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News By Edition
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Dodd Frank Update Monthly Edition
Dodd Frank Update February 2018
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What CFPB's new HMDA approach could mean for lenders
Posted Date: Tuesday, January 9, 2018
There is no telling how many industry insiders might have predicted that the Consumer Financial Protection Bureau’s (CFPB) new Home Mortgage Disclosure Act (HMDA) rule would face the possibility of significant changes shortly after implementation, but that is the reality now facing mortgage lenders.
Richard Horn, principal attorney at Richard Horn Legal, PLLC, and Kathleen Ryan, partner at Akerman LLP spoke to Dodd Frank Update about what the CFPB’s new approach to HMDA supervision in 2018 under acting director Mick Mulvaney could mean for lenders concerned about their compliance capabilities.
Find out more details about how the bureau’s altered approach could mean for compliant mortgage lending in the near future.
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CFPB casts doubt on future of payday lending rule
Posted Date: Tuesday, January 16, 2018
The Consumer Financial Protection Bureau (CFPB) announced that it will engage in rulemaking to allow the bureau to reassess its final rule regulating the payday lending and small-dollar lending industries.
House Republicans, as well as three Democrats, co-sponsored legislation introduced Dec. 1 proposing to use the Congressional Review Act to nullify the rule and prevent the bureau from issuing a similar rule in the future.
Find out more about this developing story and what it means for parties who wish to be registered information systems.
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How can the payday lending rule change for the better?
Posted Date: Tuesday, January 23, 2018
There is a major question mark hanging over the Consumer Financial Protection Bureau’s (CFPB) final rule regulating lenders specializing in short-term, small-dollar loans.
Consumer Bankers Association Associate General Counsel and Vice President David Pommerehn told Dodd Frank Update that there are two viable paths that the bureau is likely to take – 1) exempt depository institutions from the rule or 2) scrap the current version and start fresh.
Find out what he had to say regarding what is likely to happen and what depository institutions would like to see happen.
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Judge says English injunction request lacks merit
Posted Date: Friday, January 12, 2018
A federal judge has denied a motion for preliminary injunction challenging President Donald Trump’s authority to appoint Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB).
CFPB Deputy Director Leandra English filed the motion, asserting that she is the bureau’s rightful acting director, based on statutory grounds.
Find out what reasoning District Judge Timothy Kelly used to refute English’s claims in his opinion.
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CFPB Fair Lending Office loses enforcement authority in redesign
Posted Date: Tuesday, February 6, 2018
An organizational redesign is underway at the Consumer Financial Protection Bureau (CFPB), which includes eliminating the enforcement authority of what, historically, has been one of the agency’s most active supervisory offices.
Acting director Mick Mulvaney told staffers in an email that the Office of Fair Lending and Equal Opportunity will be transferred to the Director’s Office while its enforcement abilities remain with the Supervision, Enforcement and Fair Lending Division. Additionally, the bureau’s Office of Consumer Response will be integrated into the agency’s Council for Economic Education Division.
Find out more about how the changes will affect the bureau’s day-to-day functions and what kind of response the move has drawn from consumer groups.
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Injunction denial allows English to appeal
Posted Date: Tuesday, January 16, 2018
Although the decision came as no shock to many, District Judge Timothy Kelly’s denial of Leandra English’s motion for preliminary injunction against President Donald Trump and Mick Mulvaney did have some unexpected elements.
It may even be possible that the judge’s ruling was part of the game plan for the Consumer Financial Protection Bureau’s deputy director, who professes to be the acting director.
Find out why English’s failed injunction filing may turn out to be the best thing that happened to her chances of success, slim as they may be, according to experts.
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CFPB won’t ‘push the envelope,’ others might
Posted Date: Friday, January 26, 2018
When it comes to pushing the envelope, Mick Mulvaney made it crystal clear in a recent memo to staffers that the Consumer Financial Protection Bureau (CFPB) is done with that approach. But that doesn’t mean other players in the industry won’t take a stab at testing boundaries in their own way.
Akerman Partner Kathleen Ryan told Dodd Frank Update she sees the potential for some upside and some downside to the bureau’s new approach.
Let’s consider some of the possible implications the bureau’s new approach could mean for the industry and consumers.
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Mulvaney confirms CFPB data breaches in Warren response
Posted Date: Monday, January 22, 2018
The effectiveness of the Consumer Financial Protection’s (CFPB) data security capabilities has been scrutinized numerous times since the agency’s inception.
