WASHINGTON - (07/15/05) -- NCUA's actions denying theconversion of Community CU have drawn attention from one sourceoutside the credit union and political arena--a Washington watchdoggroup called Citizens Against Government Waste. "It is the dog daysof summer and it appears federal bureaucrats have nothing better todo than harass and put up bogus barriers to a credit union thatwants to change its charter and become a savings bank," said TomSchatz, president of the non-profit which says it is dedicated toeliminating waste, fraud, mismanagement and abuse in thegovernment. The self-described watchdog group, well know for its'porker of the month award' citing government waste, said NCUA'saction invalidating last month's membership vote approving thecontroversial conversion could cost the credit union as much as$500,00 if Community CU is required to conduct the vote again."This is government overreach and an excessive, analytic reading ofthe regulation," Schatz said. ""It is time for NCUA to use commonsense, stop wasting time and tax dollars, and approve theconversion."
-
The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
28m ago -
The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
34m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
35m ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
3h ago -
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24