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Overdraft trends reflect massive credit union growth
Posted Date: Tuesday, January 29, 2019
In dissecting annualized changes in overdraft revenue within the financial marketplace, Moebs Services Inc. revealed an indicator of how rapidly growth among credit unions is outpacing that of banks and thrifts.
Dodd Frank Update spoke with multiple financial experts about the reasons for this phenomena, as well as useful insight the research firm revealed about how economic conditions and overdraft fee amounts and limits can influence consumer behavior.
Find out what insights they saw beyond the numbers.
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Doug Duncan talks housing, rates
Posted Date: Wednesday, January 2, 2019
Competition is a main driving force behind the free market. For mortgage lenders, the influx of competition in recent years has been well-documented from a business perspective but the economic implications – particularly to interest rates – could warrant a closer look.
Fannie Mae Chief Economist Doug Duncan spoke with Dodd Frank Update about factors that could cause rates to increase in the foreseeable future, as well as several factors industry participants should monitor to be as prepared as possible for may be on the horizon.
Read on to learn more.
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First Kraninger consent order cites EFTA, UDAAP
Posted Date: Tuesday, January 8, 2019
In the agency’s first enforcement action with Kathy Kraninger in the director’s chair, the Consumer Financial Protection Bureau reached a settlement with USAA Federal Savings Bank over its alleged failure to honor consumer requests to stop payment on preauthorized electronic fund transfers and unauthorized reopening of closed deposit accounts.
The bureau cited the company for violations of the Electronic Fund Transfer Act (EFTA) and the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.
Find out more details about the consent order.
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Survey: Anxiety over compliance risk remains high
Posted Date: Tuesday, January 22, 2019
The dropoff in rulemaking and enforcement activity has allowed financial executives and compliance professionals to breathe a bit easier with regard to those topics, but anxiety still remains high, according to the Wolters Kluwer 2018 U.S. Regulatory and Risk Management Indicator Survey.
Wolters Kluwer Senior Regulatory Strategy Advisor Timothy Burniston told Dodd Frank Update concerns over compliance challenges and risks remain high in an industry where uncertainty has become the new normal.
Dive deep into the results to learn what they reveal about current industry sentiments.
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CFPB assesses ATR/QM rule effectiveness
Posted Date: Tuesday, January 15, 2019
Good-faith assessments are a key feature of the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay/Qualified Mortgage (ATR/QM) rule. Approximately half a decade after its effective date, the rule was the subject of its own good faith assessment of sorts to ensure its effectiveness in preventing the issuance of subprime mortgage loans.
Section 1022(d) of Dodd-Frank requires the CFPB to conduct what could be assessment of its significant rules and order and publish a report of each assessment within five years of their of their effective dates rule or order.
Get a first look at the rule’s impact on the mortgage lending industry.
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ABA economic outlook less positive than past years
Posted Date: Friday, January 18, 2019
The economic outlook for 2019 and 2020 published by the American Bankers Association’s Economic Advisory Committee is less optimistic than it has been in recent years but still projects growth – just not as much in light of expected shifts in the U.S. policy and the global economy.
The committee anticipates higher mortgage interest rates, which will impact the demand for housing.
Find out more details about the group’s predictions.
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Loan officer: USDA borrowers in limbo during shutdown
Posted Date: Friday, January 11, 2019
There are enough hurdles and potential hangups that can delay the mortgage process under normal circumstances, but many can be avoided with the help of an experienced loan officer or settlement agent. However, when a delay is caused by an unrelated political dispute at the highest levels of the government, it’s out of their hands.
Jessica Herdman, a Pittsburgh-based loan officer with Victorian Finance, LLC, has a home sale that was set to close Jan. 4. Unfortunately for everyone involved, the transaction required approval from an agency affected by the partial government shutdown – the U.S. Department of Agriculture (USDA).
Find out what the parties involved have to cope with as they wait in limbo for action at the highest levels of government.
