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Industry on reg reform: ‘Let’s get this done’
Posted Date: Friday, March 23, 2018
Stressing how delicate bipartisan support for S. 2155 has proven to be, some industry insiders believe any further modifications could risk blowing a chance to make meaningful changes to the Dodd-Frank Act that may not come around again anytime soon.
Paul Merski of the Independent Community Bankers of America and Ryan Donovan of the Credit Union National Association spoke with Dodd Frank Update about why the slightest adjustment to the industry-supported bill could jeopardize its ultimate enactment.
Find out what takes the two industry insiders had to offer.
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Senate passes reg relief bill to amend Dodd-Frank
Posted Date: Thursday, March 15, 2018
After months of advocacy, financial trade associations were pleased by the Senate’s 67-31 vote in favor of S. 2155, also known as the Economic Growth, Regulatory Relief and Consumer Protection Act.
The Senate also passed amendments to the bill which, among other things, would apply to international banks with more than $250 billion in total assets.
Find out what provisions various trade associations support as the bill heads to the House and what Financial Services Committee Chairman Jeb Hensarling (R-Texas) hopes can be done with it before it is passed on to the president.
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Trades refute opponents of Senate reg relief bill
Posted Date: Monday, March 19, 2018
Support for the Senate’s regulatory relief bill proposing numerous amendments to the Dodd-Frank Act has been easy to come by among financial trade organizations, as well as Republicans and a handful of Democrats in Washington, D.C.
However, as the legislation heads to the House for possible revisions that could impact its timetable for becoming law, consumer advocates and a majority of Democrats continue to condemn the bill as handout for Wall Street that exposes consumers to greater risk.
Find out what aspects of the bill are drawing pushback and how trade leaders have responded.
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House approves bills offering community bank relief
Posted Date: Tuesday, March 13, 2018
The House recently passed bipartisan legislation requiring federal banking regulators to simplify community bank reporting requirements, as well as bills that would amend the Truth in Lending Act and the Economic Growth and Regulatory Paperwork Reduction Act in ways that would benefit smaller financial institutions.
Two of the three measures are included in separate sections of the bipartisan Senate regulatory relief bill, S. 2155.
Find out more about the bills and what virtually identical language is included in S. 2155.
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House bill would create CFPB commission
Posted Date: Thursday, March 15, 2018
New legislation introduced in the House proposes to replace the Consumer Financial Protection Bureau’s director with a bipartisan commission, a concept proposed in the initial version of the Financial Choice Act and that has received support from many in the financial industry.
The bipartisan bill quickly gained support from some financial trade associations.
Read on to learn more details that are available.
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CFPB finalizes rule simplifying mortgage servicing regs
Posted Date: Thursday, March 8, 2018
The Consumer Financial Protection Bureau (CFPB) has issued a final rule addressing industry-noted challenges presented by the bureau’s 2016 mortgage servicing rule.
The new rule, the second the CFPB has finalized under acting director Mick Mulvaney, provides mortgage servicers more latitude when communicating with certain borrowers entering or exiting bankruptcy.
Find out more details about what this rule means for the industry.
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Business owners sentenced for criminal debt collection scheme
Posted Date: Tuesday, March 27, 2018
Numerous individuals have pled guilty to misleading or threatening consumers in what a New York district attorney called “the largest criminal debt collection scheme ever charged.” Two were sentenced to prison terms.
The Federal Trade Commission and the New York Attorney General’s Office recently banned parties involved in deceptive and abusive collection practices used to carry out the scheme from participating in the debt collection business and from buying or selling debt.
Read on to find out more about the enforcement action.
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Court vacates fiduciary rule
Posted Date: Monday, March 19, 2018
Two of three panel judges of the Fifth Circuit Court of Appeals overturned a lower court’s ruling on the Department of Labor’s (DOL) fiduciary rule, vacating the rule in its entirety.
The ruling signals victory for a coalition of financial and business trade groups who challenged the 2016 rule, shortly after President Barack Obama’s administration finalized it.