Acting director Mick Mulvaney offered perhaps the most telling evidence that those concerns were not unfounded while responding to a letter from Sen. Elizabeth Warren (D-Mass.) inquiring about the bureau’s data systems.
Find out more details Mulvaney revealed about data breaches at the CFPB, and what information Warren provided to support her argument that Mulvaney’s data security concerns do not merit halting data collection activities.
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CFPB to seek comment on CIDs, other functions
Posted Date: Thursday, January 18, 2018
The Consumer Financial Protection Bureau announced that it will seek public feedback on the agency’s policies and practices to determine whether the bureau is fulfilling its statutorily-required consumer protection mission to the best of its abilities.
The announcement seems to align with acting director Mick Mulvaney’s previously stated intention to take a fresh look at the agency’s policies and supervisory activities to identify changes that could be made to improve the bureau.
Find out what the bureau’s information gathering efforts will entail.
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GSE repurchase reserves: To release or not to release?
Posted Date: Friday, January 26, 2018
As the economy, housing market and lending quality have improved, many lending institutions are reconsidering the level of reserves they created to offset potential exposure if the government-sponsored enterprises (GSEs) launch a large-scale repurchase campaign, similar to the one they embarked on during the financial crisis.
Milliman Principal and Consulting Actuary Jonathan Glowacki and Milliman Actuarial Analyst Edem Togbey told Dodd Frank Update why lenders should consider releasing those reserves as income, and explained why many have yet to do so.
Find out what advise they had to offer about the matter.
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Bill calls for more frequent, comprehensive reg reviews
Posted Date: Thursday, January 18, 2018
Multiple financial trade associations are throwing support behind bipartisan legislation proposing to require federal banking regulators to review existing regulations more frequently, and roll back regulations determined to be obsolete.
H.R. 4607, also known as the “Comprehensive Regulatory Review Act,” recently was approved by a 38-17 vote in the House Financial Services Committee.
Find out more details about the potential impact of the bill and why it has gained support in the financial industry.
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Controversial CFPB reg exemption proposed in House
Posted Date: Thursday, January 18, 2018
Community banks and credit unions are in sync regarding a piece of legislation proposing to exempt certain institutions from consumer protection laws. At least one financial trade organization is pushing back against the bill, arguing that it “picks winners and losers.”
Trades offered their takes on how the bill would impact the industry if enacted, as well as how it could be improved.
Find out what financial professionals on different sides of the industry had to say ahead of the bill’s write-up in the House Financial Services Committee.
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Proposed QM change gets unanimous committee support
Posted Date: Monday, January 22, 2018
The House Financial Services Committee voted unanimously to advance a bill to modify Qualified Mortgage requirements to extend safe harbor benefits to certain, smaller financial institutions.
Numerous financial trade associations wrote to committee leaders regarding the possible implications H.R. 2226, also known as the “Portfolio Lending and Mortgage Access Act,” would have on mortgage markets.
Find out why there is strong support for the measure, and why some believe it needs to be made more inclusive.
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English files opening brief in appeals court
Posted Date: Tuesday, February 6, 2018
Hoping for success they did not find in district court, Consumer Financial Protection Bureau Deputy Director Leandra English and her legal team filed an opening amicus brief in the U.S. Court of Appeals Jan. 30.
The brief asserts that Judge Timothy Kelly’s denial of English’s motion for preliminary injunction was based, in part, on erroneous statutory interpretations.
Find out more specific points she and her attorneys argued that the judge was “incorrect.”
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Loan Vision attributes results to customer-focused approach
Posted Date: Monday, February 5, 2018
Loan Vision, a mortgage accounting software provider, has attributed its continued success to a culmination of software features built to enhance the user experience, accompanied by an alignment on customer-focused initiatives, events and collaboration.
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QuestSoft Corporation Purchases IMARC
Posted Date: Monday, February 5, 2018
QuestSoft, a provider of automated mortgage compliance software, recently purchased IMARC, a data verification and audit services provider to the financial services industry. The acquisition adds IMARC’s services to QuestSoft’s new Verification and Audit Services division, “QuestSoft Verifications.”
