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About Oregon daily emerald. (Eugene, Or.) 1920-2012 | View Entire Issue (Jan. 13, 1975)
OSPIRG opposes agency By DAVID LUDWIG Of the Emerald The Oregon Student Public In terest Research Group (OSPIRG) has opposed a move by a federal banking agency to exempt many savings and loan associations from having to pay interest on homeowners' tax and insurance - reserve accounts. The total amount in such accounts is offi cially estimated to be almost $10 billion nationwide. OSPIRG submitted the com ments in opposition to a proposed rule by the Federal Home Loan Bank Board (FHLBB) which would exempt federal savings and loan associations from the application of state laws requiring them to pay interest on homeowners money they hold in escrow to pay taxes and insurance on mortgaged homes. Based in Washington, D C. the FHLBB is a federal agency gov erning federal savings and loan associations Its counterpart, the Federal Reserve Board, governs commercial banks. This is a blatant attempt by an industry dominated federal agency to circumvent state laws that protect homeowners against windfall profits by mortgage len ders,” Neil Robblee, OSPIRG s executive director, said OSPIRG, in its comments, noted that five states require the payment of interest to mortga gers, and six other states, includ ing Oregon, are considering simi lar moves In Oregon, the 1973 Legislature defeated a bill to require interest payments. A similar bill is ex pected to be introduced in the 1975 session. ' Figures released by the Oregon Savings and Loan League show that savings and loan associations in this state earn at least £400,000 profit on reserve accounts,” Robblee continued "If the FHLBB passes this rule, it would prevent the Oregon Legis lature from forcing the biggest sav ings and loan associations to re turn their share of these profits to the homeowner. Dave Barrows, executive vice president of the Oregon League of Savings and Loan Associations, explained that he felt it was a move on the part of the FHLBB to clarify the situation whether states or the board had the right to regu late savings and loans assoica tions. He said several months ago when the Ninth Court of Appeals in San Francisco, in a case deal ing with the pre-payment of loans, said in their opinion that the FHLBB has to lay the ground for jurisdiction between the board and the states "They re trying to clear up the unclear," said Barrows. In its comments, OSPIRG stated, "We believe that exempt ing federal savings and loan as sociations from state consumer protection laws is an abuse of power and contrary to the intent of Congress. OSPIRG also criticized the FHLBB for failing to determine whether savings and ioan associ ations throughout the country make a profit on the reserve ac counts Similar groups from several other states joined OSPIRG in making comments to the FHLBB The EMU presents the new addition with an entertaining calendar of events for winter term. Come celebrate. After all, it’s the new u. • Monday, January 13 12:15-1:30, Greg Field, Guitarist. Lobby • Tuesday, January 14 12:30-1:30, New Mime Circus, Lobby & Forum • Thursday, January 16 12:30-1:30, Ben Bell, Storyteller, Forum • Friday, January 17 12:15-1:30, Greg Field, Guitarist, Lobby • Monday, January 20 12:15-1:30, Folklore Discussion, Forum v •Tuesday, January 21 12:15-1:30, Cam Newton, GultarisL Forum • Wednesday, January 22 12:15-1:30, Friendly Village Puppet Farms, Forum • Thursday, January 23 12:15-1:30, Cam Newton, Guitarist, Forum ; • Friday, January 24 12:15-1:30, Comedia del Arte Group, Theater, Forum • Friday, January 24 3:30-5:00, Symphonic Wind Ensemble, Room 167 • Monday, January 27 12:15-1:30, Dan Delsman, Classical Guitar, Lobby •Tuesday, January 28 12:30-1:30 Rock Choir, Room • Wednesday, January 29 12:00-1:30, Family Circus, Satire, Lobby • Thursday, January 30 12j1_S-1;30, Lynn Bond, Poet, Forum • Friday, January 31 12:15-1:30, Dan Delsman, Guitarist, Lobby • Friday, January 31 2:00-5:00, Theatre of the Open Eye Workshop, Room 167 + Festival of Arts + Monday, February 3 12:00-1:00, Recorder Ensemble, Lobby ^ ♦Tuesday, February 4 12:00-1:00, String Quartet, Lobby 4 Wednesday, February 5 12:00-1:00, Barbershop Quartette, Forum ♦Thursday, February 6 12:00-1:00 University Brass Ensemble, Lobby • Friday, February 7 12:00-1:00, Collegium Muslcum, ♦ Mondays February 10 12:00-1:00, Marcia Park, Irish Harp, Lobby + Tuesday, February 11 12:00-1:00, David Case, Classical Guitar, Lobby e Tuesday, February 11 12:00-1:00, Karate Exhibition, Room 167 ♦ Wednesday, February 12 12:00-1:00, Dixieland Band, Lobby e Thursday, Friday, February 13, 14 1^:00-2f00, Drama Conference, Forum ^Friday, February 14 12:00-1:00, Early Mustek Players, Lobby e Monday, February 17 12:15-1:30, Steve Reed, Folk Guitar, Lobby e Tuesday, Wednesday February 18, 12:15-1:30, \ David Wright, Dancer, Lobby e Wednesday, February 19 1 2:00-1:30, Margarite Boyd, Gospel Singer, Lobby, e Thursday, February 20 9:00-4:00, Senior Citizen Craft Faire, Lobby - e Friday, February 21 12:15-1:30, Steve Reed, Folk Guitar, Lobby e Monday, February 24 12:15-1:30, Meg Stormont, Folk Guitar, Lobby e Wednesday, Febrary 26 8:00-11:00, Mississippi Delta Blues Band, Ballroom *** eWednesday, February 26 2:00-4:00, Mississippi Workshop, Room 167 eWednesday February 26 • 12:00-1:30, Tears of Joy Puppetry; Room 167 ^Friday, February 28 12:15-1:30, Meg Stormont, Folk Guitar, Lobby . . • Monday, March 3 12:15-1:30, John Jarvle,Classical Guitar, Lobby •Friday, March 7 12:15-1:30, John Jarvle, Classical Guitar, Lobby • Monday, March 10 12:15-1:30, John Hoffman, Folk Guitar, Lobby •Tuesday, Wednesday, March 11, 12 All.Day, EMU Craft Faire', Cobby ^ eFrlday, March 14 12:15-1:30, John Hoffman, Lobby
