WASHINGTON-House Judiciary Committee Republicans were able to speedily dispense with amendments raised during the mark up of H.R. 975, Bankruptcy Abuse Prevention and Consumer Protection Act of 2003. The March 12 mark up was a roller coaster ride for the credit union carve-out on voluntary reaffirmations. The bill was ultimately...

WASHINGTON-Even as state attempts to tax credit unions appear to be spreading, credit union lobbyists are not worried about any changes at the federal level. "We oppose taxation of credit unions at any level," NAFCU Director of Legislative and Political Affairs Brad Thaler said. "We'll say that right off the...

WASHINGTON-As soon as House Judiciary Chairman Jim Sensenbrenner (R-Wis.) introduced a new bankruptcy reform bill for the 108th Congress, it started kicking up controversy all over again. Word on the Hill is that Senate Judiciary Chairman Orrin Hatch (R-Utah) is looking to bypass the committee process and bring the bill...

WASHINGTON-Two credit union trade associations are working to have an amendment added to either the new business checking or sterile reserves bills, which had a combined hearing last week, to continue the Federal Reserve banking fee study and to include credit unions. Last congressional session bills to permit the Fed...

WASHINGTON-Mary Louise Preis, Maryland commissioner of financial regulation and NASCUS Board member, spoke out tenaciously against NCUA strong-arming its way into regulating state chartered credit unions through the insurance fund. "We need to ensure that state chartered credit unions have their view in decisions the agency makes about the share...

WASHINGTON-Two congressmen told attendees of CUNA's Governmental Affairs Conference that credit unions' presence on Capitol Hill is strong and positive. "When I think of credit unions, I think of grassroots," Congressman Bob Ney (R-Ohio) said during a panel discussion. While credit unions generally do enjoy strong bipartisan support, to keep...

SPRINGFIELD, Mass.-NCUA assumed control of service and operations at D. Edward Wells Federal Credit Union in Springfield, Mass. as of Feb. 21. D. Edward Wells was placed into conservatorship for failing to provide full access to its books and records and serious operational deficiencies, according to NCUA, including unreconciled financial...

WASHINGTON-The Federal Reserve Board approved a final rule recently amending Regulation B, implementing the Equal Credit Opportunity Act. The Reg B amendments create an exception to allow creditors to collect nonmortgage applicants' personal characteristics to `self-test' for ECOA compliance. Also addressed in the changes is a 25-month record retention requirement...