Brendsel's Return Engagement. Freddie Mac's stockholders felt quite comfortable with CEO Leland Brendsel and 12 other members of Freddie's board of directors, and reelected them to the 18-member board at the GSE's fifth annual stockholder's meeting in McLean, Va., May 11. Voters also agreed to keep Brendsel as chairman of the board, ratified the appointment of Freddie's independent public accountants, and voted down a proposal related to executive compensation. Stockholders couldn't vote on the board's remaining five positions because those are reserved for appointment by the president of the United States. The 12 other re-elected board members include: John C. Etling, president and CEO, General Reinsurance Corp.; David W. Glenn, president and COO, Freddie Mac; George D. Gould, vice chairman of Klingenstein Fields & Co.; Barbara C. Jordan, holder of the Lyndon B. Johnson Centennial Chair in National Policy at the University of Texas at Austin; Henry Kaufman, president Henry Kaufan & Co. Inc.; John B. McCoy, chairman and CEO, Banc One Corp.; James F. Montgomery, chairman and CEO, Great Western Financial Corp.; Russell F. Palmer, chairman and CEO, The Palmer Group; Ronald F. Poe, chairman and CEO, Dormand and Wilson Inc.; Donald J. Schuenke, retired chairman, Northwest Mutual Life Insurance Co.; Christina Seix, chairman and CEO, Seix Investment Advisors Inc.; and William J. Turner, chairman and CEO, Turner & Partners Inc.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24 -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24