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News By Edition
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Dodd Frank Update Monthly Edition
Dodd Frank Update January 2017
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What will CFPB look like in 2017?
Posted Date: Thursday, January 5, 2017
The Consumer Financial Protection Bureau (CFPB) likely will see significant changes in 2017, regarding its leadership and functionality under the Donald Trump Administration, which intends to try to abolish or replace the agency, or at least minimize its authority with the help of a Republican Congress.
Former CFPB attorneys Thomas Pahl, of Arnall Golden Gregory, LLP and Richard Horn, of Richard Horn Legal, PLLC, recently spoke to Dodd Frank Update about what the bureau might look like in 2017.
Read on to find out what both attorneys had to say about the future of the CFPB.
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Court halts overtime rule, Labor Department appeals
Posted Date: Wednesday, November 30, 2016
Millions of Americans who expected in December to receive either raises or access to overtime pay previously not available to them find Dec. 1 to look strikingly similar to Nov. 30, after a Texas district court ruling last week that stayed the Department of Labor’s final rule changing overtime mandates for workers.
The preliminary injunction, issued nationwide, keeps the status quo from a rule which was finalized May 27 and scheduled to take effect at the start of December. However, the Labor Department has appealed the injunction to the
Read on for details about what the next steps might be.
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Servicing, prepaid regs could be repealed
Posted Date: Thursday, December 8, 2016
A veritable smorgasbord of final rules adopted by regulatory agencies since May potentially could be on the chopping block as many conservatives in Congress plan to exercise, quite liberally, the Congressional Review Act, a 1996 law allowing Congress to reverse regulations enacted within the previous 60 legislative days.
The determining factors for what regulations are in danger of repeal include the exact timeframe during which certain regulations were published in the Federal Register and whether those publication dates fall within the aforementioned span of 60 days during which Congress was in session. Read on to learn what regulations could be repealed.
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NCUA rules could be overturned
Posted Date: Friday, December 9, 2016
The two most recent major rules finalized by the National Credit Union Administration (NCUA) have been challenged by banking trade associations in court. But the legal rulings might not be necessary.
An examination of NCUA’s rules on member business lending and field of membership show each rule is subject to the 60-day window of the Congressional Review Act (CRA), which would allow Congress to reject and repeal the legislation. Read on for the details.
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CFPB plans more HMDA rulemaking
Posted Date: Monday, December 5, 2016
In unveiling its latest rulemaking agenda, the Consumer Financial Protection Bureau announced it planned to consider new rulemaking for its Home Mortgage Disclosure Act rule, which was finalized in October 2015.
As for proposed amendments for the TILA-RESPA Integrated Disclosure rule and arbitration clauses, the bureau indicated rulemaking would not occur before 2017. Read on for more, including the status of the bureau’s payday lending rulemaking.
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CFPB takes actions against reverse mortgage companies
Posted Date: Tuesday, December 13, 2016
The Consumer Financial Protection Bureau (CFPB) recently issued consent orders against three reverse mortgage companies for deceptive advertisements after consumers complained they were misled into thinking they faced no danger of losing their homes and would have no monthly payments with a reverse mortgage.
CFPB alleges that each company engaged in nearly identical activities, beginning in 2012, which the bureau deemed to be in violation of the Dodd-Frank Act’s provisions regarding unfair, deceptive or abusive acts or practices (UDAAP).
Read on to learn what actions CFPB cited in its consent orders against each company.
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CFPB warns of risks sales incentives pose
Posted Date: Thursday, December 1, 2016
The Consumer Financial Protection Bureau has issued a bulletin warning financial institutions of the risk involved with tying bonuses or employment status to unrealistic sales and other business goals, stressing the importance of implementing an effective compliance management system to detect and prevent violations.
Read on to learn what enforcement actions some companies have incurred and how to stay compliant with the law regarding incentive programs.
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Banking, credit union trades champion CFPB restructure
Posted Date: Thursday, December 8, 2016
The argument for converting the Consumer Financial Protection Bureau (CFPB) to a multi-member board from a single director bureau recently received joint support from four key associations, representing more than 12,000 banks and credit unions throughout the U.S.
