Regulatory & Compliance

WASHINGTON -- Congressional leaders are considering increasing the amount of credit union and bank deposits covered by federal insurance from $100,000 to $250,000 for one year, as part of a revised asset purchase plan scheduled to be voted on by the Senate tonight.

RALEIGH, N.C. -- Jim Blaine, the president/CEO of State Employees' Credit Union, Tuesday called on the industry, now liquid and in good shape, to avoid any appearance of seeking a handout from Congress.

RALEIGH, N.C. -- Jim Blaine, the president/CEO of State Employees' Credit Union, Tuesday called on the industry, now liquid and in good shape, to avoid any appearance of seeking a handout from Congress.

WASHINGTON -- The U.S Attorney in New York has sent federal grand jury subpoenas to Fannie Mae and Freddie Mac. The mortgage finance companies have been asked to preserve documents dealing with accounting, disclosure and corporate governance from Jan. 1, 2007 until the present.

AUGUSTA, Maine -- Mark Johnston, CEO of the $670 Kennebec Savings Bank, has written an opinion piece in a local paper defending the proposal to merge with the $51 million KV Federal Credit Union.

WASHINGTON -- President Bush and the top Senate Democratic and Republican leaders said today they would work to make the changes needed to pass the $700 billion measure to allow the government to buy illiquid assets from financial institutions, including credit unions.

WASHINGTON -- Credit unions report a slew of reactions ranging from panic to a lack of concern to the news that the massive $700 billion bailout proposal has been rejected by the House of Representatives.

NEW YORK -- Nervous investors reacting to the news of the rejected financial system rescue plan sent stocks tumbling this afternoon.