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CFPB to directly supervise service providers; vendors react
Posted Date: Tuesday, May 23, 2017
The Consumer Financial Protection Bureau has quietly announced that it plans to begin direct supervision of service providers. Two industry veterans spoke to Dodd Frank Update about the implications service providers face if direct third-party oversight by the bureau becomes a reality. Read on to learn more.
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CFPB launches small business lending process inquiry
Posted Date: Friday, May 12, 2017
Ahead of statutorily required rulemaking activities regarding the collection of small business lending information, the Consumer Financial Protection Bureau recently launched an inquiry to learn about methods of gathering and utilizing new and existing data to identify the financing needs of small businesses, particularly those owned by women and minorities.
The announcement, made at a field hearing in Los Angeles, comes just weeks after Director Richard Cordray was taken to task by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) for prioritizing discretionary rulemaking over the Dodd-Frank mandated small business rules in Section 1071. Read on to learn what past experiences the bureau is drawing from as it moves forward.
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CFPB inquiry evokes neglect of duty accusations
Posted Date: Friday, May 12, 2017
No sooner did the Consumer Financial Protection Bureau (CFPB) begin the process of shaping a new statutorily required rule than opponents alleged that circumstances surrounding the rule’s creation constitute cause to dismiss Director Richard Cordray.
The disputes came as the bureau issued a request for inquiry into new rulemaking regarding Section 1071 of the Dodd-Frank Act.
Read on to learn what reasons opponents to the rule cite as justification to fire Cordray.
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Committee again passes Choice Act, trades react
Posted Date: Friday, May 5, 2017
The House Financial Services Committee voted in favor of Rep. Jeb Hensarling’s (R-Texas) Financial Choice Act (FCA) after a three-day markup session that ended May 4 after Democrats worked to extend the review process by offering more than 50 amendments. Financial trade organizations expressed support for the committee’s passage of Hensarling’s bill, which first was introduced and approved by the committee in September 2016 but did not come up for a vote by the full House. Read on to find out by what margin the bill passed and what the trades had to say.
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New Choice: Strip CFPB of supervisory power
Posted Date: Tuesday, April 18, 2017
Rep. Jeb Hensarling (R-Texas) and Rep. Maxine Waters (D-Calif.) both released statements detailing their arguments for and against the revised version of Hensarling’s Financial Choice Act (FCA), which he plans to reintroduce to Congress before the end of April.
Read on to learn about some of the numerous changes the updated bill contains.
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Reps, Dems recap arguments for, against Choice Act
Posted Date: Thursday, April 27, 2017
The House Financial Services Committee held a hearing on the Financial Choice Act on April 26. Supporters and opponents of the revised bill, largely divided along party lines, picked apart its provisions, many of which propose to change or eliminate parts of Dodd-Frank. Read on to learn more about the hearing.
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Prepaid card rule survives CRA
Posted Date: Tuesday, May 9, 2017
The Consumer Financial Protection Bureau’s final rule on prepaid accounts has survived the deadline for repeal via the Congressional Review Act.
Rep. Roger Williams (R-Texas) introduced a bill to repeal the prepaid card rule in February, with expressed support from Rep. Jeb Hensarling (R-Texas) and on the Senate side from Sen. David Perdue (R-Ga.).
Read on to learn more about the state of the rule and how the CRA process was used to affect the bureau.
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Presidential directive targets ‘Too Big to Fail’
Posted Date: Tuesday, April 25, 2017
President Donald Trump recently signed a presidential memorandum directing Treasury Secretary Steven Mnuchin to examine the Dodd-Frank provision outlining Orderly Liquidation Authority intended for helping financial institutions fail safely. The memo is one of two directing Mnuchin to examine Dodd-Frank provisions. Read on to learn more.
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Trump directs Mnuchin to examine FSOC process
Posted Date: Tuesday, April 25, 2017
The process through which the Financial Stability Oversight Council designates financial companies as systemically important soon will come under close scrutiny from Treasury Secretary Steven Mnuchin per a presidential memorandum signed by President Donald Trump.
The memo is one of two directing Mnuchin to examine Dodd-Frank provisions.
In this one, Trump directs Mnuchin to determine whether a nonbank financial company poses a threat to the nation’s financial stability and, therefore, be subject to increased regulatory standards.
Read on to learn more about the memorandum.
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FHFA director talks GSE transition plan
Posted Date: Tuesday, May 16, 2017
Having long contended that conservatorship for the government-sponsored enterprises (GSEs) is unsustainable, Federal Housing Finance Agency Director Mel Watt recently testified to the Senate Banking Committee about actions he feels need to take place to work toward reforming the housing finance market. Read on to find out what he and members of the committee had to say about the issues facing the agency and Congress regarding the matter.