That support came in the form of a letter to Senate Majority Leader Mitch McConnell (R-KY) and newly elected Senate Minority Leader Chuck Schumer (D-NY), issued by the Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America, and National Association of Federal Credit Unions. The letter urges the 115th Congress to pass legislation to create a five-person, bipartisan board to govern CFPB, among other suggested regulatory improvements.
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CUNA recommends CFPB cease progress
Posted Date: Friday, November 18, 2016
The Credit Union National Association (CUNA) recently sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the bureau to impose an immediate moratorium on all pending and future rulemakings.
The letter, signed by CUNA President and CEO Jim Nussle and addressed to CFPB Director Richard Cordray, states the association’s contention that CFPB is doing more harm than good with its policies, to consumers and community banks and credit unions.
Read on to find out what reasons CUNA cites for recommending CFPB cease progress on current operations.
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Agencies increase eligibility for extended exam cycle
Posted Date: Friday, December 16, 2016
Intending to reduce regulatory compliance costs for smaller institutions while maintaining safety and soundness protections, federal banking regulators recently issued interagency final rules increasing the number of small banks and savings associations eligible for an 18-month examination cycle.
These rules, which effectively add six months to the standard 12-month cycle for affected entities, will be retroactively effective Feb. 29, 2016, pursuant to interim final rules the agencies previously adopted.
Read on to find out more about eligibility for the extended examination cycles.
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Fed rule strengthens government resolution ability
Posted Date: Monday, December 19, 2016
A newly adopted final rule by the Federal Reserve (Fed) will strengthen the government’s ability to resolve the largest domestic and foreign financial institutions operating in the U.S. without any support from taxpayer-provided capital.
The final rule applies to domestic firms the Fed identifies as global systemically important banks (G-SIBs) and to the U.S. operations of foreign G-SIBs. These institutions will be required to meet a new long-term debt requirement and a new “total loss-absorbing capacity” requirement, which can be met with both regulatory capital and long-term debt.
Read on to learn more about the new rule.
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Fed details Volcker Rule extensions
Posted Date: Friday, December 16, 2016
The Federal Reserve Board recently announced details regarding how financial institutions may obtain extensions to conform “illiquid funds” to the requirements of Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule.
Currently, banking entities must be in compliance with provisions of the Volcker Rule by July 21, 2017.
Read on to find out how banking entities may qualify for extensions and how long those extensions are for.
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OCC will consider fintech charters
Posted Date: Tuesday, December 13, 2016
The Office of the Comptroller of the Currency (OCC) will consider applications from financial technology companies to become special purpose national banks, Comptroller of the Currency Thomas J. Curry recently announced.
Proponents of chartering fintechs champion the concept of subjecting them to the same types of regulations traditional banks must adhere to and see the issuing of such charters as a way to strengthen the federal banking system.
Read on to learn more about the OCC’s reasons for wanting to charter fintechs and the process interested fintechs will have to go through.
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Visa to stop steering practices
Posted Date: Thursday, December 1, 2016
In response to a guidance the Federal Reserve issued in early November, Visa announced that it will halt steering practices through which the company turns consumers toward its network on point-of-sale terminals using EMV technology. The Federal Reserve stated that such steering practices violate merchants’ right to competition. Read on to learn more about the lead up to Visa’s decision.
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CFPB uses CFPA charge to boost pawnbrokers penalties
Posted Date: Wednesday, December 28, 2016
The Consumer Financial Protection Bureau (CFPB) recently filed federal lawsuits alleging that four Virginia-based pawnbrokers broke the law by misstating annual charges associated with pawn loans. The charges against the aforementioned pawnbrokers are nearly identical to those CFPB levied against B&B Pawnbrokers, also based in Virginia, in November.
These actions, CFPB alleges, are violations of the Truth in Lending Act and the Consumer Financial Protection Act.
Read on to find out what activities led to the lawsuits.
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CFPB details ‘weak CMS’ in payday loan enforcement
Posted Date: Tuesday, December 27, 2016
The Consumer Financial Protection Bureau (CFPB) recently ordered Moneytree, Inc. to pay $505,000 in refunds and penalties for misleading consumers with deceptive online advertisements and collections letters as well as for making unauthorized electronic transfers from consumers’ bank accounts.
