WASHINGTON - (10/07/05) -- The Federal Reserve issued anemergency order Thursday waiving all real estate appraisalrequirements for banks and credit unions in the hurricane-ravagedareas of Louisianna, Mississippi, Alabama and Texas for the nextthree years. The federal regulators all agreed that the devastationwrought on hundreds of thousands of properties by hurricanesKatrina and Rita have so disrupted the real estate markets in theaffected areas that it will be impossible for lenders to complywith regulatory requirements for proper appraisals. NCUA and thebanking regulators decided that the disruption and the inability toperform proper appraisals would otherwise impede lending forreconstruction and rehabilitation of the damaged areas. To qualifyfor the waiver, the transaction must be on property located in adesignated disaster area; the property was directly impacted by oneof the two massive storms; there is a binding commitment to fundthe transaction that is made within three years after the disasterwas declared.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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