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Calyx announces speakers for national user conference
Posted Date: Monday, February 5, 2018
Calyx Software, a comprehensive mortgage software solutions provider for banks, credit unions, mortgage bankers, wholesale and correspondent lenders and brokers, recently announced new speakers for “CalyxVision 18,” the company’s second national user conference. The event will be held Feb. 11-14, 2018 at the Hilton San Francisco Union Square.
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State banking groups nudge Senate on reg relief bill
Posted Date: Tuesday, January 30, 2018
The Senate’s bipartisan regulatory relief bill, which also promises to spur economic growth in its name, has gained expressed support from banking associations representing nearly every state in the union.
A coalition of 43 state community banking associations wrote a letter to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles Schumer (D-N.Y.), urging the Senate to pass S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, as written and as soon as possible.
Find out why the state banking groups are anxious to see the bill receive Senate approval.
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English appeal schedule, judges set
Posted Date: Tuesday, January 30, 2018
Consumer Financial Protection Bureau (CFPB) Deputy Director Leandra English recently was granted her motion to appeal District Judge Timothy Kelly’s ruling that her preliminary injunction against CFPB acting director Mick Mulvaney and President Donald Trump lacked merit.
The fact that all three Court of Appeals judges were appointed by former President Barack Obama, and not Donald Trump, could give English’s legal team their best chance of finding a sympathetic ear for their argument, according to experts familiar with the matter.
Find out more details about the case and what to expect going forward.
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The mortgage industry’s #MeToo
Posted Date: Tuesday, January 30, 2018
Prior to arriving at last year’s Mortgage Bankers Association’s (MBA) Annual Convention and Expo in Denver, FormFree Chief Operating Officer Claire Weber methodically went through a pre-arrival checklist.
Bring enough business cards. Arrange as many one-on-one meetings with important contacts as possible. And, yes, don’t forget to warn her new female colleague about the sexual harassment she’d likely encounter at the gathering. Read on to learn more.
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Powell confirmed as Fed chairman
Posted Date: Tuesday, January 30, 2018
The Senate voted 85-12 to confirm Federal Reserve Board Governor Jerome Powell as chair of the Fed board when Janet Yellen’s term expires in February 2018.
President Donald Trump nominated Powell for the position in November and, despite receiving approval from the Senate Banking Committee in December, the full Senate did not vote on his nomination before adjourning for the New Year. Trump renewed Powell’s nomination in early January.
Find out more about Powell’s stances that were revealed during his initial confirmation hearing before the Senate Banking Committee.
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Trump nominates four FTC commissioners
Posted Date: Tuesday, January 30, 2018
President Donald Trump recently submitted four nominations for commissioner roles on the Federal Trade Commission. If all are confirmed, the agency only will have one vacancy remaining.
The fifth commissioner seat remains in question as Republicans stand to possibly have a 3-1 majority on the agency’s governing panel.
Read on to learn more details about the nominees.
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Court dismisses ADA lawsuit against credit union
Posted Date: Tuesday, January 30, 2018
A federal court recently dismissed a lawsuit alleging that a credit union’s website violated the Americans with Disabilities Act.
The ruling marked a victory for financial trade groups involved in an on-going fight against the promulgation of similar lawsuits that they believe to be meritless and unnecessarily burdensome to their members.
Read on to learn more details about the case.
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CFPB delays prepaid rule effectiveness, finalizes changes
Posted Date: Friday, January 26, 2018
The Consumer Financial Protection Bureau (CFPB) has finalized revisions to its 2016 final rule governing prepaid accounts. The updates pertain to error resolution requirements, digital wallets and the rule’s effective date.
The finalized revisions reflect some of the changes the CFPB proposed in June 2017, but also differ in some ways. It also addresses issues raised during the public comment period that followed publication of the proposal, but not all.
Find out more details about how the finalized changes will impact covered entities.
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CFPB drops suit against tribal lenders
Posted Date: Friday, January 26, 2018
Two days after announcing it would re-evaluate its payday lending final rule, the Consumer Financial Protection Bureau dropped a lawsuit against online companies owned by the Habematolel Pomo of Upper Lake (HPUL) tribe. The bureau’s allegations centered on the companies’ practices involving short-term, small-dollar loans.
HPUL Chairperson Sherry Treppa called the bureau’s decision to drop the suit a victory for her tribe and for tribal sovereignty rights.
Read on to find out more details about the case.
