WASHINGTON - (03/09/05) -- Fannie Mae and its federalregulator, the Office of Federal Housing Enterprise Oversight,announced a new supervisory agreement for the secondary mortgagemarket giant Tuesday that will require the company to split itschairman and CEO positions. The agreement also calls for Fannie Maeto set up new policies to address faulty accounting and create anew ombudsman's office to hear complaints from company employees.The new Office of Compliance and Ethics will review internalcomplaints and the company's general counsel will report suspectedmisconduct directly to the board. The steps come on top of recentsupervisory requirements to boost capital by 30% and as theaccounting scandal surrounding the company continues. Among otherthings, OFHEO found last year that Fannie Mae had misrepresentedits financial statements to qualify dozens of employees for higherannual bonuses. The disclosures resulted in the dismissal of FannieMae's longtime chairman and CEO Franklin Raines, and the company'schief financial officer, Timothy Howard.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
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Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
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