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 Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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The Federal Reserve has proposed that the two payments services run seven days a week, meaning they'd no longer close on weekends or holidays. The public has 60 days to comment.
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Former Silicon Valley Bank exec Floyd Kessler joins Comerica as executive vice president and chief business control officer; Melissa Holding succeeds Michael Robinson as head of wealth management at Huntington; Goldman Sachs' Alexander Mayer is set to take on a senior position at JPMorgan Chase; and more in this week's banking news roundup.
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