Regulatory & Compliance

WASHINGTON -- Citing the severe damage to the industry and even its elimination, credit union leagues were quick last week to join in attacking the Treasury Department's consolidation plan as unworkable and anti-consumer. But one league CEO, John Annaloro of Washington State, found a silver lining.

WASHINGTON -- Taking advantage of the current crises in the U.S. mortgage and credit markets, the U.S. Department of the Treasury last week unveiled the most sweeping package of changes to U.S. financial institution and market regulation in almost 80 years.

SACRAMENTO, Calif. -- Credit unions participating in their league's California Government Relations Rally have a very timely issue to discuss with their legislators today.

WASHINGTON -- If nothing else, the furor over the Treasury's "Blueprint" proposal for financial reorganization has pointed out a glaring fact: No one is applying for credit union charters, Washington attorney Bruce Jolly said Tuesday.

WASHINGTON-- Offering some help to troubled homeowners, The Foreclosure Prevention Act of 2008 (S. 2636) may soon be voted on by the full Senate. Following last week's debate over amendments, the basic package has wide bipartisan support.

FEDERAL WAY, Wash. -- Joining CUNA's hard-line campaign to defeat the Treasury's regulatory reorganization plan, the head of the Washington Credit Union League Friday called the package "inexcusable" and badly flawed but finds there are positives and CU opportunities since "re-regulation is inevitable."

WASHINGTON -- Seeing strong Republican opposition to allowing bankruptcy judges to alter terms on the mortgages of primary homeowners--as they are already empowered to do for vacation homes, yachts and investment properties--Senator Dick Durbin (D-Ill.) withdrew his amendment to the housing bill late yesterday.

WASHINGTON -- The Senate is currently debating housing legislation, with several amendments to the base package under discussion. Senator Durbin's (D-Il.) amendment to allow bankruptcy judges to amend mortgage terms was introduced and four Republicans, including Sam Brownback of Kansas spoke against it.