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CFPB publishes RFI about CIDs
Posted Date: Friday, January 26, 2018
The Consumer Financial Protection Bureau (CFPB) has published a Request for Information (RFI) seeking feedback about the bureau’s authority to use Civil Investigative Demands (CIDs).
The CFPB recently announced its intention to issue the RFI as part of acting director Mick Mulvaney’s large-scale plan to examine the bureau’s various functions to ensure that it is taking the best approach possible to achieving its consumer protection mission.
Find out what specific aspects of its CID processes the bureau is attempting to evaluate.
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Mortgage applications trending upward
Posted Date: Friday, January 26, 2018
Mortgage applications have increased in each of the last three weeks, according to data compiled by the Market Composite Index and reported in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The upward trend comes after approximately a month of decreases in mortgage applications, which began the second week of December and ended the second week of January.
Read on to learn more about the survey’s findings.
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FHFA calls for private capital in housing finance system
Posted Date: Monday, January 22, 2018
Numerous financial trade organizations are hailing the Federal Housing Finance Agency’s (FHFA) recent proposal for reforming the housing finance system as further evidence of what they long have contended: the secondary mortgage market should incorporate private capital.
The FHFA recently published a report entitled, “Federal Housing Finance Agency Perspectives on Housing Finance Reform,” proposing that Fannie Mae and Freddie Mac should be reincorporated as private entities. FHFA Director Mel Watt also wrote to the Senate Banking Committee, detailing his views on the matter.
Find out which recommendations the agency outlined closely align with proposals published by the financial industry.
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Trades testify for stronger small business lending program
Posted Date: Monday, January 22, 2018
Representatives from trade associations representing community banks and credit unions testified before the House Small Business Committee, supporting the need for strengthening the Small Business Administration 7(a) program.
The committee heard testimony from representatives of the American Bankers Association, the Independent Community Bankers of America, the National Association of Federally-Insured Credit Unions and the National Association of Government Guaranteed Lenders.
Find out what points the trade representatives touched on during their respective testimonies.
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Mulvaney requests zero new funds for CFPB
Posted Date: Friday, January 19, 2018
For the first time since its formation, the Consumer Financial Protection Bureau (CFPB) is requesting zero funds from the Federal Reserve for a fiscal quarter.
CFPB acting director Mick Mulvaney wrote in a letter to Fed Chair Janet Yellen that, based on his assessment of the bureau’s financial status, the agency has more than enough available funds on hand to cover all of its operating costs for the second quarter of fiscal year 2018.
Find out more about this unprecedented decision and what Democrats are saying in response.
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Cordray reacts to CFPB payday rule announcement
Posted Date: Thursday, January 18, 2018
The Consumer Financial Protection Bureau’s (CFPB) plans to re-evaluate its final rule regulating payday lenders and related businesses is not sitting well with former CFPB director Richard Cordray.
Cordray took to Twitter after the bureau announced its intent to consider altering its rulemaking on the matter, condemning the agency in a series of posts on the social media platform and calling for feedback from others who believe in the rule’s merit.
Read on to learn what he believes the announcement means for the future of the rule.
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FHFA presents credit scoring options, requests feedback
Posted Date: Thursday, January 18, 2018
Continuing its effort to determine whether Fannie Mae and Freddie Mac should be instructed to switch their credit scoring models, the Federal Housing Finance Agency (FHFA) has outlined various options it is considering in hopes of generating more public feedback.
The FHFA issued a Request for Input in December to gather public feedback about the operational and competitive considerations involved with a potential change in the current credit scoring model used by the government-sponsored enterprises.
Read on to find out specifics about what the agency is considering.
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OCC cites Citibank for non-compliance
Posted Date: Tuesday, January 16, 2018
Stating that the bank failed to comply with a 2012 consent order related to Bank Secrecy Act and anti-money laundering deficiencies, the Office of the Comptroller of the Currency recently assessed a civil money penalty against Citibank, N.A.
The agency listed numerous issues with the bank’s compliance systems that it asserts have not been addressed in a timely manner.
Read on to learn more details about why the company was ordered to pay a penalty.
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FDIC report details credit risk, underwriting trends
Posted Date: Tuesday, January 16, 2018
The Federal Deposit Insurance Corporation recently issued the Winter 2017 edition of “Supervisory Insights,” which is geared toward informing bankers and supervisors about credit management information systems and underwriting trends.