Read on to find out what activities CFPB determined were in violation of the Dodd-Frank Act’s provisions against unfair, deceptive or abusive acts or practices (UDAAP).
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STRATMOR Insights report highlights changes in lender satisfaction
Posted Date: Thursday, December 22, 2016
The mortgage industry consultancy STRATMOR Group recently released its latest STRATMOR Insights report with highlights from its 2016 LOS Technology Insight Survey, gauging lender satisfaction with their loan origination systems.
Read on for more details.
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Matic Insurance names Jeff Snyder head of insurance
Posted Date: Wednesday, December 21, 2016
Matic Insurance Services, Inc., a company that specializes in mobile and online delivery of homeowners insurance, recently announced that Jeff Snyder has joined the company as head of insurance. Matic streamlines the process of closing a mortgage loan by utilizing loan data, machine learning and human-powered intelligence to find the best policy options for homebuyers from highly rated carriers in just minutes.
Read on to learn more about Snyder and the company.
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NCUA, NAFCU debate proposed share insurance premium
Posted Date: Tuesday, December 20, 2016
There is debate as to whether a National Credit Union Share Insurance Fund premium must be implemented in 2017 to restore the fund’s equity ratio to the normal operating level of 1.3 percent.
The National Credit Union Administration believes a premium of three to six basis points is necessary, although National Association of Federal Credit Unions President Dan Berger asserts that such a premium would hurt the bottom-line for credit unions.
Read on to find out what both sides have to say.
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CFPB updates threshold standards
Posted Date: Tuesday, December 20, 2016
The Consumer Financial Protection Bureau (CFPB) recently published two final rules pertaining to annual changes to Home Mortgage Disclosure Act (HMDA) exemption statuses.
Both rules apply to data collection and exemption eligibility during 2017, which took effect Jan. 1.
Read on for more details about the rules.
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FAQs issued for new credit loss standard
Posted Date: Tuesday, December 20, 2016
Financial regulators have issued new Frequently Asked Questions (FAQs) to address changes stemming from the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard, which was changed in June 2016.
The FAQs are meant to assist institutions and examiners. The Federal Deposit Insurance Corp. (FDIC) announced their release and said the FAQs apply to all FDIC-supervised banks and savings associations, including community institutions with total assets less than $1 billion.
Read on to find out what the FAQs include.
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NAFCU announces name change
Posted Date: Tuesday, December 20, 2016
The National Association of Federal Credit Unions (NAFCU) effectively will change its name to the National Association of Federally-Insured Credit Unions on Jan. 1 to reflect the fact that all the association’s federally-insured members now have full voting rights and the ability to serve on the NAFCU Board of Directors.
Read on to learn more about the reasons behind the change.
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Compliance attorneys offer tips for ‘Decoding UDAAP’
Posted Date: Monday, December 19, 2016
Many companies compare the task of staying compliant with the Dodd-Frank Act’s regulations prohibiting the use of unfair, deceptive or abusive acts or practices (UDAAP) with trying to hit a moving target.
In the webinar “Decoding UDAAP,” by October Research, LLC, compliance attorneys Richard Andeano, Jr. of Ballard Spahr and Michael Kieval of Weiner Brodsky Kidner share their extensive knowledge of UDAAP and the Consumer Financial Protection Bureau’s authority to levy enforcement actions against companies engaging in activities it believes to be unfair, deceptive or abusive.
Read on to learn more about this webinar.
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CFPB report details credit invisibility
Posted Date: Monday, December 19, 2016
The Consumer Financial Protection Bureau’s (CFPB) recent report on credit invisibility indicated that about 20 percent of U.S. adults are either “credit invisible” or “unscorable.”
The credit invisible population of 26 million people, represents more than half of the 45 million consumers lacking scorable credit records whom, therefore, may be denied credit access.
Read on to find out which consumers are most likely to be credit invisible and what that means for those people.