Find out what details the judges offered relating to their opinions on the matter.
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CFPB, FTC detail illegal debt collection enforcement, prevention efforts
Posted Date: Friday, March 23, 2018
In a joint report to Congress, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) detailed actions each agency undertook in 2017 to combat illegal debt collection practices.
The report features letters from CFPB acting director Mick Mulvaney and FTC acting chairman Maureen Ohlhausen about both agencies’ recent coordinated efforts to regulate the debt collection industry in accordance with the Fair Debt Collection Practices Act.
Find out what details both agencies included in the report.
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Mulvaney says CFPB will protect credit providers
Posted Date: Thursday, March 1, 2018
Consumer Financial Protection Bureau acting director Mick Mulvaney detailed the bureau’s new guiding principles, which include protecting credit providers in addition to consumers, while speaking at the Credit Union National Association’s Government Affairs Conference in Washington, D.C.
He also referenced his written communications with Sen. Elizabeth Warren (D-Mass.) about his actions as the bureau’s interim leader and the legitimacy of his standing in that position, as well as a past exchange with a former credit union regulator.
Find out what Mulvaney touched on regarding the bureau’s new approach to regulating credit unions and other financial institutions during the speaking engagement.
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Mulvaney wants more collaboration with state AGs
Posted Date: Tuesday, March 6, 2018
Amid growing speculation state attorneys general will become more active enforcing consumer protection laws as the Consumer Financial Protection Bureau shifts resources towards other functions, acting director Mick Mulvaney recently said that the bureau wants to increase collaboration between with state regulators.
Mulvaney talked about what the bureau hopes to get out of such collaborative efforts during speaking engagements before the National Association of Attorneys General and the U.S. Chamber of Commerce.
Find out what details he was able to divulge about the bureau’s new attitude towards enforcement.
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CBA Live speaker recommends banks become disruptors
Posted Date: Tuesday, March 13, 2018
The industry’s abrupt shift in focus from regulatory compliance to 21st Century solutions was blatant in the results of one poll question the association has been asking its members every year since 2012: “What will be the top issue facing our industry over the next three years?”
Scott Klososky, an author, bank board member and cybersecurity business investor, told attendees that banks should be quicker to react to new technology trends that will shape the future of the financial marketplace and society in ways reminiscent of science fiction.
Find out what precisions and advice Klososky offered regarding what lies ahead for the industry.
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Possible Amazon, bank deal ‘unprecedented’ in scale
Posted Date: Thursday, March 15, 2018
The size and scope of the impact a potential partnership between Amazon Inc. and some of the nation’s largest banks is unprecedented, but there are a variety of unknowns that would need to be addressed to make it a reality.
The Independent Community Bankers of America’s First Vice President of Payments and Technology Policy Cary Whaley and Group Executive Vice President of Regulatory Policy Viveca Ware spoke with Dodd Frank Update about the models Amazon and its potential banking partners are likely to explore.
Find out what hypotheticals they noted that both parties would have to keep in mind to make such a deal come to fruition.
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Discover Bank, PNC repeat as Joe Belew Award winners
Posted Date: Wednesday, March 14, 2018
Keeping winning streaks alive for both companies, the Consumer Bankers Association (CBA) presented its Joe Belew Award to Discover Bank and PNC Bank. This marks the eighth year CBA has given the award to honor member banks for providing innovative and impactful programs serving underbanked and unbanked consumers.
The winners each received $5,000 from CBA to donate to a non-profit program partner of their choice.
Read on to find out what innovative programs earned each company the award.
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Delinquency rate hits 18-year low
Posted Date: Friday, February 15, 2019
The delinquency rate hit an 18-year low for mortgage loans on one-to-four-unit residential properties in the fourth quarter of 2018, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
MBA Vice President of Industry Analysis Marina Walsh pointed out that the fourth quarter saw improvements in states adversely impacted by natural disasters these last two years.
Read on to learn more details.
