McLEAN, Va. - (03/10/06) -- The 30-year fixed-rate mortgage rosethis week to the highest level in more than three and a-half years,according to Freddie Mac. The average for the 30-year, fixed movedto 6.37% this week, from 6.24% last week, its highest since August2, 2002. The average for the 15-year, fixed-rate loan climbed to6%, from 5.89% last week. ARM rates also moved higher, with theaverage for the one-year ARM rising to 5.45%, from 5.34%; and theaverage for the five-year ARM moving to 6.03%, from 5.97%.'Stronger than expected gains in the manufacturing and serviceindustries -- coupled with higher labor costs -- ignited inflationconcerns, which led to the rise in mortgage rates this week,' saidFrank Nothaft, Freddie Mac's chief economist. 'Financial marketsare beginning to think that the Fed will hike rates three moretimes this year, instead of two, putting upward pressure onmortgage rates'
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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.
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A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27