WASHINGTON - (01/16/06) A plan by Fannie Mae to make asmuch as $10 billion in home construction loans over the next 10years is expected to fuel a new round of debate in Congress overthe proper role of the secondary mortgage market giant. AlthoughFannie first announced the plan two years ago as part of anaffordable-housing initiative, remarks made by the companysCEO Daniel Mudd at the annual National Association of Home Buildersconference last week prompted new concerns by banks and otherlenders about so-called mission creep by the government sponsoredenterprise. Critics claim the perceived government ties of thefinance giant give it an advantage in borrowing markets. The issueis expected to surface with the return of Congress later this monthand the renewal of the debate over tightening regulations of theGSEs.
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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.
March 27