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Industry reacts to spending bill signing
Posted Date: Tuesday, March 27, 2018
Amid criticism from both sides of the political aisle, President Donald Trump reluctantly signed into law a $1.3 trillion omnibus spending bill to fund the government through Sept. 30.
Some financial industry participants have noted support for certain provisions in the bill, such as those benefiting Small Business Administration programs, the Community Development Financial Institutions Fund and the National Flood Insurance Program, among other items.
Find out what some financial trade organizations have been saying about the budget.
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Industry, consumer groups advocate federal data security standards
Posted Date: Tuesday, March 27, 2018
Industry and consumer advocates did not hold back during a recent hearing about securing consumer financial information held by the House Financial Services Committee.
Attendees also discussed two bills geared toward increasing accountability standards for companies that gather and store consumer information, which have gained industry support.
Find out more about what was discussed during the hearing and what is included in the bills.
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Introducing Trump’s new economic advisor
Posted Date: Tuesday, March 27, 2018
President Donald Trump recently announced that CNBC commentator Larry Kudlow would take over for Gary Cohn as the top advisor for the National Economic Council.
Trump noted that he respects Kudlow, who supported Trump’s bid for the presidency, although he does not always agree with him.
Find out more about Kudlow’s track record.
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House committee passes eight bills, some with S. 2155 provisions
Posted Date: Friday, March 23, 2018
The House Financial Services Committee recently passed eight bills proposing various provisions included in the Senate’s recently approved regulatory relief package and that originated in the House’s Financial Choice Act.
Several of the bills propose regulatory relief provisions that involve amending federal statutes, including the Dodd-Frank Act.
Find out what provisions are included in the various legislative pieces.
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FDIC: Banks could see DIF reimbursements soon
Posted Date: Friday, March 23, 2018
The Federal Deposit Insurance Corp. announced that the Deposit Insurance Fund is on pace to reach its statutorily required reserve ratio before the end of 2018, two years ahead of schedule.
That would mean considerable reimbursements for more than 93 percent of small banks.
Read on to find out more details from the agency’s report and how the fund has been rebuilt since its low point at the end of 2009.
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SEC awards record whistleblower sum
Posted Date: Friday, March 23, 2018
Marking the largest amount ever awarded in a Dodd-Frank whistleblower case, the Securities and Exchange Commission (SEC) recently announced that three whistleblowers will receive a combined $83 million for exposing wrongdoing at Merrill Lynch.
The award was issued for information the whistleblowers provided that led to an enforcement action against the wealth management company in June 2016.
Read on to find out more details.
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ICBA announces new chairman, execs for 2018-19
Posted Date: Friday, March 23, 2018
During the association’s 2018 national convention in Las Vegas, the Independent Community Bankers of America elected Timothy Zimmerman, CEO of Standard Bank in Monroeville, Pa., as its chairman for 2018-19.
The organization also revealed its executive committee for 2018-19, which Zimmerman oversees.
Read on to learn more about the new chairman and the executive committee members.
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ComplianceEase releases TRID 2.0 update for ComplianceAnalyzer
Posted Date: Monday, March 19, 2018
ComplianceEase, the nation’s leading provider of automated compliance solutions to the financial services industry, has updated ComplianceAnalyzer with TRID Monitor to comply with the 2017 TILA-RESPA Integrated Disclosure Rule.
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Equifax exec charged with insider trading
Posted Date: Monday, March 19, 2018
The Securities and Exchange Commission has charged a former Equifax chief information officer for one of the company’s business units with insider trading in August 2017.
The alleged wrongdoing occurred just prior to the company’s September announcement about the data breach that exposed approximately 148 million consumers’ Social Security numbers and other personal information.
Learn what details led to charges against the executive and what the company has said about the employee’s actions.
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FCC autodialer rule invalidated in court ruling
Posted Date: Monday, March 19, 2018
The D.C. Circuit Court of Appeals has ruled against the Federal Communications Commission’s (FCC) definition of prohibited “autodialer” equipment in the case of ACA International v. FCC.