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CFPB fines payday lender for unauthorized debits
Posted Date: Tuesday, January 29, 2019
The Consumer Financial Protection Bureau recently announced a $3.2 million settlement with Enova International, Inc., an online payday and installment lender, for debiting consumer accounts without authorization and failing to honor loan extension agreements.
The bureau charged the Chicago-based company with unfair acts and practices, in violation of the Consumer Financial Protection Act.
Find out more details about the company’s illegal actions.
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Dems give Otting ultimatum on GSE plans
Posted Date: Tuesday, January 29, 2019
Six months after a federal court found its structure unconstitutional, the Federal Housing Finance Agency’s (FHFA) independent status is being questioned by prominent congressional Democrats with regard to the agency’s failure to loop in Congress on purported plans to end the conservatorship of Fannie Mae and Freddie Mac.
Referencing media reports that FHFA acting director Joseph Otting had discussed such plans internally with FHFA staffers and with the Trump administration, Democratic congressional leaders urged Otting to clarify what plans he has for the government-sponsored enterprises during his time as interim director.
Find out more about what the legislators had to say.
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McHenry details FSC priorities
Posted Date: Tuesday, January 29, 2019
Among the priorities House Financial Services Committee (FSC) Ranking Member Patrick McHenry (R-N.C.) believes the committee should pursue are those concerning financial regulatory innovation, paths to ending the conservatorship of Fannie Mae and Freddie Mac, cybersecurity preparedness and the Financial Accounting Standards Board’s Current Expected Credit Loss (CECL) standard.
McHenry asserted in a letter to FSC Chairwoman Maxine Waters (R-Calif.) that the committee should plan to hold hearings discussing such matters, as well as others.
Find out more details about McHenry’s priorities.
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Security lapse exposes sensitive loan data
Posted Date: Tuesday, January 29, 2019
As valuable as machine learning and cloud storage are for the financial services sector, the risk of sensitive data being exposed by hackers or lapses in security is ever-present, as highlighted by a recent incident involving millions of documents with information on loans and mortgages owned by some of the largest banks in the country.
The documents referenced Wells Fargo, CapitalOne, Citigroup and various other entities. Wells Fargo told Dodd Frank Update that any Wells Fargo-related customer data involved in this incident likely originated from the sale of Wells Fargo mortgages to other entities.
Find out more about the security issue that exposed the sensitive data.
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ICBA names Loughlin Cleary to head member relations team
Posted Date: Monday, January 28, 2019
The Independent Community Bankers of America (ICBA) recently promoted Loughlin Cleary to executive vice president, business development. Cleary, who had served as vice president of member relations for ICBA’s Northeast region, will lead national initiatives to broaden member engagement with ICBA’s state-of-the-art educational programs and its extensive network of products and services tailored specifically for community bankers, according to a press release.
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Trump signs short-term deal to end shutdown
Posted Date: Friday, January 25, 2019
More than one month into the partial government shutdown, President Donald Trump announced that the sides had agreed to a three-week deal to reopen the government.
The continuing resolution will run through Feb. 15, with a bipartisan committee meeting over the next three weeks with Homeland Security and law enforcement experts to come to a deal on funding for border security.
Read on to learn more and see industry reaction.
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NYBA endorses Promontory fulfillment, digital POS solutions
Posted Date: Friday, January 25, 2019
The New York Bankers Association (NYBA) recently endorsed Promontory Fulfillment Services LLC (PFS) as a best-in-class provider of mortgage fulfillment services and of advanced digital point-of-sale solutions.
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CFPB omits third parties in UDAAP action
Posted Date: Friday, January 25, 2019
The Consumer Financial Protection Bureau (CFPB) took action against a broker who used unfair and deceptive practices when offering high-interest credit to veterans in exchange for their pensions, which he then sold illegally.
Unlike with similar past cases, the CFPB did not name the third-party companies involved in the transactions in its consent order.
Find out more details the bureau disclosed regarding the enforcement action.
