Freddie Mac today reported a $354 million loss in the first quarter, following a $2.15 billion profit in the previous quarter. The drop in Freddie’s income was largely due to derivatives losses after increases in interest rates. The company will not have to draw from the Treasury to cover its loss.
Acting Chairman Travis Hill promised to ditch recent changes to the FDIC’s process for reviewing proposed bank mergers and to rescind “problematic” Biden-era proposed rules, such as those on brokered deposits and corporate governance.
The Senate Banking Committee voted 16-11 to advance the nomination of Scott Bessent as Treasury secretary. The nomination now heads to the full Senate for confirmation.
Guilford Savings Bank in Guilford, Connecticut, has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich.
President Trump rescinded a 2023 executive order directing federal agencies to possibly draft new rules governing the use of AI and a 2021 order seeking more disclosure of financial risks linked to climate change.
Travis Hill will be acting FDIC chairman; David Lebryk will lead Treasury until Scott Bessent's confirmation.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