The ruling invalidates the agency’s 2015 declaratory rule interpreting provisions of the Telephone Consumer Protection Act pertaining to automated communications between companies and consumers.
Find out what factors went into the court’s decision, as well as how the FCC commissioner and the financial industry reacted to the news.
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CFPB RFI seeks comments on adopted rules
Posted Date: Monday, March 19, 2018
The Consumer Financial Protection Bureau recently issued a Request for Information seeking feedback about the bureau’s adopted regulations and new rulemaking authorities.
Interested parties are being invited to share their opinions regarding whether the bureau should amend any rules it has issued since its inception or issue rules under new rulemaking authority provided for by the Dodd-Frank Act.
Read on to find out what topics the bureau is asking respondents to address in their feedback.
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LenderLive names Ian Morgan chief information security officer
Posted Date: Friday, March 16, 2018
LenderLive Holdings, Inc., a leading mortgage services provider, recently promoted Ian Morgan to chief information security officer (CISO). In his new role, Morgan will be responsible for the confidentiality, integrity and availability of the company’s information assets, partnering with LenderLive’s business lines.
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Industry applauds bills to tailor regs, increase exam fairness
Posted Date: Thursday, March 15, 2018
The House recently passed three bipartisan legislative pieces aiming to increase fairness and transparency during federal examinations and to tailor regulations passed since the Dodd-Frank Act’s implementation and adjust Regulation A requirements.
The industry has expressed strong support for two of the bills, writing to congressional leaders, urging them to get behind them.
Read on to find out what these measures hope to accomplish and why they have industry support.
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CFPB publishes new HMDA reporting guide
Posted Date: Wednesday, March 14, 2018
To help covered entities stay compliant with new Home Mortgage Disclosure Act requirements, the Consumer Financial Protection Bureau recently released an updated how-to manual on the subject, titled “The Guide to HMDA Reporting: Getting It Right!”
The guide provides a summary of the rule’s expanded requirements and highlights information that financial institutions and others are likely to find useful.
Read on to learn more about what is included.
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Indecomm IncomeGenius releases new multi-partner integration
Posted Date: Tuesday, March 13, 2018
Indecomm Global Services, a leading provider of business process as a service (BPaaS), software as a service (SaaS) technology, and learning solutions for the mortgage industry, announced that it has released a new three-way technology integration for its IncomeGenius automated solution for income calculations with partners LendingQB and Advanced Data.
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CFPB staff does ‘some of the best lawyering’ Mulvaney has seen
Posted Date: Tuesday, March 13, 2018
Since taking over as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney has asserted that despite his intent to change certain policies and practices the bureau utilizes, he holds the agency’s staff in high regard.
He highlighted that fact during recent speaking engagements before the U.S. Chamber of Commerce and the National Association of Attorneys General (NAAG). During the events, he also touched on the bureau’s progress shifting its resources towards focuses other than enforcement and fielded questions from attendees about small business data collection policies and more.
Find out what praise he had for the bureau’s staff, as well as what he had to say about the bureau’s education efforts and more.
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Quarles addresses potential Volcker Rule changes
Posted Date: Tuesday, March 13, 2018
During a speech addressing a group of international bankers, Federal Reserve Vice Chairman for Supervision Randal Quarles addressed forthcoming Volcker Rule changes that are in the works, as well as the possibility of enhancing prudential standards for international banks.
Noting that he believes the Volcker Rule represents “an example of a complex regulation that is not working well,” Quarles said the federal banking agencies expect to soon solicit public feedback regarding their proposed revisions to the rule’s compliance regimen and the definitions of complex terms implementing statutory requirements of the Dodd-Frank Act.
Find out more details about what the federal banking regulators want to change about the Volcker Rule and prudential standards for international banks.
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RFI on bankrupt student loan borrowers draws CBA response
Posted Date: Tuesday, March 13, 2018
The Department of Education recently published a Request for Information (RFI) on how to determine when federal student loan debt should not be exempted from discharge as part of bankruptcy proceedings.
