American Bankers Association Senior Economist Keith Leggett has written the Washington State Department of Financial Institutions in opposition to its proposal to permit private primary deposit insurance for credit unions based on the public policy implications of a failure.

Hal Daub, a former Republican member of Congress and mayor of Omaha, announced about a month ago that he was considering running for the Nebraska Senate seat up for election in 2008.

NAFCU submitted a comment letter today urging the Washington State Department of Financial Institutions not to use its statutory authority to allow state chartered credit unions to employ private primary deposit insurance.

The Federal Open Market Committee decided in its meeting today to maintain the federal funds target rate at 5.25% even while acknowledging the impact of the housing breakdown.

The national credit union trade associations, while generally supporting NCUA's proposed changes to its Field of Membership and Chartering Manual, asked NCUA to reassess the requirement for notice to be published in the <em>Federal Register</em>.

Roger Little, Michigan deputy commissioner of credit unions, wrote a letter last week (2007-CU-05) reiterating the tax-exempt status of Michigan state chartered credit unions.

The Federal Reserve Board and Treasury's Financial Crimes Enforcement Network have announced $65 million in penalties assessed against American Express Bank International and American Express Travel Related Services Company, Inc. for violations of the Bank Secrecy Act.

Co-sponsorship for the Credit Union Regulatory Improvements Act (H.R. 1537) reached 122, including primary sponsor Congressman Paul Kanjorski (D-Pa.), prior to Congress recessing for its tradition month-long break in August.