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CSBS sues OCC over nonbank charters
Posted Date: Thursday, April 27, 2017
In an effort to prevent the Office of the Comptroller of the Currency from creating a national nonbank charter, the Conference of State Bank Supervisors has filed a complaint in the U.S. Court for the District of Columbia. Read on to learn details about the lawsuit and what trade organization has expressed support.
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CFPB sues four online lenders over small-dollar loans
Posted Date: Tuesday, May 9, 2017
Four online lenders are the subject of a lawsuit filed by the Consumer Financial Protection Bureau, alleging that they deceived consumers by collecting debt they were not legally owed on high-cost, small-dollar loans. Read on to learn about the basis for the bureau’s lawsuit.
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ICBA to enter next generation of leadership
Posted Date: Tuesday, May 9, 2017
Leading the largest trade organization representing community banks is a major responsibility, and one that Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine will have shouldered for 15 years when he steps down in May 2018.
Read on to find out what he had to say about the timing of his retirement and the future of leadership at ICBA, including reaction from the executive picked to succeed Fine as the president and CEO of ICBA.
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Biggest NS3 yet set to begin
Posted Date: Monday, June 4, 2018
With a record crowd set to invade the Detroit Marriott at the Renaissance Center, the 14th annual National Settlement Services Summit (NS3) brings a packed lineup featuring a live eClosing with remote online notarization, the CEO of the fifth-largest bank mortgage originator in the country, federal and state regulators, and much more.
Read on for more about the industry’s leading event, headlined by keynote speaker Alessandro DiNello, president and CEO at Flagstar Bank.
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Indecomm integrates IncomeGenius with Advanced Data Income Tax Verification
Posted Date: Wednesday, May 24, 2017
Indecomm Global Services and Advanced Data recently announced a technology integration alliance, intended to enable mutual clients to digitally use tax return transcripts through IncomeGenius, Indecomm’s web-based income analysis platform using Advanced Data’s Income Tax Verification (ITV) service.
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CBO estimates budget impacts of Choice Act
Posted Date: Tuesday, May 23, 2017
The Congressional Budget Office (CBO) published a report detailing potential federal budget implications of H.R. 10, commonly known as the “Financial Choice Act” (FCA). The CBO noted that the economy’s unpredictable nature makes its estimates “subject to considerable uncertainty.” Read on to find out what budgetary conclusions the report offers, what variables it takes into account and which agencies most affect the CBO’s scoring of the bill.
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CFPB: Auto lender violates consent order terms
Posted Date: Tuesday, May 23, 2017
The Consumer Financial Protection Bureau recently took action against an auto-finance company for violating a bureau consent order over illegal debt collection practices. Read on to find out how the company violated the order and what repercussions it faces as a result.
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NAFCU president claims ICBA spread misinformation
Posted Date: Tuesday, May 23, 2017
Accusing the organization of spreading misinformation about the credit union tax exemption, National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger wrote a letter to Treasury Secretary Steve Mnuchin implicating portions of a recent whitepaper by the Independent Community Bankers of America (ICBA) on regulatory relief. Read on to learn more about NAFCU’s argument.
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IDS receives Fannie Mae, Freddie Mac certification for UCD XML file
Posted Date: Friday, May 19, 2017
Mortgage document preparation vendor International Document Services, Inc. (IDS), recently announced its Uniform Closing Dataset (UCD) XML file has been certified to meet all UCD requirements by both Fannie Mae and Freddie Mac ahead of the government-sponsored enterprises’ (GSEs) Sept. 25 deadline for UCD delivery.
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AccountChek automates asset verification with LoanSpere
Posted Date: Friday, May 19, 2017
FormFree has announced that it will directly integrate its AccountChek automated asset verification service with the LoanSphere Empower loan origination system (LOS) offered by Black Knight Financial Services, a provider of integrated technology, data and analytics to the mortgage and real estate industries.
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NS3 Preview: Experienced lenders set to share insights
Posted Date: Friday, May 19, 2017
Some of the most valued and experienced voices in the industry will be on stage at the National Settlement Services Summit in San Antonio, Texas, June 7-9. That is highlighted by a lender executive panel featuring the MBA chairman-elect, the former president of Ginnie Mae, and the CEO of WFG. Read on for more details of the expert insight to be shared.
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Trades rally strongly against Durbin
Posted Date: Friday, May 19, 2017
Multiple trade organizations are making a strong push for Congress to repeal the Durbin Amendment, specifically citing language in Rep. Jeb Hensarling’s (R-Texas) Financial Choice Act (FCA) proposing to do just that. Read on to find out what actions various organizations have taken to make their case.
