The Federal Housing Finance Board is moving ahead with a new process for appointing outside directors to the boards of the 12 Federal Home Loan Banks that is designed to be a merit-based system aimed at avoiding political interference.Effective immediately, the new procedures allow the individual FHLBanks to identify two candidates for each public interest director seat and submit their names and qualifications to the Finance Board for approval. The Finance Board reserves the right to approve one candidate or reject both under an interim rule approved Jan. 18. "The process of initially identifying such persons and ascertaining their willingness to serve is best executed by each individual bank," Finance Board Chairman Ronald Rosenfeld said. It is understood that this process is widely supported by the FHLBanks and banking trade groups that represent members of the banks. The Bush administration has blocked appointments for the past three years, and there are currently 57 vacant public interest director seats.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
5h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago