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