Senate Banking Committee Chairman Richard Shelby, R-Ala., is leaning toward the creation of a new GSE regulatory agency with a strong executive and a "powerful, prestigious advisory board" composed of high government officials.This regulator of the housing government-sponsored enterprises would be independent of the Treasury Department. However, the secretaries of the Treasury and the Department of Housing and Urban Development would be represented on the advisory board, along with the chairmen of the Securities and Exchange Commission and the Federal Reserve Board. "We need a strong executive and we also need a strong advisory board," Sen. Shelby said at a committee hearing. But Sen. Paul Sarbanes, D-Md., commented that the board would be "loaded" with members who are concerned more about safety and soundness than about the GSEs' housing mission. Sen. Sarbanes argued that the board should be limited to the Treasury and HUD secretaries. Sen. Shelby said he plans to hold more GSE hearings as he prepares to draft a GSE bill for a committee vote in March.
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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.
6h 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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
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.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11