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Mortgage Network names James Comosa president
Posted Date: Monday, December 19, 2016
Mortgage Network, Inc., one of the largest privately held independent mortgage companies in the eastern U.S. region, recently announced that James Comosa has been named president. Robert McInnes, Mortgage Network’s owner, co-founder and former president, announced internally his intent to move to the role of chairman and CEO, elevating Comosa to president.
Read on to learn more about the move.
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ICBA president defends NCUA lawsuit after hearing
Posted Date: Friday, December 16, 2016
Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine released a statement after the recent federal court hearing on ICBA’s lawsuit against the National Credit Union Administration (NCUA) regarding its member business loan (MBL) final rule.
Senior Judge James C. Cacheris considered NCUA’s motion to dismiss ICBA’s case during the hearing and said he expects to rule on the motion after Jan. 1, 2017, which is when the MBL rule is set to become effective.
Read on to find out what Fine had to say in support of ICBA’s case.
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Senators criticize CFTC for delayed position limits rule
Posted Date: Thursday, December 15, 2016
The Commodity Futures Trading Commission (CFTC) is facing criticism from Senate Democrats for reproposing the long-delayed rule to impose speculative position limits a trader can hold on certain commodities, including oil, natural gas and gold rather than issuing a final rule on the matter.
That criticism came in the form a letter from U.S. Senators Maria Cantwell (D-Wash.), Sherrod Brown (D-Ohio) and Dianne Feinstein (D-Calif.) to CFTC Chairman Timothy Massad, calling him out for his agency’s perceived inability to complete the rulemaking process.
Read on to learn more of what the senators had to say.
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Wells fails revised living will plans
Posted Date: Thursday, December 15, 2016
The Federal Reserve and Federal Deposit Insurance Corp. recently announced that revised 2015 resolution plans submitted by Bank of America, Bank of New York Mellon, JP Morgan Chase and State Street adequately remediated deficiencies, but Wells Fargo failed to adequately remedy two of its three deficiencies.
The findings of this latest review relate only to the joint deficiencies identified in April 2016, when the agencies jointly determined that each of their five 2015 resolution were not credible or would not facilitate an orderly resolution. Each firm had until Oct. 1, 2016, to remedy its deficiencies.
Read on to learn more about the review process the agencies are subjecting these companies’ living wills to.
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FHFA implements “Duty to Serve” provisions
Posted Date: Thursday, December 15, 2016
The Federal Housing Finance Agency (FHFA) recently issued a final rule requiring Fannie Mae and Freddie Mac to serve three underserved markets in accordance with “Duty to Serve” provisions.
These provisions are mandated by the Housing and Economic Recovery Act, which amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. The underserved markets specified in the provisions are: manufactured housing, affordable housing preservation and rural housing.
Read on to find out what this means for Fannie Mae and Freddie Mac.
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Fed governor highlights Dodd-Frank support
Posted Date: Wednesday, December 14, 2016
Federal Reserve Gov. Daniel K. Tarullo highlighted why he believes the regulatory regime enacted by the Dodd-Frank Act, in response to the 2008 financial crisis, is essential to the continued stability of the economy.
Tarullo, speaking at the recent Financial Stability Conference, talked about the role the regulatory regime played as the U.S. economy climbed out of recession, as well as the correlation he believes exists between the implementation of the regime and the U.S. now boasting what he described as “the strongest and most diverse financial system of any major economy in the world.”
Read on to learn what he suggested for the next steps for the future of financial regulation.
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NAFCU president reminds committee leaders of principles
Posted Date: Tuesday, December 13, 2016
National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger recently wrote to leaders of the Senate Banking and House Financial Services Committees, urging them to keep in mind a series of principles important to credit unions when considering proposals for housing finance reform.
Berger made a point to highlight NAFCU’s belief that “unfettered, legislatively guaranteed access” to a “healthy, sustainable and viable” secondary mortgage market is essential for credit unions to achieve a second mortgage market that is equally healthy, sustainable and viable.
Read on to find out what other principles he chose to highlight.
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CFTC reproposes speculative position limits
Posted Date: Tuesday, December 13, 2016
Nearly five years after its initial notice of proposed rulemaking for regulations implementing speculative position limits, the Commodity Futures Trading Commission (CFTC) unanimously voted to repropose regulations.
