Regulatory & Compliance

WASHINGTON - Federal credit unions and other credit card issuers would be banned from charging interest on repaid debt under regulations approved today by the NCUA and two other regulatory agencies.

ALEXANDRIA, Va. -- NCUA Chairman Michael E. Fryzel said yesterday that any program to buy bad mortgages from credit unions should not be financed by the NCUSIF, but by the Treasury Department's Troubled Asset Relief Program.

ALEXANDRIA, Va. - The NCUA today added two new permissible CUSO activity categories-credit card loan origination and payroll processing services-and broadened the reach of two service categories.

WASHINGTON -- President-elect Barack Obama today named Sen. Ken Salazar (D-Colo.) to be secretary of the interior and former Iowa Gov. Tom Vilsack to be secretary of agriculture.

WASHINGTON - Complaining that banks have been given numerous opportunities to shelter income from taxes, CUNA today asked for a meeting with Treasury Department officials to make the case why credit unions should get more parity.

WASHINGTON -- The Small Business Administration issued an interim final rule today for new lender oversight regulations in its guaranteed loan programs with the aim of greater enforcement authority and increase transparency on how risk is evaluated.

ALEXANDRIA, Va. -- U.S. Central can convert membership capital accounts to a new paid-in capital instrument, the NCUA decided today.

WASHINGTON - White House spokeswoman Dana Perino said today that the Bush administration may reverse its opposition to using money from the Troubled Asset Relief Program to help Chrysler, Ford and General Motors.