WASHINGTON - (12/27/04) -- Regulators and lawmakers said lastweek they plan to review closely the multi-million dollar bonusespaid top executives at Fannie Mae over the past three years, inlight of new revelations the company may have fudged the books inorder to qualify those executives for the generous paydays. TheOffice of Federal Housing and Enterprise Oversight, which broughtthe accounting malfeasance at the secondary mortgage market giantto light, said it will be looking especially at the severancepackages provided departing CEO Franklin Raines and Chief FinancialOfficer Timothy Howard, who were cashiered last week after theSecurities and Exchange Commission supported the regulator'sfindings. And Rep. Richard Baker, the Louisiana Republican who hasbeen leading the effort to tighten oversight over the Fannie Maeand Freddie Mac, said he is concerned that current law does notallow regulators to force Raines and Howard and other topexecutives to return what his staff estimates to have been $245million in bonuses, much of it based on the company's financialperformance regulators now say was misrepresented. Baker said hewould like to craft legislation that would allow regulators torescind bonuses awarded based on faulty accounting.
-
Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
8h ago -
The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
8h ago -
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
9h ago -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
10h ago -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
10h ago -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
11h ago