Director Banned For Disclosing CAMEL Rating
ALEXANDRIA, Va.-NCUA has banned James Talbert, director at D.C. Government Employees FCU, from credit unions for disclosing publicly the credit union's CAMEL rating last year after its president and CEO, Carla Decker, was nominated to serve on the NCUA Board. Talbert disclosed the $45-million CU's CAMEL 3 rating and other financial issues related to DCGEFCU as Decker was awaiting Senate confirmation of her nomination, which never came. Decker withdrew her name from consideration last month. Last November, NCUA Board Chairman Debbie Matz asked for a full investigation of the disclosure. Talbert consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation, the agency said.
Durbin Proposes Allowing Student Debt Be Discharged
WASHINGTON-Sen. Dick Durbin proposed legislation last week that would allow private student loan debt to be discharged in bankruptcy, as all non-mortgage debt can be, although borrowers still would be responsible for paying federal student loans. The proposal would reverse a 2005 provision that made privately issued student loans nondischargable in bankruptcy. Sen. Durbin has held several town halls in Illinois on the issue.
The bill comes as increasing numbers of credit unions are offering private student loans to replace the federal loans that were eliminated two years ago. NAFCU President Fred Becker last week said the trade group is still looking over the proposal to determine exactly how it would affect credit union loans.
"We have some concerns," Becker told Credit Union Journal. "We are reviewing [the legislation] to see exactly what it means."
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