CongressionalHearings/Dodd-Frank/CHRG-111shrg51303/CHRG-111shrg51303--174.txt State insurance authorities of AIG 's regulated insurance subsidiaries participating in the securities lending program supported the Board 's action . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53021/CHRG-111hhrg53021--348.txt Federal Reserve Programs The Federal Reserve has implemented a number of programs designed to stabilize financial markets since the onset of the crisis . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--246.txt State regulators also report increased scrutiny on consumer credit products , including auto loans , credit cards and other consumer credit portfolios given the nation 's economic condition . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--246.txt The Federal Reserve continues to inject liquidity into the commercial real estate market through the TALF program , and is working with market participants to increase transparency and investor protections in this market . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--246.txt The National Credit Union Administration -LRB- NCUA -RRB- reported in its Financial Trends in federally Insured Credit Unions for January-June 2009 an annualized asset growth rate of 14.53 percent . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--129.txt Over the years , Congress has taken steps to ensure that a specialized housing lender is retained among the charter options available tor insured institutions . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--20.txt And even the Secretary of the Treasury now , Mr. Geithner , you know , just a few months ago recognized that during the time he was in the Fed , the Fed kept the interest rates way too low for too long . CongressionalHearings/Dodd-Frank/CHRG-111shrg52619/CHRG-111shrg52619--169.txt --------------------------------------------------------------------------- Capital Limitations Unlike other financial institutions , federal credit unions can not issue stock to raise additional capital . CongressionalHearings/Dodd-Frank/CHRG-111shrg50815/CHRG-111shrg50815--14.txt This can have enormous implications for the U.S. economy going forward and it is why the Fed and Treasury are currently working hard to unlock this market . CongressionalHearings/Dodd-Frank/CHRG-111shrg51290/CHRG-111shrg51290--63.txt Federal Reserve System , Truth in Lending , Part II : Proposed rule ; request for public comment , 73 Fed . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53241/CHRG-111hhrg53241--39.txt LCCR and our member organizations have always worked to expand fair housing and also the credit that most people need to buy housing . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48874/CHRG-111hhrg48874--37.txt So any TARP money used to make a loan to their absolute best customer will be made at a loan value that is less than the cost of funds . CongressionalHearings/Dodd-Frank/CHRG-111shrg50815/CHRG-111shrg50815--30.txt Based on loss trends the card issuers are reporting , 2009 could be one of the worst years on record for credit card consumers . CongressionalHearings/Dodd-Frank/CHRG-111shrg51290/CHRG-111shrg51290--67.txt State attorneys general and State banking commissioners spearheaded some of the most important enforcement actions against deceptive mortgage lenders . CongressionalHearings/Dodd-Frank/CHRG-111shrg51290/CHRG-111shrg51290--67.txt 58609 -LRB- 2006 -RRB- ; Department of the Treasury et al. , Statement on Subprime Mortgage Lending ; Final guidance , 72 Fed . CongressionalHearings/Dodd-Frank/CHRG-111shrg52966/CHRG-111shrg52966--71.txt The Federal Reserve is also the primary Federal supervisor of State-member banks , sharing supervisory responsibilities with State supervisory agencies . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--113.txt Can you expect the Federal Reserve as systemic risk regulator to close Fannie and Freddie after Congress declines to act ? CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--113.txt The Fed , too , lacks a record of success in managing large risks to the financial system , the economy and the public . CongressionalHearings/Dodd-Frank/CHRG-111hhrg52406/CHRG-111hhrg52406--31.txt We urge the Congress not to make the States subject to the authority of the Financial Services Oversight Council or the Federal Reserve . CongressionalHearings/Dodd-Frank/CHRG-111hhrg52406/CHRG-111hhrg52406--31.txt The National Securities Markets Improvement Act of 1996 preempted State authority in key areas where the States protected investors . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--81.txt \ 3 \ That has indeed proven to be the case , as declining asset quality has become the central challenge facing banks and supervisors today . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--112.txt I would give the Federal Reserve clear responsibility for Macro System Stability , reporting periodically to Congress and coordinating with a Financial System Oversight Council . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--112.txt Although respect for the Fed 's monetary policy has grown in recent years , its regulatory role has diminished . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--112.txt This is not necessarily bad , but it could result in more Congressional interference with monetary policy , which could threaten the Fed 's effectiveness and credibility in containing inflation . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--112.txt The Obama Administration would create a Financial Services Oversight Council -LRB- an interagency group with its own staff -RRB- to perform this function . CongressionalHearings/Dodd-Frank/CHRG-111shrg53176/CHRG-111shrg53176--150.txt The Fed argued on the basis of safety and soundness concerns , and the SEC was worried about earnings management and disclosure . CongressionalHearings/Dodd-Frank/CHRG-111shrg53176/CHRG-111shrg53176--150.txt In 15 years of private practice I have applied the Commission 's regulations in transactions and in real business situations . CongressionalHearings/Dodd-Frank/CHRG-111shrg52619/CHRG-111shrg52619--196.txt Regulatory Conflict of Interest -- Federal Reserve Banks which conduct bank supervision are run by bank presidents that are chosen in part by bankers that they regulate . CongressionalHearings/Dodd-Frank/CHRG-111hhrg51591/CHRG-111hhrg51591--11.txt Notwithstanding AIG , the U.S. insurance industry is alive and well , and State regulators , especially in my home State of Illinois , are doing a good job . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--125.txt What assurance can you provide that the Fed is devoting enough time and attention to both AIG and monetary policy?A .1 . CongressionalHearings/Dodd-Frank/CHRG-111shrg51395/CHRG-111shrg51395--117.txt \ 22 \ In addition , rating structured finance products generated much higher fees than rating similar amounts of corporate bonds . CongressionalHearings/Dodd-Frank/CHRG-111shrg51395/CHRG-111shrg51395--117.txt For anecdotal evidence that ratings were changed at the demand of the investment banks , see Morgenson , supra note 23 . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--80.txt --------------------------------------------------------------------------- \ 6 \ The FDIC reported a negative fund balance as of December 31 , 1991 of approximately - $ 7.0 billion due to setting aside a large -LRB- $ 16.3 billion -RRB- reserve for future failures . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--80.txt --------------------------------------------------------------------------- As insured institutions work through their troubled assets , the list of `` problem institutions '' -- those rated CAMELS 4 or 5 -- will grow . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--83.txt My personal view is that the Federal Reserve is well placed to do a good job in the public interest on consumer regulation . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53240/CHRG-111hhrg53240--16.txt We have had the SEC around for a long time , and the SEC did n't prevent Enron and so many other bankruptcies and big problems . CongressionalHearings/Dodd-Frank/CHRG-111shrg56262/CHRG-111shrg56262--19.txt I will now turn to the agency mortgage market , which is also performing well , thanks to the extraordinary Government intervention over the past year . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48873/CHRG-111hhrg48873--94.txt You are seeing the actions of the Fed and the Treasury together bring down interest rates , allow Americans to refinance and take advantage of lower interest rates . CongressionalHearings/Dodd-Frank/CHRG-111shrg51395/CHRG-111shrg51395--273.txt I strongly support the draft rule proposed by the Commission earlier this summer , and urge Congress to support the Commission in this effort .