WASHINGTON - (08/03/04) -- Secondary mortgage market,struggling to fend off new regulatory initiatives by Congress,formed its own political action committee last week to directcampaign contributions to individual lawmakers. The creation ofFreddiePAC follows a similar move by Fannie Mae, which formed itsown PAC last November, just two days after the Supreme Court upheldthe new ban on soft money contributions. Soft money had been thepreferred political largesse for the two government sponsoredenterprises, which donated more than $10 million to the Republicansand Democrats over the previous three elections, including almost$6 million in the 2002 elections, alone. The two companies havealso turned out in force for the party conventions, with eachexpected to spend more than $1 million in contributions orsponsoring receptions for members of Congress during the separateevents.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
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Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
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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.
April 22