Lenders that sell new single-family homes guaranteed by the Farmers Home Adminis tration will have to know a little more about insulation starting Oct. 22. The FmHA issued a final rule (See Aug. 25 Federal Register) that implements thermal standards for construction of single-family housing. The rule, which adopts thermal requirements from the 1992 edition of th e Council of American Builders Model Energy Code, applies to all mortgages insured, guarantee d or made by the Department of Agriculture under Title V of the Housing Act of 1949. Previous ly, all FmHA loans were required to comply with thermal requirements outlined in Exhibit D of FmHA Instruction 1924-A.
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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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