WASHINGTON - (07/25/05) -- Senate Banking Committee ChairmanRichard Shelby, R-Ala., introduced legislation Friday that wouldallow a new regulator to adjust the assets held by Fannie Mae andFreddie Mac and to set a clear distinction, a so-called brightline, on which mortgage products and services the two secondarymarket giants could offer, a provision opposed by the credit unionlobby. The Shelby bill falls short of what Federal Reserve ChairmanAlan Greenspan called for last week when he urged Congress to setspecific limits on how much the two companies could hold in theirportfolios so is seen as having slim chances for final passagebecause it is at odds with the Bush Administration. The Shelby billalso does not include a provision in the version passed earlier bythe House Financial Services Committee requiring Fannie and Freddieto set aside a portion of their annual profits to fund affordablehousing projects. Both CUNA and NAFCU, each of which has lucrativereferral agreements with one of the two companies, as expressedopposition to the bright line provision, which is aimed at keepingthe two housing giants out of the market for mortgage originations.Both lobby groups argue such a clear distinction could inhibit thetwo companies' ability to aid smaller mortgage lenders, such ascredit unions, with new and innovative products andservices.
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The Dallas-based regional bank tapped a client for its copilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
April 18