The report also breaks down information about changes in credit risk in various areas of the financial marketplace.
Read on to find out more details about what is included in the publication.
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Basel Committee proposes change to NSFR standard
Posted Date: Tuesday, January 16, 2018
The Basel Committee on Banking Supervision recently proposed modifications to its framework for the Net Stable Funding Ratio (NSFR), a long-term liquidity measurement included in the Basel III liquidity standards.
The changes are being implemented through a technical amendment related to the treatment of extraordinary monetary policy operations in the NSFR framework.
Find out what impact the changes will have on financial institutions.
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FormFree’s AccountChek asset report meets VA underwriting guidelines
Posted Date: Monday, January 15, 2018
FormFree recently announced that asset reports generated by its AccountChek automated asset verification service meet all underwriting guidelines established by the U.S. Department of Veterans Affairs for loans guaranteed by its Loan Guaranty Service.
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Woodard joins Total Expert as chief customer officer
Posted Date: Monday, January 15, 2018
Total Expert, a leading marketing, co-marketing and CRM platform for the mortgage and financial services industries, recently announced that Sue Woodard has joined the company as its first chief customer officer.
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Mulvaney pressed on possible data collection freeze
Posted Date: Friday, January 12, 2018
As it becomes increasingly evident that Mick Mulvaney’s stated intention to make the Consumer Financial Protection Bureau “dramatically different” was not just rhetorical, one of his most vocal opponents spelled out her concerns about some of the acting director’s actions, which she says may handcuff the bureau from performing many of its supervisory activities.
Sen. Elizabeth Warren (D-Mass.) claimed that freezing the bureau’s ability to collect data for examinations, which she stated is being considered, could be detrimental to the execution of its statutory duties under the Dodd-Frank Act and that Mulvaney’s reasons for implementing it lack merit.
Find out more details about what could change pertaining to bureau examinations and what conclusions Warren and other industry experts have drawn from available information.
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Trump renews nominations, with notable exception
Posted Date: Friday, January 12, 2018
The Senate did not vote on several of President Donald Trump’s nominees for roles in his administration during their last session of 2017. Per Senate statutes regarding returning presidential nominations, Trump recently renewed many of his previous nominations, but not all.
Among those receiving a second cabinet nod from Trump are candidates for roles at the Federal Reserve, the Federal Deposit Insurance Corp., the Department of Housing and Urban Development and the Financial Stability and Oversight Council.
Find out which previously nominated individual has not been nominated again.
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CFPB to hire second former Hensarling aide
Posted Date: Friday, January 12, 2018
House Financial Services Committee’s Staff Director Kirsten Sutton Mork will leave the committee to join the Consumer Financial Protection Bureau (CFPB) as the agency’s chief of staff, a position left vacant after Leandra English was promoted to deputy director on Richard Cordray’s last day in charge at the bureau.
Mork will be the second former aide to Committee Chairman Jeb Hensarling (R-Texas) to join the CFPB since Mick Mulvaney was named its acting director in November, following Brian Johnson who left the committee to become Mulvaney’s senior adviser in December.
Find out more about Mork and who will fill her role as committee staff director.
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DOJ memo on marijuana concerns certain lenders
Posted Date: Friday, January 12, 2018
The hesitance many lenders have felt about financing marijuana-related businesses likely became stronger after Attorney General Jeff Sessions approved a memorandum overriding Obama-era directives that deferred to state laws governing the legality of distributing and possessing marijuana.
The Department of Justice posted the memo on its website, explaining its new stance on the matter.
Find out what financial trade associations representing lenders in states where marijuana has been legalized have to say about the potential impact to some of their members.
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MBA CREF Outlook Survey paints positive portrait for 2018
Posted Date: Friday, January 12, 2018
If you want a positive perspective on the 2018 mortgage market, look no further than the Mortgage Bankers Association’s 2018 CREF Outlook Survey.
The survey is comprised of input from leading commercial and multifamily mortgage originators at 60 of the top firms throughout the country, as determined by MBA’s 2017 Annual Origination Rankings Report.
Read on to learn what survey respondents said they are anticipating for 2018.
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Senator accuses English of ‘burrowing’
Posted Date: Tuesday, January 9, 2018
The controversy surrounding the Consumer Financial Protection Bureau’s (CFPB) senior leadership has a new layer, as a congressman has questioned the legitimacy of CFPB Deputy Director Leandra English’s civil servant status at the bureau.
