WASHINGTON - (09/21/05) -- Congress is expected to address amassive shortfall in flood insurance in the Gulf States in the wakeof Hurricane Katrina, a leading lawmaker said Tuesday. Speakingafter remarks at NAFCU's annual Congressional Caucus, Rep. MichaelOxley, chairman of the House Financial Services Committee, said heexpects Congress will have to do something to address the huge voidin insurance coverage for properties flooded in New Orleans andelsewhere in the Gulf. Oxley said Congress already doubled thefunding available to cover valid flood insurance claims sent to theFederal Emergency Management Agency, the only provider of floodinsurance in the country. But Oxley acknowledged there are hugeareas that are not insured against floods, potentially leavingcredit unions, banks and other lenders on the hook, unless thefederal government provides relief. The Ohio lawmaker also said heexpects the House to proceed quickly with a bill that will insureall checks and other financial instruments that are connected withHurricane Katrina relief. That bill would have the Federal Reserveindemnify all credit unions and banks for check or credit cardfraud connected to hurricane relief.
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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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