The Senate's GSE bill directs the Securities and Exchange Commission to recognize the unique structure of the Federal Home Loan Banks as a way to facilitate voluntary registration of FHLBank stock.The GSE regulatory bill, proposed by Senate Banking Committee Chairman Richard Shelby, R-Ala., does not mandate SEC registration, according to America's Community Bankers managing director Robert Davis. However, the bill removes a "huge stumbling block" to voluntary registration, he said. The bill directs the SEC to address the unique nature of the FHLBanks' Refcorp payments, redeemable capital stock, and the joint-and-several liability of the banks' issuances of consolidated debt. Over the past 18 months, the FHLBank members have resisted Bush administration efforts to get the FHLBanks to register because of concerns that the SEC could not adapt its rules to deal with institutions that are cooperatives with a form of stock that is not publicly traded. "We are very happy with the bill," Mr. Davis said. The Shelby bill would also convert the Office of Finance, which manages FHLBank issuances of consolidated debt, into a jointly owned subsidiary of the 12 FHLBanks.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18