The Government Accounting Office gave the Mutual Mortgage Insurance Fund a positive analysis June 30, adding strength to FHAs argument the fund is healthy, and a potential green light for lawmakers eager to pass the agencys legislative initiatives. The economic value of FHAs fund has clearly improved significantly in recent years, said Jacquelyn L. Williams-Bridgers, associate director of GAOs housing and community development issues division. And the fund is on the way to accumulating sufficient capital reserves to be considered actuarially sound under the law. The GAO study compared favorably with the actuarial review released by Price Waterhouse June 8. The assessment of the funds economic value exceeded Price Waterhouses by about 6%, although Williams-Bridgers said because of the 30-year durations of the funds loans, both estimates could be considered roughly equivalent. When Price Waterhouse released its audit in June, it showed the fund had an economic net worth of about $4.6 billion. GAO assessed the funds net worth at $4.9 billion, resulting in a capital ratio of 1.44% of the unamortized insurance-in-force at year-end.
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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.
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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.
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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.
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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.
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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.
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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.
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