ALEXANDRIA, Va. - (06/23/06) -- The NCUA Board approved in closedsession Thursday a new mutual fund for credit unions that willconsist of several investments previously impermissible. The fund,which was approved on a pilot basis, will be managed by BearStearns & Co. and will include a variety of securities, likefinancial derivatives, stripped mortgage backed securities andshort-sales of Treasuries and agency securities, which are allowedunder the Federal CU Act but are not currently permitted by NCUA, asource familiar with Board's action told The Credit Union Journal.While all of the securities will not necessarily be included in thenew fund, Bear Stearns wants to maintain enough flexibility toinclude one or more of them. NCUA will public the standards for thenew fund on its website.
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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.
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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