RESTON, Va. - (01/18/05) -- Student loan giant Sallie Mae saidit will not accept the Pennsylvania Higher Education AssistanceAgency's rejection of its takeover bid and will take the $1 billionoffer directly to state lawmakers who control the student loanagency. Alfred Lord, president and CEO of Sallie Mae, said he wantsto meet with legislative leaders and other lawmakers to discuss thedetails of the proposed buyout, which the board of the state-runstudent lender rejected last month. Lord is scheduled to meetTuesday with Senate Republican leaders and is seeking to meet withSenate Democratic leaders and House leaders in both parties, aswell. Sallie Mae is the biggest student loan agency in the countrywith more than $100 billion in loans under management. The PHEAAhas more than $45 billion of loans under management and serves 170credit unions in Pennsylvania.
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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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