WASHINGTON - (03/17/05) -- A proposal to reform the oversightof the secondary mortgage market will include the Federal Home LoanBank System, as well as Fannie Mae and Freddie Mac, a key lawmakersaid Wednesday. Legislation to create a new regulator for Fannieand Freddie will "definitely" include the FHLBs, a growing sourceof mortgage funding for credit unions, Rep. Richard Baker told TheCredit Union Journal. Baker, chairman of the House FinancialServices Subcommittee on Government Sponsored Enterprises, said heexpects to introduce his reform bill after Congress returns from isEaster recess. More than 900 credit unions are now members of oneof the 12 regional FHLBs, which provide low-cost funding formortgage programs and have recently created a niche in thesecondary market by buying mortgages from their members.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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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.
March 27