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ICBA to FSC: Investigate PenFed merger approval
Posted Date: Friday, January 25, 2019
A debate has emerged within the financial industry over PenFed Credit Union’s recent acquisition of an institution with an open charter as part of an “emergency merger” authorized by the National Credit Union Administration.
Independent Community Bankers of America President and CEO Rebeca Romero Rainey urged the freshly appointed leaders of the House Financial Services Committee to investigate NCUA’s reasoning in approving the merger.
Find out more about the arguments presented by all sides.
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Treasury rule eases 'pass-through' deduction concerns
Posted Date: Friday, January 25, 2019
By clarifying the terms of its rule implementing statutorily mandated pass-through tax deductions for institutions covered under Subchapter S of the Internal Revenue Service code, the Treasury Department addressed concerns raised by community bank advocates after the release of its previously proposed rule on the matter.
Subchapter S banks and other pass-through entities are allowed to take a 20 percent deduction on “qualified business income” under Section 199A of the Tax Cuts and Jobs Act.
Find out what concerns related to the rule still need to be addressed.
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D’Angelo leaving CFPB for NYAG
Posted Date: Friday, January 25, 2019
The Consumer Financial Protection Bureau (CFPB) will need a new associate director of supervision, enforcement and fair lending as Chris D’Angelo has announced that he will be leaving the position to work at the New York Attorney General’s (NYAG) office as chief deputy attorney general for economic justice.
Beginning in February, D’Angelo will serve under newly elected NYAG Letitia James, who was sworn in Jan. 1 as the state’s first African-American woman elected to the role.
Read on to find out more details about the move of one of the original CFPB staffers.
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Trades to Congress, Trump: Reopen SBA
Posted Date: Friday, January 25, 2019
Small businesses have felt the strain of the partial government shutdown as many have been inability to access lending services provided by the Small Business Administration (SBA).
One banking advocacy group has urged congressional leaders and the Trump administration to take appropriate steps to make such loans available again, and another recently joined a coalition calling for a compromise to get the government restarted sooner rather than later.
Find out what the trade associations have to say about the shutdown’s affects.
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New home purchase loans are down, MBA survey says
Posted Date: Friday, January 25, 2019
New home purchase applications were down 6.1 percent year-over-year in December 2018, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data. Applications dropped 13 percent compared with November 2018, applications decreased by 13 percent.
The decreases reported in the survey do not account for typical seasonal pattern adjustments.
Read on to learn more about the survey’s findings.
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Guild Mortgage partners with Homebot to expand homeowner offerings
Posted Date: Wednesday, January 23, 2019
Guild Mortgage, one of the largest independent mortgage lenders in the U.S., recently announced a strategic partnership with Homebot. By aligning with the personalized financial dashboard, Guild will enable its loan officers to provide homeowners with ongoing insights into their individual financial picture as it relates to their home, according to a press release.
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Kraninger: TRID changes not coming soon
Posted Date: Tuesday, January 22, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger responded to calls from industry stakeholders and senators for the bureau to update TILA-RESPA Integrated Disclosure (TRID) requirements to improve the accuracy of information collected.
Her response indicated that any potential TRID changes may not happen until at least 2020, when the bureau is statutorily required to assess the rule’s effectiveness.
Find out more details about her response and the concerns raised by stakeholders.
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Waters lays out FSC priorities
Posted Date: Tuesday, January 22, 2019
With Rep. Maxine Waters (D-Calif.) taking over for former Rep. Jeb Hensarling (R-Texas) leading the House Financial Services Committee (FSC), one of the most powerful congressional committees – and one with significant potential to impact stakeholders in the financial marketplace – is in store for a major change of course.
In her first policy speech as FSC chairwoman, Waters detailed several matters she plans to prioritize going forward, including several points pertaining to the Consumer Financial Protection Bureau (CFPB) and housing reform.
Find out what specific plans she has on her agenda for the committee.