The regulations would affect speculative positions in 25 core physical commodity futures contracts and their “economically equivalent” futures, options and swaps (referenced contracts). The changes come after a 2011 final rule was vacated by federal courts, restarting the rulemaking process. Read on to learn more about the latest iteration of CFTC’s proposal.
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ABA supports suit against MBL rule
Posted Date: Tuesday, December 13, 2016
The American Bankers Association (ABA) recently filed a motion for leave to submit an amicus brief supporting the Independent Community Bankers of America’s lawsuit against the National Credit Union Administration (NCUA) regarding its revised member business loan rule, which is scheduled to go into effect in January.
ABA also is suggesting that a decision on its motion be delayed until the District Court for the Eastern District of Virginia decides on NCUA’s motion for dismissal, according to a press release.
Read on to learn more about arguments for and against the rule.
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Industry reacts to Carson pick for HUD
Posted Date: Thursday, December 8, 2016
President-elect Donald Trump has named Dr. Ben Carson as his nominee to lead the Department of Housing and Urban Development (HUD). The pick of Carson, a neurosurgeon, as HUD secretary was met with interest in the industry.
Read on for reaction to the nomination from the Mortgage Bankers Association and others.
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NCUA: Insured shares, deposits exceed $1 trillion
Posted Date: Thursday, December 8, 2016
The National Credit Union Administration (NCUA) recently announced that assets in the country’s federally insured credit unions grew 8.2 percent to $1.28 trillion while membership reached 106.2 million in the quarter ending Sept. 30, 2016.
The figures are based on call report data received and compiled by the agency for the third quarter. It is the first time that credit union shares and deposits have topped $1 trillion. Read on to see how the numbers break down.
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Black Knight analyzes post-election mortgage rate jumps
Posted Date: Thursday, December 8, 2016
Black Knight’s October Mortgage Monitor report stated that the number of potential refinance candidates dropped by over 50 percent within three weeks of the U.S. presidential election as 30-year mortgage rates jumped 49 basis points (BPS). Read on to learn more.
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ICBA names Brian Bender senior vice president, controller
Posted Date: Thursday, December 8, 2016
The Independent Community Bankers of America (ICBA) announced that Brian Bender has joined as senior vice president and controller. Bender is responsible for overseeing the preparation, organization and ongoing analysis of all financial information affecting ICBA and its subsidiaries. Read on to learn more about Bender.
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Credit unions increase use of outsourced mortgage services
Posted Date: Thursday, December 8, 2016
Altavera Mortgage Services (Altavera), a provider of SAFE Act-compliant outsourced residential mortgage origination services, reported a 30 percent increase in credit union demand for its outsourced mortgage origination services in the third quarter of 2016 compared with the previous quarter. The uptick in demand for outsourced services is linked to growing regulatory compliance costs and an overall increase in origination volume among credit unions. Read on for more information.
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Indecomm Demonstrates IncomeGenius Platform
Posted Date: Wednesday, December 7, 2016
Indecomm Global Services will present its IncomeGenius, a web-based technology platform for income calculation and analysis, at the inaugural Digital Mortgage 2016 event, December 8-9, 2016 at the Hilton San Francisco Union Square in San Francisco, Calif. Read on to learn more.
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Bankers sue NCUA for rule to expand FOM
Posted Date: Wednesday, December 7, 2016
The American Bankers Association (ABA) filed a lawsuit Dec. 7 against the National Credit Union Administration (NCUA) seeking to overturn a recently finalized rule that would expand fields of membership for credit unions beyond the limitations established by Congress.
The move follows recent legal against by a banking trade association against NCUA over its member business lending rule.
Read on to find out more about the latest lawsuit and why ABA felt it needed to challenge it in court.
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Fannie discusses new SoFi refi program
Posted Date: Tuesday, December 6, 2016
Fannie Mae and student loan lender SoFi recently launched a new refinance program geared toward helping homeowners use their home equity to pay down student loan debt.
