Regulatory & Compliance

CUNA General Counsel Eric Richard said today the association won't file a suit challenging NCUA's decision to place U.S. Central Federal Corporate Credit Union and Western Federal Corporate Credit Union into conservatorship.

NCUA's borrowing authority would be raised from $100 million to $6 billion and it would receive an additional $18 billion in emergency borrowing authority under an amendment that the Senate Banking Committee is scheduled to consider.

The automobile industry will be getting some tough love, including additional restructuring and layoffs and possible bankruptcy filings, as part of the rescue plan unveiled today by President Obama.

NCUA Chairman Michael E. Fryzel today asked Congress to give his agency the $30 billion in emergency borrowing authority from the Treasury Department.

An op-ed article in today's New York Times on the latest bank bailout outlined the "vast swath of new powers" that will be given to the FDIC by the Treasury and foresaw the possible demise of "obscure regulatory animals," including the NCUA.

The National Federation of Community Development Credit Unions has reiterated its long standing policy of opposing the imposition of the community reinvestment act on credit unions.

The NCUA Board asked Congress to create a stabilization fund so credit unions can spread out premiums to the NCUSIF over seven years.

Treasury Secretary Timothy Geithner unveiled today a series of proposals to regulate derivatives and hedge funds and allow the government to takeover troubled financial companies.