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New FSC leaders introduce bill against insider trading
Posted Date: Tuesday, January 22, 2019
In their first bipartisan action as heads of the House Financial Services Committee, Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) introduced a bill to implement preventive measures against illegal insider trading.
H.R. 624 would do so by mandating certain restrictions on when issuers and issuer insiders are able to buy or sell securities during issuer-adopted trading windows, the number of trading plans they can adopt and how often they can modify their trading plans, among other things.
Find out what the Securities and Exchange Commission would have to do to implement the measure.
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SEC busts EDGAR hackers after second offense
Posted Date: Tuesday, January 22, 2019
The Securities and Exchange Commission (SEC) has identified and charged nine parties for taking part in a scheme to hack the agency’s EDGAR filing system to extract nonpublic financial information to engage in insider trading.
This was not the SEC’s first run-in with some of the defendants. In 2015, the hacker, Ukrainian Oleksandr Ieremenko, and some of the traders involved in the EDGAR scheme were charged in connection with a similar plot to hack unpublished information held by newswire services for the same purpose.
Find out more details about the cybersecurity issues raises by the case.
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FHFA will not defend constitutionality
Posted Date: Friday, January 18, 2019
The Federal Housing Finance Agency (FHFA) will not contest the Fifth Circuit Court of Appeals’ July 2018 ruling that the agency is unconstitutionally structured, according to a brief filed by the agency days after Joseph Otting took over as its acting director.
Although the FHFA appealed the court’s decision in August under former Director Mel Watt, whose term recently expired, the agency filed a supplemental brief under Otting’s guidance stating its intention to accept the full court’s ruling on the agency’s constitutionality.
Find out more details about the FHFA’s new stance on the matter.
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CFPB seeks explicit MLA supervisory authority
Posted Date: Friday, January 18, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger formally has proposed that the bureau be granted express authority to supervise entities for Military Lending Act (MLA) compliance in letters to House Speaker Nancy Pelosi (D-Calif.) and Vice President Mike Pence.
The implication that the bureau’s examiners will not conduct regular supervision for MLA compliance violations – something the CFPB has done in the past – without an act of Congress expressly granting the agency permission to do so falls in line with the stance former acting director Mick Mulvaney took on the matter.
Find out more details about the bureau’s proposal.
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CFPB cites retail jeweler for deceptive sales tactics
Posted Date: Friday, January 18, 2019
The Consumer Financial Protection Bureau and the New York Attorney General’s office accused the nation’s largest jewelry wholesaler of using deceptive sales tactics when promoting in-store credit financing options.
The regulators also claimed salespeople routinely signed up customers for third-party insurance on store-issued credit without their knowledge or consent.
Find out what sales practices investigators determined to be violation of state and federal law.
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Agencies publish fourth quarter Call Report instructions
Posted Date: Friday, January 18, 2019
The federal banking agencies recently published a letter to covered banks and savings institutions with instructions for submitting 2018 fourth quarter consolidated reports of condition and income (Call Report).
The letter applies to institutions with total assets less than $1 billion supervised by the Federal Deposit Insurance Corp., including community institutions.
Read on to get more details.
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Shutdown impacts federal reg websites, public comment
Posted Date: Friday, January 18, 2019
Federal websites used to publish regulations for public review and comments have been handicapped by the partial government shutdown.
The Federal Register, a website where federal agencies archive daily rulemaking activities, is not being supported during the shutdown. The site was updated to include links to alternative websites where regulatory documents can be found.
Read on to find out more information.
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Calyx’s Wayne Spencer earns MISMO certification
Posted Date: Wednesday, January 16, 2019
Calyx Software Product Interface Development Manager Wayne Spencer recently received the Certified MISMO Standards Professional (CMSP) designation at the MISMO Winter Summit, making him one of 35 individuals ever to earn the CMSP designation, the company announced in a press release.