Sen. Ron Johnson (R-Wis.), chairman of the Homeland Security and Governmental Affairs Committee, recently wrote to Henry Kerner, the head of the White House Office of Special Counsel, asserting that the vetting process used to approve English’s transition from a political appointee to a career civilian employee before President Barack Obama left office was improper and hastily executed.
Find out more details regarding the points Johnson outlined in his letter.
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Fed undecided on 2018 rate hikes
Posted Date: Tuesday, January 9, 2018
The Federal Open Market Committee is optimistic about the economic outlook for 2018 but lacks a consensus on what approach to take regarding the Federal Reserve’s benchmark interest rate throughout the year.
Committee members have offered three different predictions, according to the meeting’s minutes which were released after a standard three-week delay.
Find out more details about what factors the committee members are considering regarding this matter.
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FFIEC finalizes Call Report revisions
Posted Date: Tuesday, January 9, 2018
The three federal banking regulators of the Federal Financial Institutions Examination Council recently finalized proposed changes to the process of preparing and filing a Call Report intended to reduce reporting burdens.
The agencies indicated that they decided not to proceed with one proposed change in response to industry advocacy.
Read on to learn more about what Call Report changes the industry can expect.
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Bill seeks to reform federal student lending policies
Posted Date: Tuesday, January 9, 2018
The House Education and Workforce Committee’s passage of H.R. 4508, the Promoting Real Opportunity, Success, and Prosperity through Education Reform Act, sparked some industry reaction regarding the federal government’s role in the student lending market.
Consumer Bankers Association President and CEO Richard Hunt said that although the bill includes positive provisions for students and their families, he finds other provisions troublesome.
Find out more about what the bill proposes to change about the government’s involvement in financing higher education.
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The unintended consequence of IRRRLs
Posted Date: Friday, January 5, 2018
Refinancing a mortgage is something most people do not consider until several years after originating a home loan with a lender, barring a sudden, significant drop in interest rates or some other circumstance that would justify doing so sooner.
Noting that the Department of Veterans Affairs (VA) likely never intended its Interest Rate Reduction Refinance Loan (IRRRL) program to be used within 30-90 days of a loan origination, NewDay USA Chairman Emeritus and Advisory Board Member Joe Murin, former president of Ginnie Mae, and Capital Markets Cooperative President and CEO Tom Millon told Dodd Frank Update that such instances have cropped up more and more over the past year.
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House passes bill to eliminate SIFI threshold
Posted Date: Friday, January 5, 2018
The House’s recent passage of H.R. 3312, the Systemic Risk Designation Improvement Act, has drawn support from some in the financial industry who long have championed rethinking the process for designating institutions as systemically-important.
The legislation, which passed with bipartisan support, goes a step further than the Senate’s regulatory relief plan, which also proposes to amend the process.
Learn more about what the legislation proposes to do and what the industry and members of Congress have to say.
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IRS tax transcript system change causes delays
Posted Date: Friday, January 5, 2018
Issues with the Internal Revenue Service’s tax transcript process could delay millions of home transactions, according to numerous financial trade associations who expressed their concerns in a joint letter to Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter.
The trades said the modified system has design flaws, was not implemented properly and the IRS failed to communicate effectively with affected parties.
Read on to learn what specific issues the associations pointed out and how they want the IRS to address them.
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CFPB tools can help with HMDA compliance
Posted Date: Friday, January 5, 2018
Lenders covered by expanded Home Mortgage Disclosure Act (HMDA) requirements, implemented Jan. 1, 2018, can take advantage of new tools offered by the Consumer Financial Protection Bureau (CFPB) to facilitate the collection and reporting of quality data.
The CFPB’s Digital Check Tool and Rate Spread Calculator are designed to help lenders comply with Regulation C and Regulation B.
Read on to find out more details about the tools.
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Fed survey shows rural firms trust small banks
Posted Date: Friday, January 5, 2018
Small, rurally-located businesses are more likely to seek credit from similarly small financial institutions, according to a recent survey released by the Federal Reserve Banks of Richmond and Atlanta.
The report indicated that employer firms, defined as businesses with at least one employee other than the owner, that are small and based in rural parts of the country are more stable than their urban counterparts, have fewer financial challenges and rely more heavily on small banks.
Read on to learn more details about the survey’s findings.
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