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Interest Rates
- US: H15 -0.27 2010-10-07 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.18 2010-10-07 FRB Federal funds effective rate
- US: H15 0.19 2010-10-07 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 0.79 2010-10-07 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.21 2010-10-07 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
Trade (FTC)
- FTC Submits Comment to EPA on Proposed Rule Concerning Confidentiality of Greenhouse Gas Data; FTC Approves El Paso Energy Corp.’s Request to Modify Final Commission Order Regarding its Acquisition of Coastal CorporationThe Federal Trade Commission has submitted a comment to the Environmental Protection Agency in response to a proposed EPA rule concerning the confidentiality of data submitted under EPA’s Greenhouse Gas Reporting Rule. The Federal Trade Commission has approved a request by El Paso Energy Corporation that the FTC modify a final consent order issued in 2001. […]
- FTC Submits Comment to EPA on Proposed Rule Concerning Confidentiality of Greenhouse Gas Data; FTC Approves El Paso Energy Corp.’s Request to Modify Final Commission Order Regarding its Acquisition of Coastal Corporation
Commerce News
- Notice: Inquiry on Copyright Policy, Creativity, and Innovation in the Internet EconomyThe Department of Commerce's Internet Policy Task Force is conducting a comprehensive review of the relationship between the availability and protection of online copyrighted works and innovation in the Internet economy. Comments are due on or before November 19, 2010. (225 KB PDF file) […]
- Notice: Inquiry on Copyright Policy, Creativity, and Innovation in the Internet Economy
Small Business News
- Statement of SBA’s Chief Counsel for Advocacy Winslow Sargeant on expanded reporting requirements“I am surprised and disappointed by Senator Snowe’s portrayal of the Office of Advocacy’s actions regarding the expanded IRS Form 1099 reporting issue. The Office of Advocacy has been actively involved with the small business community and the Internal Revenue Service on this issue. We hosted a roundtable for small businesses and their representatives to hea […]
- Statement of SBA’s Chief Counsel for Advocacy Winslow Sargeant on expanded reporting requirements
Monetary Policy
Cost Estimates
- H.R. 4868, Housing Preservation and Tenant Protection Act of 2010Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 27, 2010 […]
- S. 987, International Protecting Girls by Preventing Child Marriage Act of 2010Cost estimate for the bill as ordered reported by the Senate Committee on Foreign Relations on September 21, 2010 […]
- H.R. 5663, Robert C. Byrd Miner Safety and Health Act of 2010Cost estimate for the bill as reported by the House Committee on Education and Labor on July 29, 2010 […]
- H.R. 4868, Housing Preservation and Tenant Protection Act of 2010
Banking
- OCC, Woodforest National Bank Enter Agreement to Reimburse ConsumersThe Office of the Comptroller of the Currency has entered into a settlement with Woodforest National Bank, The Woodlands, Texas, that requires the bank to pay approximately $32 million in reimbursement to consumers who were harmed by the bank’s overdraft program. […]
- OCC, Woodforest National Bank Enter Agreement to Reimburse Consumers
Corporate Credit Unions
October 5, 2010, Alexandria, Va. — The National Credit Union Administration today announced the creation of two bridge corporate credit unions to assume operations of U.S. Central Corporate Federal Credit Union (US Central) and Western Corporate Federal Credit Union (WesCorp).
These actions, which were originally announced in conjunction with the unveiling of NCUA’s Corporate System Resolution Plan on September 24, comprise an important next phase in the transition of corporate credit unions currently under NCUA conservatorship.
The newly created institutions will be known as U.S. Central Bridge Corporate Federal Credit Union and Western Bridge Corporate Federal Credit Union.
“The creation of bridge corporates is an important interim step toward an orderly transition which will allow consumer credit unions to exercise real choice about the future of the corporate system,” stated NCUA Chairman Debbie Matz.
NCUA is implementing a “Good Bank/Bad Bank” model to facilitate the corporate resolution process. Bridge corporate credit unions (“good banks”) are chartered by the NCUA Board to purchase and assume “good” assets and member share deposits from the conserved corporate credit unions (“bad banks”). Bridge corporate credit unions will be highly liquid and operated to ensure stability and minimize disruption of service to member credit unions.
Other bridge corporate operational highlights include:
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314-3428
www.ncua.gov
Media Contact: NCUA Office of Public & Congressional Affairs
Phone: (703) 518-6330
Email: pacamail@ncua.gov
No new service offerings, except in instances where there is a need to enhance the security and functionality of existing services;
Fields of membership will be identical to those of the conserved credit unions they replace;
New loans will be provided primarily for settlement purposes, and existing loans will continue to be serviced;
Bridge corporate balance sheets will consist of assets and liabilities sufficient to sustain operational activities of the bridge corporate;
Payments and settlement activities will be the focus of the bridge corporates. Funding will not be secured to build an asset portfolio above this stated purpose;
Bridge corporates will not accept new members; and
In the interest of continuity of service at bridge corporates, critical staff will be encouraged to transition to the bridge corporate.
NCUA is committed to operating bridge corporates in a way that minimizes disruption of services provided to members. However, the bridge corporate cannot operate indefinitely. Bridge leadership will consult with members to develop a viable long-term plan that would enable the delivery of services transferring the bridge corporate’s operations to a newly chartered corporate credit union, or selling operations to another entity capable of providing uninterrupted services.
Should a bridge corporate’s members decide not to support the plan or another entity not be identified, NCUA is committed to operating the bridge corporate for sufficient time so that members can find individual solutions. This process could take up to 24 months. NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.