PayThink

An amazing thing has happened to the Commodity Futures Trading Commission since President-elect Barack Obama came to town: It has actually started to matter. Its newfound relevance is derived mostly from Gary Gensler, the man appointed by the new president to lead it.

Harvey Pitt, who was chairman of the Securities and Exchange Commission from 2001 to 2003, admits that the agency has major flaws, but says it shouldn´t be demolished. Mr. Pitt discussed with BankThink his idea for how to improve examinations without more spending, and what to do about the Commodity Futures Trading Commission.

A new year, a new Congress and a new set of problems will greet those returning to Washington from their holiday vacations. With the first tranche of bailout money overallocated by the Treasury Department and scant improvement in the housing market, there´s no chance of 2009 getting off to a slow start. While there are just three official hearings scheduled, observers of the Hill anticipate action on some or all of the major issues: a stimulus package, the housing crisis, appropriations and regulatory restructuring.

No, he didn´t agree to an interview, but we have still managed to decipher some of Eliot Spitzer's views on regulatory restructuring. What a capitalist!

I still remember the toughest question posed to me during my first job interview at the National CU Foundation: "How is your experience at a for-profit international management firm relevant to running a non-profit credit union foundation?"

In this, the centennial anniversary of credit unions, I can think of many examples throughout my 22 years in the credit union world that personify the credit union spirit. But perhaps none so singularly as a recent mortgage modification. In this instance, one of our members had begun to have difficulty making his mortgage payments. Our staff reached out to him and discovered he is a member with special needs and is confined to a wheelchair. Because of the unique accommodations that he requires in his home, keeping him in it was particularly important. I have great satisfaction in knowing that our efforts have helped him during this challenging time.

By the time credit unions get to Washington in late February for CUNA's GAC, there may not be any room for them. That's because, as the new year begins, it's hard to find anyone or any special interest who isn't currently in DC with their palms up seeking a bailout or a handout or even the scraps that might fall off the table.

There´s no place like home - especially if your name is IndyMac. The California thrift, which the Federal Deposit Insurance Corp. is close to selling, looks like it could stay under the watchful eye of its old regulator: the Office of Thrift Supervision.

Few are brave enough to sue the government, as we´ve discussed before, but it did seem like just a matter of time before someone went after the Treasury Department. Whatever else Secretary Henry Paulson has done to prevent financial Armageddon, he hasn´t kept the Treasury´s public image above the foreclosure fray. Mr. Paulson, meet Thomas R. Harberson.

It hasn´t been easy for consumers-even the wealthiest, most financially savvy ones-to figure out where the safest place to put their money is these days. News of Bernard Madoff´s $50 billion ponzi scheme has only made discerning the good investment advisors from the bad more difficult.