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Supreme Court will not hear Big Spring CFPB challenge
Posted Date: Tuesday, January 15, 2019
The Supreme Court has declined to hear the longest running case of many challenging the Consumer Financial Protection Bureau’s (CFPB) constitutionality.
Justice Brett Kavanaugh, who previously ruled on the CFPB’s constitutionality as a member of the D.C. Circuit Court, recused himself from the vote on whether to hear the case.
Find out about the plaintiffs’ reaction to the decision and what it means for the bureau from a legal standpoint.
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Settlement shows state-by-state impact of Wells Fargo issues
Posted Date: Tuesday, January 15, 2019
Wells Fargo did more than kill the proverbial two birds with one proverbial stone when it agreed to pay $575 million to cover damages across all 50 states caused by the bank’s previously disclosed improper retail sales practices, as well as those pertaining to automotive insurance products and mortgage interest rate locks.
In addition to being the largest multistate settlement on record, the matter highlights which states were more affected by the company’s improper practices than others and how some states have chosen to use settlement proceeds to try and prevent consumers from falling victim to similar practices in the future.
Find out more details about what the settlement reveals.
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Wells Fargo plagued by familiar issues
Posted Date: Tuesday, January 15, 2019
More than two years after reaching the first of many high-profile settlements with federal and state regulators, Wells Fargo once again has agreed to pay a monetary sum to settle charges involving illicit activity similar to those revealed involving retail sales at Wells Fargo Community Bank – charging customers for products or services without consent.
Few companies can speak to how heavily the burden of past mistakes can weigh on a company with more authority than Wells Fargo and how long the remediation process can take.
Find out how one of the company’s latest regulatory stumbling block ties into the bigger picture.
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GSEs address URLA questions in updated FAQ
Posted Date: Tuesday, January 15, 2019
To help the industry prepare for mandatory use of the redesigned Uniform Residential Loan Application, also known as form 1003, Fannie Mae and Freddie Mac recently highlighted “new” and “updated” sections of their existing FAQ on URLA requirements set by the government-sponsored enterprises.
The updated FAQ includes six updated sections and four newly added ones, giving it 26 collectively. Some of the highlighted sections provide clarity about certain definitions pertaining to the new URLA form, technology based questions pertaining to the new requirements and more.
Read on to get more details.
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Kathleen Ryan joins Morrison & Foerster
Posted Date: Saturday, January 12, 2019
Morrison & Foerster, a global law firm, recently announced that Kathleen “Kitty” Ryan joined the firm’s Financial Services Group as of counsel in its Los Angeles office, according to a press release. She previously worked for the Consumer Financial Protection Bureau, Buckley Sandler and Akerman Group.
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Fantini & Gorga hires Peter Tousignant as senior director
Posted Date: Friday, January 11, 2019
Fantini & Gorga recently announced the hiring of a new senior director in a press release. Peter Tousignant took over the role in which he will be responsible for originating, structuring and closing transactions across numerous property types.
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Bright leaves Ginnie Mae to join trade group
Posted Date: Friday, January 11, 2019
Michael Bright, President Donald Trump’s nominee to become Ginnie Mae’s first president in more than two years, has withdrawn his name from consideration and announced his intention to leave the government-owned securitizer to become CEO of the Structured Finance Industry Group.
In his new leadership role, Bright will oversee an organization with policy priorities focused on secondary market reform, financial accounting, marketplace lending, mortgage loan level disclosure rules, regulatory capital and liquidity and the Volcker Rule.
Find out more details about Bright’s decision and what it means for Ginnie Mae.
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OCC report highlights 2019 priorities, declining MRAs
Posted Date: Friday, January 11, 2019
The Office of the Comptroller of the Currency (OCC) recently laid out its priorities for 2019 in its annual report, which include measures designed to reduce regulatory burdens while continuing to promote safety and soundness in the banking sector. It also indicates that 2018 saw the fewest OCC-issued supervisory notices in 12 years.
Many of the OCC’s recent actions, and those it is planning to take in the coming months, involve implementing provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Find out more details about the report.