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ICBA sends whitepaper on reg relief to Treasury
Posted Date: Friday, May 19, 2017
Following up its “Plan for Prosperity” agenda, released in January 2017, the Independent Community Bankers of America (ICBA) recently delivered its latest whitepaper on regulatory relief to the Treasury Department for review. Read on to find out some of the key points covered in the report.
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NAFCU president offers ‘framework’ for reg relief
Posted Date: Friday, May 19, 2017
In a recent letter to Treasury Secretary Steven Mnuchin, National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger offered suggestions for easing regulatory burdens on credit unions. Read on to find out what suggestions Berger had for Mnuchin.
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Trump renews CFTC commissioner nomination
Posted Date: Friday, May 19, 2017
President Donald Trump recently nominated Brian D. Quintenz of Ohio to be a commissioner of the Commodity Futures Trading Commission (CFTC) to fill one of two vacant commissioner positions within the agency. It’s the third time in two years Quintenz has been nominated to serve on the CTFC. Read on to learn more about the Republican’s journey.
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Trades comment on GSE buffers, market access
Posted Date: Tuesday, May 16, 2017
Certain trade organizations offered mixed reactions following a recent Senate Banking Committee hearing on possible reforms to the housing finance market, featuring testimony from Federal Housing Finance Administration Director Mel Watt. Read on to find out which aspects discussed during the meeting the trades noted in their reactions.
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NS3 Preview: The value of policies, procedures
Posted Date: Tuesday, May 16, 2017
Richard Horn, founding attorney at Richard Horn Legal, PLLC, will lead a panel discussion about compliance management system policies and procedures, featuring industry insight from Title Source Chief Operating Officer Brian Hughes and Wells Fargo Home Lending Senior Vice President Brian Webster during the 2017 National Settlement Services Summit (NS3) in San Antonio. Read on to learn more about the session and the summit.
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Credit unions applaud CDFI program funding
Posted Date: Tuesday, May 16, 2017
Credit union advocates are celebrating the fact that the federal spending bill, which President Donald Trump signed May 5 and funds the government through Sept. 30, will continue funding for community development programs for financial institutions with a specific certification, which many credit unions have. Read on to learn more details.
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Community bankers support bill benefiting farmers
Posted Date: Tuesday, May 16, 2017
Rep. Lynn Jenkins’ (R-Kan.) recently introduced H.R. 2205, “The Enhancing Credit Opportunities in Rural America Act,” which proposes to benefit rural Americans and has gained support from the Independent Community Bankers of America. Read on to learn more.
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DocuSign hacked, offers tips for users
Posted Date: Tuesday, May 16, 2017
DocuSign has announced that it recently detected an increase in phishing emails sent to some of its customers and users. As a service to our readers, we’ve opened the story to all readers containing instructions from DocuSign to ensure the security of your email and systems.
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NS3 Preview: A new phase of cybertheft?
Posted Date: Friday, May 12, 2017
We know technology is constantly evolving and that cybertheft continues to evolve with it, but are we seeing a major shift in the way cyberthieves carry out their business? Tom Cronkright, owner and CEO of Sun Title, has definitely noticed a shift and will share his insights at a session at the upcoming National Settlement Services Summit. Read on for more details.
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BLM rule is only CRA bill voted down
Posted Date: Friday, May 12, 2017
The Senate fell just shy of the number of votes required to repeal a Department of the Interior rule amending Bureau of Land Management regulations used to prepare, revise or amend plans for land usage pursuant to the Federal Land Policy and Management Act of 1976. Read on to find out who voted against the measure and why they did so.
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Bill challenges privacy impact of HMDA rule
Posted Date: Thursday, May 11, 2017
Reps. Randy Hultgren (R-Ill.) and Andy Barr (R-Ky.) recently reintroduced H.R. 2204, also known as the “Homeowner Information Privacy Protection Act” (HIPPA), which proposes to direct the Comptroller General to examine the impact new HMDA requirements would have on consumers.
The move comes shortly after the American Bankers Association suggested in a letter to the Treasury Department that the HMDA rule should be delayed, and that aspects of its requirements under the Dodd-Frank Act should be repealed by Congress.
Read on to learn what H.R. 2204 proposes to do and what trade organization has expressed support.
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ICBA leaders encouraged by second White House meeting
Posted Date: Thursday, May 11, 2017
Talk of right-sized regulation isn’t necessarily what the average person would call music to their ears.
