The Federal Deposit Insurance Corp. has extended for one year a moratorium on the acquisition of industrial loan companies by commercial firms, but opened the door to acquisitions by financial services companies.The FDIC's action prevents Wal-Mart from acquiring an FDIC-insured ILC to process payments and credit cards and eventually get into other banking and lending activities. FDIC Chairman Sheila Bair said the growth of commercial ownership of industry loan companies raises public policy questions about the separation of banking and commerce. "The moratorium will provide Congress with an opportunity to address the issue legislatively while the FDIC considers how best to respond to any safety-and-soundness issues surrounding commercial ownership under existing law," she said. House and Senate banking committee leaders, as well as the American Bankers Association and America's Community Bankers, welcomed the FDIC's decision to extend the moratorium.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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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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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.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27