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Liang withdraws Fed board nomination
Posted Date: Friday, January 11, 2019
In her fourth month awaiting word from the Senate about a confirmation hearing, former Federal Reserve economist Nellie Liang has decided to withdraw her nomination for a seat on the Fed Board of Governors.
Liang, who has drawn criticism from Senate Republicans over her role in implementing post-crisis regulatory measures included in the Dodd-Frank Act, referenced the extended length of the confirmation process as a contributing factor for her decision.
Read on to learn what this means for the board.
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Banks, credit unions help furloughed federal workers
Posted Date: Friday, January 11, 2019
The partial government shutdown has prompted various banks and credit unions to consider how they might help offer relief to federal employees who are not being paid as a result.
Institutions of varying sizes and business models have rolled out assistance programs to help affected customers address financial shortcomings related to the shutdown, offering special products and services tailored to help those affected meet specific financial needs.
Read on to learn more about what institutions are doing to help.
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Mortgage applications bounce back strong
Posted Date: Friday, January 11, 2019
Following a multi-week lull to end 2018, the mortgage market saw a dramatic uptick in applications, per the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 4, 2019.
Seasonally-adjusted data revealed a 23.5 percent increase in total application volume compared with the previous week.
Read on to learn more performance details about specific mortgage types.
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LoanLogics hires industry veteran as head of product management
Posted Date: Tuesday, January 8, 2019
LoanLogics, a provider of loan quality technology for mortgage manufacturing and loan acquisition, recently announced the hiring of veteran mortgage technology executive David Parker as its new senior vice president of product management.
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Kraninger excited for CFPB’s ‘new beginning’
Posted Date: Tuesday, January 8, 2019
In an effort to set the tone for her first year leading the Consumer Financial Protection Bureau, Director Kathy Kraninger issued a New Year’s Day email to employees stressing her intention to enforce the law in a fiscally responsible way as the agency embarks on a “new beginning.”
Kraninger said she intends to take an open-minded approach to enforcement, rulemaking and innovation, according to a copy of the email provided to Dodd Frank Update by the bureau.
Find out more details about what Kraninger had to say.
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What to know about the CECL phase-in rule
Posted Date: Tuesday, January 8, 2019
Barring an act of Congress to block or further delay its implementation, financial institutions will have up to three years to reconcile their accounting practices with the Financial Accounting Standards Board’s (FASB) complex and largely unpopular new Current Expected Credit Loss (CECL) standard.
The financial regulatory agencies’ recent final rule affords certain institutions a transition option to help them adjust to the CECL standard’s day-one adverse effects pertaining to regulatory capital.
Find out what institutions qualify for the phase-in period and what requirements they must meet along the way.
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Shutdown impacts small business lending
Posted Date: Tuesday, January 8, 2019
A recent drop in loan approvals by the Small Business Administration (SBA) resulting from the partial government has coincided with an uptick in small business loan approvals issued by large banks and could lead to a rise in consumers seeking alternative lending solutions, according to the Biz2Credit Small Business Lending Index.
If the shutdown continues, large banks and alternative lenders could close the gap on smaller institutions in the small business lending market.
Find out more details revealed in the report.
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Bill to end chokepoint initiative reintroduced
Posted Date: Tuesday, January 8, 2019
The first official action Rep. Blaine Luetkemeyer (R-Mo.) took in the new Congress was to continue his ongoing crusade to end the “Operation Choke Point” initiative undertaken by President Barack Obama.
The chokepoint initiative was intended to fight consumer fraud by denying fraudulent businesses access to banking services.
Find out more details about the initiative and efforts to eliminate it.
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CFPB employees dissatisfied with leadership, agency
Posted Date: Thursday, January 3, 2019
The annual Consumer Financial Protection Bureau (CFPB) employee survey revealed a drastic decline in respect for the agency’s senior leaders and in satisfaction with the organization as a whole in 2018.
