WASHINGTON - (07/29/05) -- The Senate Banking Committeeapproved a bill Thursday that will allow a new regulator setportfolio limits for Fannie Mae and Freddie Mac, requiring the twosecondary market giants to trim their $1.5 trillion worth ofmortgage-backed holdings. But the bill is not expected to go muchfurther this year because it varies greatly from the one passed bythe House Financial Services Committee, which does not includelimits on the two companies holdings. The Senate included theportfolio limits in its bill at the behest of Federal ReserveChairman Alan Greenspan, who testified to Congress he believes thehuge portfolios managed by the two companies are used to benefitthe companies public stockholders more than the homeowners Congressintended them to benefit. The bill does not include an affordablehousing fund, included in the House's bill, that would haverequired Fannie and Freddie to set aside a portion of their annualprofits to fund affordable housing projects. The Senate bill wouldalso allow the new regulator, which would oversee the 12 FederalHome Loans Banks, as well as Fannie and Freddie, to se a 'brightline' preventing the government sponsored housing enterprises fromexpanding into the primary, originations, mortgagemarket.
-
The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3