MIT economist blocked by Republican senators who say Nobel winner not qualified for job; Diamond says "we should all worry."
Key Republicans on the House Financial Services Committee are concerned that the Obama administration’s proposed settlement with mortgage servicers could require the servicers to write down mortgage principles in certain cases.
The third time may not be the charm for Nobel Laureate Peter Diamond’s effort to get on the Federal Reserve.
Congress won’t undertake a massive overhaul of the regulatory system during the next two years, but there will no shortage of action on lower profile issues that impact credit unions.
The NCUA's handling of the corporate credit union crisis will be among the credit union-related topics that the House and Senate banking panels plan to deal with during the next two years.
The Senate Banking Committee will have five new members during this session, as a result of assignments announced by the party leaderships on Thursday.
Congress hasn't scrutinized the NCUA's handling of the problems at corporate credit unions very much.
Credit unions will have to wait until next year to expand member business lending following yesterday's unsuccessful effort by Sen. Mark Udall to bring up the legislation in the waning days of the lame duck Congress.
Senators of both parties asked pointed, though not hostile, questions of NCUA Chairman Debbie Matz about how the agency dealt with the problems of corporate credit unions and whether the agency's examination procedures were adequate.
A bipartisan group of 13 senators urged Federal Reserve Chairman Ben Bernanke in a letter sent yesterday to ensure that when the Fed issues regulations on debit interchange fees they don't hurt small financial institutions and consumers.