Fewer than half of respondents gave favorable assessments of either, but the majority indicated that they see value in their work.
Find out how significantly CFPB employee views changed from 2017 to 2018.
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Shutdown prevents USDA loans from closing
Posted Date: Thursday, January 3, 2019
The U.S. Department of Agriculture (USDA) serves a relatively small share of the mortgage marketplace but has greater influence over the loans it insures because it must sign off on them before they can close.
This means that USDA loans are impacted by the partial government shutdown in ways other loan segments are not.
Find out more details about how the shutdown is impacting USDA borrowers.
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PenFed acquisition involves open nationwide charter
Posted Date: Thursday, January 3, 2019
Taking issue with the fact that a federal credit union’s latest acquisition effectively gives the entity a nationwide charter, the American Bankers Association (ABA) announced it is pushing back against the National Credit Union Administration (NCUA) for allowing the transaction to take place.
The acquisition included an open charter – something that hasn’t been issued since before the Federal Credit Union Act of 1934.
Find out more about the controversy raised by the merger.
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FCC addresses robocalls, text-blocking services
Posted Date: Thursday, January 3, 2019
One of two recent actions by the Federal Communication Commission (FCC) aimed at reducing unwanted automated calls and texts targeting consumers also reduced certain liability burdens for financial institutions.
The FCC recently adopted new rules pertaining to reassigned phone numbers and rejected requests to prohibit cell phone providers from blocking mass text messages.
Find out how the actions fell in line with certain industry advocates.
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FTC thwarts illegal robocall, debt relief scam
Posted Date: Thursday, January 3, 2019
A debt-relief scam that deceived 10,000 people out of $23 million through illegal robocalls recently was thwarted by the Federal Trade Commission’s (FTC) Bureau of Consumer Protection, working in conjunction with the state of Florida.
Telemarketers used unfair or deceptive acts or practices to convince consumers they could help them lower or eliminate their credit card debt but, in practice, the service they were offering had the opposite effect.
Find out more details about the case.
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MBA: Shutdown possibly contributing to application declines
Posted Date: Thursday, January 3, 2019
Fears of complications resulting from the partial government shutdown could be playing a part in the recent decline in mortgage applications, particularly those insured by the Federal Housing Administration (FHA), according to Mortgage Bankers Associate (MBA) Vice President of Economic and Industry Forecasting Joel Kan.
Because conventional loan applications fell at a rate exceeding that of other loan types, certain loan segments recorded an increase in mortgage activity share despite also seeing declines in application volume.
Read on to find out more details.
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Ellie Mae hires new enterprise sales exec
Posted Date: Thursday, December 20, 2018
Ellie Mae recently hired Dave Ard as the cloud-based mortgage industry platform provider’s senior vice president of enterprise sales. Ard will oversee the company’s enterprise team of account executives and relationship managers responsible for providing digital mortgage technology to the largest lenders across the country, according to a press release.
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NewDay USA offers ‘Operation Home’ VA loan program
Posted Date: Monday, December 17, 2018
A new program offered by NewDay USA, a nationwide VA mortgage lender, is designed to help active servicemembers and military veterans purchase homes with no down payment and no money out of pocket for closing costs.
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Plaza Home Mortgage unveils new corporate identity
Posted Date: Friday, December 14, 2018
Plaza Home Mortgage, Inc., one of the nation’s leading wholesale and correspondent mortgage lenders, today unveiled a new corporate identity and tagline: Here for You.
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Wolters Kluwer, CRMNEXT form Expere services partnership
Posted Date: Thursday, December 6, 2018
Wolters Kluwer recently announced that its compliance solutions business has formed a strategic partnership with CRMNEXT to enhance deposit product innovation and functionality using Wolters Kluwer’s Expere Deposit solution. This partnership was intended to allow regional banks and credit unions to streamline the creation of compliant banking documents and services for customers, helping them transform their branch and digital banking experiences into a growth driver.
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