equal basis for credit unions and banks unlimited federal insurance for non-interest bearing accounts. The legislation also establishes a consumer financial protection bureau, and credit unions with assets under $10 billion will not be examined by the new bureau once it is established. A similar $10 billion credit union exclusion applies to rules that allow the Federal Reserve to set interchange fees for debit cards. The interchange legislation was strongly opposed by the Credit Union National Association (CUNA) and credit unions. A July 16 News Now story erroneously noted the provision applied to credit cards. The error has been corrected. (See CUNA: Final reg reform has some CU improvements, July 16) Several other reforms are also of interest to credit unions. One such reform is the inclusion of the National Credit Union Administration chairman on a proposed financial stability oversight council. CUNA continues to analyze the impact that the regulatory reform provisions will have on credit unions.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
9 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
14 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
14 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
16 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
16 hours ago