However, for the members and staffers of the Independent Community Bankers of America (ICBA), who have long waited to feel like their message resonated with policymakers, it is. That was among the topics President Donald Trump and members of his administration talked about during the 2017 ICBA Capital Summit.
Read on to find out what ICBA leaders told Dodd Frank Update about their second meeting with Trump.
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FSOC explains SIFI process for Mnuchin
Posted Date: Thursday, May 11, 2017
The Financial Stability Oversight Council recently convened for the second time since Treasury Secretary Steve Mnuchin took office to continue its discussion from about its process for designating nonbank financial companies as systemically important.
Methods for coordinating agency regulations and the efficacy of the Volcker Rule also came up.
Read on to learn insight from the opening meeting, as well as an overview of the latest FSOC gathering.
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CFPB report highlights student loan complaints
Posted Date: Thursday, May 11, 2017
The Consumer Financial Protection Bureau’s monthly complaint snapshot for March highlights consumer complaints about student loans, the second largest debt market in the country at $1.4 trillion behind only mortgages. Read on to learn more.
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ARMCO enhances ACES Audit Technology for HMDA changes
Posted Date: Tuesday, May 9, 2017
ACES Risk Management (ARMCO), a provider of financial quality control and compliance software, announced that it has upgraded its award-winning ACES Audit Technology solution with over 15 new enhancements.
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NS3 Preview: Blockchain brings security, efficiency, speed
Posted Date: Tuesday, May 9, 2017
Businesspeople not only want things done quickly, but efficiently and securely. At the 2017 National Settlement Services Summit in San Antonio, Texas, June 7-9, one industry leader will introduce and explain new technology that may revolutionize the real estate industry. Read on for a brief summary of what you’ll hear in San Antonio.
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CFPB: Automation will let us track complaint trends better
Posted Date: Tuesday, May 9, 2017
The Consumer Financial Protection Bureau’s supervisory highlights report released April 26 notes updates to the bureau’s methodologies for monitoring complaint trends, fair lending issues and updated guidance and examination information. It also includes an overview of enforcement actions taken regarding issues with loan origination and servicing, which Dodd Frank Update has covered. Read on to learn more.
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Trump addresses ICBA members, staffers during summit
Posted Date: Friday, May 5, 2017
Less than two months following President Donald Trump’s meeting with a handful of community bankers, more than 100 members and staffers from the Independent Community Bankers of America (ICBA) came to the White House to meet with Trump and other top administration officials as part of the 2017 ICBA Capital Summit. Read on to find out what he had to tell the bankers about his actions geared toward bringing them regulatory relief.
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NS3 Preview: GSE reform as told by former regulator
Posted Date: Friday, May 5, 2017
Having worked in the mortgage industry as a government regulator and an executive in the private sector, WL Ross & Co. LLC Vice Chairman James Lockhart will bring to the stage a viewpoint that is about as well-rounded as one could hope for during his keynote address at the National Settlement Services Summit in San Antonio. Read on to find out more about what his presentation will entail.
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ICBA transitions as Fine plans to retire
Posted Date: Friday, May 5, 2017
Saying that he believes it is time for the next generation of community bank leadership, Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine announced at the 2017 ICBA Capital Summit in Washington, D.C. that he plans to retire in May 2018. Read on to find out who will succeed Fine.
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Mortgage Network relocates branch office
Posted Date: Thursday, May 4, 2017
Mortgage Network Inc., one of the largest independent mortgage lenders in the eastern U.S., has relocated its West Chester, Pa. branch office to Exton, Pa. in Chester County.
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Clayton Holdings offers internal audit services program
Posted Date: Thursday, May 4, 2017
Clayton Holdings LLC, a provider of loan due diligence, surveillance, REO management, consulting, valuation, title and settlement services to the mortgage industry, announced that it has developed an enhanced internal audit services program.
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OCC head steps down
Posted Date: Wednesday, May 3, 2017
Comptroller of the Currency Thomas J. Curry stepped down May 5, at which point the acting director took up leadership duties. He will continue to lead the agency until the Senate confirms a permanent leader. Read on to find out who will be replacing Curry.
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ABA requests pause of HMDA expansion
Posted Date: Wednesday, May 3, 2017
The American Bankers Association (ABA) has requested that the Consumer Financial Protection Bureau rescind requirements for the collection of any Home Mortgage Disclosure Act (HMDA) data that is not explicitly spelled out in law, and for Congress to revoke the new HMDA data elements added by the Dodd-Frank Act.
The latest changes to HMDA were finalized in the fall of 2015 and are set to take effect beginning Jan. 1, 2018.
Read on to learn more about the ABA's position, and what it would like to see happen in the next eight months.
