National Industry News: Ex-NCUA Chairman Johnson takes on Iowa CU oversight
February 1, 2011
February 10, 2011
Iowa’s state credit union regulator, the Iowa Division of Credit Unions (IDCU), will soon be led by former National Credit Union Administration Chairman Joann Johnson.
Johnson served the NCUA for a total of six years starting in 2002, and led the agency for her final four years. Johnson previously served in the Iowa State Senate, chairing both the Iowa State Senate’s Ways and Means and Commerce Committees during her time there.
Upon becoming the new Iowa credit union regulator Johnson said in a statement she will “work tirelessly to ensure that the interests of the more than 785,000 members of Iowa credit unions are protected through thorough analysis and evaluation.”
Iowa Credit Union League CEO/President Patrick Jury in a release said that he is confident that the former NCUA head will be successful in her new position, adding that the league looks forward to working with her.
James Forney announced his retirement as head of IDCU Monday. The National Association of State Credit Union Supervisors thanked Forney for his service, both to that organization and for his regulatory career. The group added that NASCUS is eager to work with Johnson “as she joins the state regulatory community.”
This story was printed with permission from the Credit Union National Association. Read the story here.
Treasury housing plan could eliminate GSEs
Government-sponsored enterprises Fannie Mae and Freddie Mac, and the concept of government-backed mortgages itself, could be eliminated under a U.S. Treasury plan, Bloomberg News has reported.
GSE elimination is one of three options that will soon be presented by Treasury Secretary Tim Geithner, the Bloomberg story said. White House Press Secretary Robert Gibbs confirmed that that presentation would be made before Congress this Friday.
The Treasury is also expected to suggest a gradual phasing out of government guaranteed mortgage-backed securities, thus restricting government intervention in the mortgage market to only the worst of financial situations.
Geithner will also propose an incremental reduction in the government’s support of the GSEs as a third option.
The conforming loan cap, which currently stands at just over $729,000, would also be reduced under one proposal.
This excerpt was printed with permission from the Credit Union National Association. Read the whole story here.