WASHINGTON - (09/15/05) -- Lawmakers and financial institutionsare proposing a massive government-backed bailout for home,business and other loans hat may fail as a result of HurricaneKatrina and its aftermath. Under one scenario, the government wouldcreate a fund to buy impaired loans in storm-affected areas, thenpackage them into bonds, in a fashion similar to the S&Lbailout. The proposal was being endorsed this week by banking tradegroups, as well as some consumer groups, who are worried aboutuninsured losses accruing to homeowners and other victims of themassive storm. "We would like to be involved in the creation andimplementation of that fund, however, to ensure that consumers andhomeowners are protected as well as the financial institutions,"said Hilary Shelton, director of the NAACP's Washington Bureau,during a hearing Wednesday before the House Financial ServicesSubcommittee on Financial Institutions.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
July 1 -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1