The Federal Reserve will continue purchasing $85 billion a month in Treasury bonds and mortgage-backed securities to hold down longer-term interest rates and stimulate economic growth, the Fed’s Federal Open Market Committee said in a statement yesterday. More
If Fannie Mae and Freddie Mac were to offer principal reductions to delinquent homeowners through the Home Affordable Modification Program, up to 95,000 defaults could be avoided, saving taxpayers over $2 billion, the Congressional Budget Office reported yesterday, ABA Daily Newsbytes reported. More
The Keep My Tennessee Home - Tennessee’s Hardest Hit Fund program provides loans to unemployed or substantially underemployed homeowners who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure. More.
To help protect citizens from identify theft, the Department of Safety and Homeland Security has made some changes in Tennessee driver licenses and identification cards that banks need to be aware of. The new licenses were effective December 2012, for renewals and those getting a first-time license or ID. Because of the difference in appearance, some banks have questioned the validity of the new licenses. The most obvious change is in the plastic material used to produce the cards—it is noticeably more flexible and thinner—but there are also other changes. More
Tennessee Secretary of State Tre Hargett’s office has received inquiries about an official-looking notice from Corporate Records Service that began arriving in mailboxes around January 22, 2013. The mailer is causing confusion for Tennessee corporations due to its appearance as an official document. Corporate Records Service is not registered, affiliated, or associated with the Tennessee Secretary of State. More
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Credit union representatives couldn't assume unconditional support last week when they visited Capitol Hill to ask for more business-lending authority. That's because bankers and the nation’s deficit are helping to change the credit union conversation, ABA President and CEO Frank Keating said Friday in a Washington Perspective column. The federal deficit "helps shine a spotlight on outdated tax policies such as the one that shelters a profitable $1 trillion industry from federal income tax," Keating wrote. More
In related news, credit unions earned a record $8.5 billion in net income in 2012, 36.1 percent more than the $6.3 billion reported in 2011, the National Credit Union Administration said Friday. The NCUA attributed the increase largely to reductions in loan-loss reserves. More
The American Bankers Association is requesting submissions for its second annual Community Commitment Awards to recognize banks' essential involvement in their communities. The entry deadline is May 13, 2013. More
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