Regulatory & Compliance

WASHINGTON - The federal budget deficit could be $1.19 trillion for the current fiscal year, according to a Congressional Budget Office report issued today.

WASHINGTON - The 111th Congress is being sworn in today and will have an agenda filled with items aimed at curing the nation's economic woes.

WASHINGTON -- Just two days before a hearing on jumpstarting the stalled economy, CUNA has not wavered in its attempts to convince lawmakers to eliminate the 12.25% member business lending cap.

WASHINGTON - Lobbyists for CUNA and NAFCU said they plan to redouble efforts to persuade lawmakers to lift the cap on member business loans as part of the stimulus bill that is working its way through Congress.

WASHINGTON - House Financial Services Committee Chairman Barney Frank is asking Federal Reserve Chairman Ben S. Bernanke to support permanently lifting the cap on the Central Liquidity Facility.

WASHINGTON - President-elect Barack Obama and his family are scheduled to move to Washington on Sunday.

WASHINGTON - A federal judge has delayed the trial of Bellco Credit Union's lawsuit against the Internal Revenue Service over $199,000 in unrelated business income taxes paid.

WASHINGTON -- Given the connections between financial markets, having a single, independent regulator to oversee banks, credit unions and investment firms "may make sense" Securities and Exchange Commissioner Luis Aguilar recently said.