Regulatory & Compliance

President Obama today nominated Sonia Sotomayor, a federal appeals court judge to the U.S. Supreme Court.

Of the inquiries coming in to Eastern Financial Florida Credit Union, members are asking about fund safety, whether transactions are still proceeding and the future of the $1.6 billion financial institution.

President Obama plans to name Sonia Sotomayor, a federal appeals court judge to the U.S. Supreme Court today, according to media reports. Obama is scheduled to make the announcement at 10:15 a.m.

President Obama is scheduled to sign legislation this afternoon that will place tighter restrictions on credit unions and other credit card issuers.

President Obama yesterday named Deborah Matz, an NCUA board member from 2002-2005, to be the new chairman.

Credit unions and other credit card issuers will have tighter restrictions on their ability to raise interest rates and the requirements for sending out bills as a result of a bill approved by the House today in a 367-61 vote.

WASHINGTON -- Corporate credit unions would have to keep a 5% core capital leverage ratio to be considered well capitalized under rules that the NCUA plans to discuss later this year, NCUA Chairman Michael E. Fryzel told lawmakers today.

The Senate last night followed the House's action earlier in the day and passed a bill that that includes a temporary stabilization fund for corporate credit unions.