WASHINGTON - (03/09/06) For the second Congress in arow, the House overwhelmingly approved a credit union-backedregulatory relief bill Wednesday, and passed on to the Senate. Butthe bill, which has as many as 15 provisions requested by creditunions, now goes to the Senate, which has dragged its feet onregulatory relief now for three straight congresses. Sen. MichaelCrapo, R-Idaho, however, said last week he hopes to finallyintroduce a Senate version of regulatory relief later this month.Both bills are expected to include provisions allowing federalcredit unions to provide limited services to non-members withintheir fields of membership; retain their select groups afterconverting to community charters; allowing NCUA, instead ofCongress, to set limits on permissible credit union investments andloan maturities; and allow privately insured credit unions to jointhe Federal Home Loan Bank System. The bills are not expected toinclude proposals to enact a risk-based capital system for creditunions and require that at least 20% of members vote on conversionto a mutual savings bank, wich are included in the creditunion-specific CURIA bill.
-
Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
1h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
1h ago -
Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.
5h ago -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16 -
The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
April 16