The program, a first of its kind for Fannie Mae, offers extra benefits to homeowners, particularly those in low- to moderate-income households. Fannie Mae Vice President Jonathan Lawless talked with Dodd Frank Update about the program.
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FSOC discusses hedge fund risks
Posted Date: Tuesday, December 6, 2016
The Financial Stability Oversight Council’s (FSOC) recent meeting included an analysis of the potential risks large hedge funds pose to financial stability through the use of leverage and a vote to revise the FSOC’s Freedom of Information Act (FOIA) regulations to comply with the FOIA Improvement Act of 2016.
The meeting, convened by Treasury Secretary Jacob J. Lew, also included an executive session that featured a presentation by the Commodity Futures Trading Commission on its stress tests of central counterparties, as well as discussion of ongoing annual re-evaluation of how FSOC designates nonbank financial companies.
Read on to learn the details of what was discussed.
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SEC awards millions to whistleblower
Posted Date: Tuesday, December 6, 2016
The Securities and Exchange Commission (SEC) recently awarded a whistleblower roughly $3.5 million for coming forward with information that led to an SEC enforcement action.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action. Such awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. Read on to learn more.
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FHA announces mortgage limit increases
Posted Date: Monday, December 5, 2016
The Federal Housing Administration recently announced increases to its mortgage limits in a pair of mortgagee letters released to the industry. The move comes on the heels of similar conforming loan increases announced by the Federal Housing Finance Agency.
Read on to find out what those new limits look like.
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Bill requires new approach for SIFI designations
Posted Date: Monday, December 5, 2016
The House of Representatives recently passed H.R. 6392, known as “the Systemic Risk Designation Improvement Act,” which would require the Financial Stability Oversight Council to use a new measurement approach to determine whether financial institutions should be designated as systemically important.
The bill passed the House by a 254-161 vote and awaits Senate approval. Read on to find out more about the bill, along with reaction from the American Bankers Association.
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GTCR completes acquisition of RevSpring
Posted Date: Friday, December 2, 2016
Private equity firm GTCR recently announced that it has completed the acquisition of RevSpring, Inc. ("RevSpring" or the "Company"), a multi-channel billing and communications solutions provider for the healthcare and financial services industries.
Read on to learn more about the acquisition.
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Hensarling grills SEC chair during hearing
Posted Date: Friday, December 2, 2016
The Securities and Exchange Commission’s agenda operations and budget for fiscal year 2018 were put under the microscope during a recent hearing initiated by Sen. Jeb Hensarling (R-Texas).
SEC Chairman Mary Jo White answered numerous questions regarding the agency she will continue to chair until January, when she plans to step down as the new administration takes over.
Read on to find out what issues were addressed during the hearing.
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FHFA increases maximum loan limits
Posted Date: Thursday, December 1, 2016
With average home prices on the rise, the Federal Housing Finance Agency recently announced an increase to the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac for 2017.
The increase will apply to one-unit properties throughout most of the country with adjustments to accommodate higher-cost areas.
Read on to find out more about the increase and how it will affect different areas of the country.
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Study projects Wells Fargo impacts
Posted Date: Tuesday, November 29, 2016
Management consulting firm cg42 conducted a mini-study of Wells Fargo in October with the goal of understanding and modeling the impact the company’s sales activities has had on its reputation, competitive position and finances.
“Other banks should be quick to take note in order to avoid similar missteps,” the study said.
Read on to see what questions the study predicts for the mid-to-long-term fallout for Wells Fargo and its customers.
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Indecomm rebrands income analyzer as IncomeGenius
Posted Date: Tuesday, November 29, 2016
Indecomm Global Services recently announced the rebranding of its web-based income analysis platform as IncomeGenius. The rebranding reflects significant advances in its breakthrough technology for electronically reading and analyzing borrower income documents and calculating qualifying income associated with the mortgage loan.
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Rate Reset chooses AccountChek by FormFree to verify eligible borrowers
Posted Date: Tuesday, November 29, 2016
FormFree has announced that Rate Reset has selected AccountChek by FormFree as its technology provider for automated asset verification. AccountChek helps financial institutions determine in just seconds the ability of customers to pay back loans, without the hassle of collecting bank statements or other asset documents.
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