Regulatory & Compliance

WASHINGTON-At its two-day meeting last week, the Federal Open Market Committee increased the federal funds target by 25 basis points to 4-3/4%. In its release, the FOMC said "some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability...

WASHINGTON-Five banking trade associations nudged the Senate Banking Committee to proceed with its version of financial services regulatory relief. In a letter to Committee Chairman Richard Shelby and Ranking Member Paul Sarbanes, the American Bankers Association, America's Community Bankers, Independent Community Bankers of America, Consumer Bankers Association, and The Financial...

JEFFERSON CITY, Mo. - Cole County Circuit Court Judge Richard Callahan has issued his decision on the credit union FOM case and ruled that the regulation determined by the state Credit Union Commission is invalid. In announcing his decision on March 24, Callahan said the geographic definitions contained in the...

WASHINGTON-Rich Spillenkothen, an institution at the Federal Reserve Board, has announced he will retire as of June 30. Spillenkothen has spent 30 years at the Fed, 15 of those as director of the Division of Banking Supervision and Regulation. "During Rich's tenure, the Federal Reserve's approach to banking supervision has...

ALEXANDRIA, Va. - Eight months after NCUA issued its Risk Alert 05-RISK-01 concerning "Specialized Lending Activities - Third-Party Subprime Indirect Lending and Participations," the agency has issued a white paper designed to provide examiners with a discussion on measuring and predicting the effect of vehicle loan performance on credit unions'...

McLEAN, Va. - Martin Baumann, executive vice president of finance and chief financial officer who was instrumental in helping Freddie Mac complete its earning restatement and release its 2003 and 2004 financial results on an improving timeline, resigned from the housing government sponsored enterprise on March 22. Freddie Mac's President...