WASHINGTON - (10/07/04) -- Top executives at Fannie Mae deniedallegations of cooking the books during a highly chargedcongressional hearing Wednesday, telling angry lawmakers theSecurities and Exchange Commission will be the final judge ofwhether they engaged in wrongdoing. The top Fannie executives,including CEO Franklin Raines, CFO Timothy Howard and AnnKorologos, chairman of the board, blamed disagreements over arcaneaccounting rules that prompted allegations by the company's chiefregulator, the Office of Federal Housing Enterprise Oversight, thatthe company manipulated its finances to please Wall Street andqualify top executives for multi-million dollar bonuses "We candiscuss forever, but the SEC's going to decide," Raines toldmembers of the House Financial Services Subcommittee on GovernmentSponsored Enterprises. Prior to Raines' testimony, Armando Falcon,director of OFEHO, detailed allegations that Fannie auditorsstruggled to meet previously agreed-upon profit targets, sometimesachieving them by fractions of a cent, which entitled topexecutives to lucrative bonuses. Raines almost broke down near theend of a four-hour grilling by committee members, telling them hisdaughter offered him support through the spreading publiccontroversy, "when I should be offering her support," he said,almost breaking into tears.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25