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Tag Archives: Federal Reserve

NCUA May File Against Big Banks

The National Credit Union Administration which is now controlled by Federal regulators, is threatening to sue several investment banks unless they refund more than $50 billion in securities that were purchased by the five wholesale credit unions that make up the organization.

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Federal Reserve Says No to Point Banks

Since the Federal Reserve Board's loan officer compensation rule doesn't allow loan officers to lower their commission to cover a concession, the mortgage industry presented a proposal to create point banks that loan officers could solicit to grant price concessions to borrowers. The Fed has officially rejected the idea, which would involve taking 10 basis points per loan transaction and putting the cash in a ├â┬ó├óÔÇÜ┬¼├ï┼ôpoint bank.'

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