Securities


Fannie Mae (formerly the Federal National Mortgage Association; www.fanniemae.com ) and Freddie Mac (formerly the Federal Home Loan Mortgage Corporation; www.freddiemac.com ) voluntarily consent to unprecedented SEC oversight of their financial disclosures. The accord’s immediate practical consequences—registration of the two government-sponsored enterprises’ (GSE) common stock with the SEC—are perhaps less significant than its implications for the future, which include the possibility of SEC registration of the GSEs’ high-profile, mortgage-backed securities. Moreover, by registering their common stock, Fannie Mae and Freddie Mac will be required under the Securities Exchange Act of 1934 to file their annual and quarterly reports and amendments with the SEC beginning in 2003. Also party to the agreement are the Treasury Department and the Office of Federal Housing Enterprise Oversight ( www.ofheo.gov ), which monitors the GSEs’ capital adequacy and financial safety and soundness.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.