Top lobbyists and officials of Savings & Community Bankers of America, in league with key Clinton administration officials, were burning the midnight oil at press time in a pitched battle to defeat an amendment to H.R. 3474, the Community Development, Credit Enhancement and Regulatory Improvement Act, by Richard Baker, R-La., that would make patchwork reforms of the Federal Home Loan Bank System. The administration opposes piecemeal change because it intends to send Congress a comprehensive package early next year. Any such attempts at overhauling the FHLB system are criticized as going to cause even more problems later that will have to be fixed again, although Baker and his supporters vehemently disagree. Our members dont want the wiring of the system jury-rigged before the system can be overhauled in the comprehensive fashion that has been recommended in the reports that Congress called for, and the last of which was completed in April, said Randy McFarlane, SCBAs governmental affairs director. Bakers bill is the result of several FHLBank presidents having lobbied him for changes that would open the field to more commercial banks, and thus more business. One of the FHLBank presidents said by sources to have been involved is Alfred A. Dellibovi, president of the Federal Home Loan Bank of New York. He openly called for support of Bakers amendment when he testified on reform before the House Banking Committee June 15. He said while we look forward to working to develop comprehensive legislation in the future, we are in business today. And today we should enjoy the benefits of a few legislative changes that common sense and reason dictate should be made. Congress put the reform parade in motion by requiring studies of the FHLB system by the Department of Housing and Urban Development, General Accounting Office, Congressional Budget Office and FHLBank stockholders. However, Baker argues its comprehensive reform isnt new.
-
The embattled Long Island bank unveiled a turnaround plan that involves selling noncore assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
51m ago -
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
1h ago -
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
2h ago -
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
2h ago -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
3h ago -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
3h ago