WASINGTON - (03/08/05) -- Officials of the Federal Home LoanBank System are scheduled to testify before Congress Wednesday's onproposals reform of the secondary mortgage market, a prelude tobringing the 12 FHLBs under the same regulator as Fannie Mae andFreddie Mac. The hearing will be conducted by Rep. Richard Baker,R-La., chairman of the Financial Services Subcommittee onGovernment Sponsored Enterprises. Baker is expected to introduce abill next month to tighten federal oversight of the secondarymarket and its key players, Fannie, Freddie and the FHLBs. Amongthose scheduled to testify Wednesday are Ronald Rosenfeld, newchairman of the Federal Housing Finance Board, which currentlyregulates the FHLBs, and David Hehman, president of the FHLB ofCincinnati.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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