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Senate confirms Jay Clayton as SEC chairman
Posted Date: Wednesday, May 3, 2017
The Senate voted 61-37 to confirm Jay Clayton as the next chairman of the Securities and Exchange Commission (SEC). Clayton fills one of three vacancies at the SEC, replacing former SEC Chairman Mary Jo White, who stepped down in January. Read on to learn about Clayton’s career history, potential conflicts of interest and his stance on financial regulations.
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Trades support Clear Relief Act
Posted Date: Wednesday, May 3, 2017
The Community Lending Enhancement and Regulatory (Clear) Relief Act, H.R. 2133, has gained support from multiple trade organizations since Rep. Blaine Luetkemeyer (R-Mo.) introduced it with the purpose of providing targeted regulatory relief for local financial institutions. Read on to find out some of the trades that have expressed support for the bill.
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Lenders One adds to mortgage cooperative
Posted Date: Monday, May 1, 2017
The Lenders One Cooperative, the nation’s largest cooperative of independent mortgage bankers, recently announced that Matthew T. Orlando has joined as vice president of National Programs. Lenders One also has seen significant growth in new memberships, marking the company’s continued efforts to arm members with benefits needed to compete and succeed in today’s lending market.
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NS3 Preview: Lenders welcome agents to eWorld
Posted Date: Thursday, April 27, 2017
For years, the Consumer Financial Protection Bureau has urged the adoption of eMortgages and eClosings as a way to make the mortgage process more understandable, more transparent and more efficient for consumers. Read on to learn more.
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States, CFPB sue Ocwen, company responds
Posted Date: Thursday, April 27, 2017
The Consumer Financial Protection Bureau (CFPB) and state regulators in Florida, Illinois and Massachusetts recently sued Ocwen Financial Corporation and its subsidiaries, alleging that numerous issues during the servicing process harmed borrowers. The company is disputing the allegations, arguing that the bureau’s claims are politically motivated. Read on to find out more details.
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ABA recommends changes to capital standards
Posted Date: Thursday, April 27, 2017
In response to President Donald Trump’s executive order outlining “core principles” for financial regulation, the American Bankers Association (ABA) released a white paper outlining the organization’s recommendations to Treasury Secretary Steven Mnuchin regarding capital standards. Read on to find out what the association is suggesting.
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FTC takes action over UDAP violations
Posted Date: Thursday, April 27, 2017
The Federal Trade Commission recently filed a civil action against an organization and its owners over debt collection the agency deemed illegal. Read on to learn more details.
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State regulators announce MSB reporting changes
Posted Date: Thursday, April 27, 2017
In an effort to streamline Money Services Businesses (MSB) reporting, improve compliance and create the only comprehensive database of nationwide MSB transaction activity, the Conference of State Bank Supervisors recently released the MSB Call Report, a new tool within the Nationwide Multistate Licensing System. Read on to learn more.
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Black Knight to integrate LoanSphere with Solex by Docutech
Posted Date: Tuesday, April 25, 2017
Black Knight Financial Services, Inc., a provider of integrated technology, data and analytics to the mortgage and real estate industries, announced that its LoanSphere Empower loan origination system (LOS) and LoanSphere Expedite Portal will be integrated with Solex, a mobile-capable e-sign solution designed to support digital mortgage capabilities.
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House subcommittee talks challenges facing Choice Act
Posted Date: Tuesday, April 25, 2017
Ahead of Wednesday’s House Financial Services Committee hearing on the revised Financial Choice Act, committee members discussed what obstacles the bill faces during a recent subcommittee meeting on financial institutions. Read on to find out why many Democrats may oppose the bill and what Rep. Jeb Hensarling cites as reasons to support it.
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Avoiding CFPB enforcement for fair lending violations
Posted Date: Tuesday, April 25, 2017
Among the numerous educational sessions at the Consumer Bankers Association’s 2017 national convention in Grapevine, Texas, CBA Live, was one focusing on the Consumer Financial Protection Bureau’s enforcement actions relating to student lending. Read on to learn more.
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CHLA says deduction increase could hurt market
Posted Date: Tuesday, April 25, 2017
With Congress turning its attention toward tax reform, the Community Home Lenders Association is concerned large increases in the standard deduction could negatively affect certain homeowners and is recommending provisions to mitigate those impacts. Read on to learn more.
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Democrat’s CRA bill passes Congress
Posted Date: Tuesday, April 25, 2017
Sen. Tammy Duckworth (D-Ill.) recently introduced bipartisan legislation to roll back a Department of Transportation rule requiring the governors of Wisconsin and Indiana to approve transportation projects in the Greater Chicago area. Read on to learn more.
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