The Consumer Bankers Association (CBA) responded by highlighting differences in delinquency rates among federal and private student loans.
Read on to find out what kinds of feedback the RFI is seeking and what information CBA provided about student loan types.
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Community bankers gather at ICBA annual event
Posted Date: Tuesday, March 13, 2018
A day after the Senate moved its regulatory relief bill toward almost certain passage, the largest annual gathering of community bankers takes place in Las Vegas.
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Bank-held commercial, multifamily delinquencies reach long-term low
Posted Date: Friday, March 9, 2018
Delinquency rates for commercial and multifamily mortgages held by banks and thrifts in the fourth quarter of 2017 were the lowest they’ve been since at least 1990, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report.
The report analyzed commercial/multifamily delinquency rates among five of the largest investor groups.
Read on to learn more about the report’s findings.
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Ellie Mae’s Velocify wins LeadsCouncil LEADER award
Posted Date: Friday, March 9, 2018
Ellie Mae, the leading cloud-based platform provider for the mortgage finance industry, recently announced that Velocify has been recognized with a LeadsCouncil LEADER award for outstanding performance and innovation in the lead generation industry. Velocify is the recipient of one of six accolades awarded annually by the organization.
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Fiserv, Mastercard offer institutions safe option to approve more genuine transactions
Posted Date: Thursday, March 8, 2018
Fiserv, Inc., a leading global provider of financial services technology solutions, recently announced that has begun offering Mastercard Decision Intelligence, a comprehensive decision and fraud detection service. Financial institutions working with Fiserv will benefit from this service, which helps them increase the accuracy of real-time approvals of genuine transactions, reduce the number of false declines and improve the overall cardholder experience.
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Promontory MortgagePath adds three senior execs
Posted Date: Thursday, March 8, 2018
Promontory MortgagePath, a provider of next-generation mortgage technology and loan fulfillment services, recently announced three senior-level hires.
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Inlanta Mortgage integrates CompenSafe with LendingQB
Posted Date: Thursday, March 8, 2018
Wisconsin-based Inlanta Mortgage recently completed an integration between LBA Ware’s CompenSafe automated compensation calculation platform and LendingQB’s cloud-based loan origination solution (LOS).
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Making the most of the CFPB call for evidence
Posted Date: Thursday, March 8, 2018
There is no time like the present for the industry to have its voice heard by the Consumer Financial Protection Bureau, given the slew of Requests for Information the bureau has issued since acting director Mick Mulvaney announced his call for evidence to assess the bureau's functions.
Richard Horn, principal of Richard Horn Legal PLLC, said the industry should capitalize on the chance to give the bureau feedback on such a wide array of topics.
Find out what advise he offered for how businesses and individuals can make the most of the opportunity.
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Mulvaney, Kudlow among possible Cohn replacements
Posted Date: Wednesday, March 7, 2018
White House National Economic Council Director Gary Cohn announced his resignation in response to President Donald Trump’s decision to impose trade tariffs on steel and aluminum.
White House aides have told media outlets that Cohn’s possible replacements include Larry Kudlow, economic analyst and former Reagan administration official, and Mick Mulvaney, director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau.
Find out more about Cohn’s resignation and reaction from members of Congress and the administration.
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CFPB requests input on rulemaking processes
Posted Date: Wednesday, March 7, 2018
The Consumer Financial Protection Bureau has issued a Request for Information (RFI) seeking feedback about the bureau’s rulemaking processes.
This is the seventh in a series of RFIs issued as part of acting director Mick Mulvaney’s call for evidence to evaluate the bureau’s functions.
Read on to learn specifics about what the bureau is asking interested parties to address in their responses.
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House passes bill prohibiting certain operational risk requirements
Posted Date: Wednesday, March 7, 2018
The House recently passed a bill that would amend the Federal Reserve Act to prohibit the establishment of operational risk capital requirements for banking organizations based on certain factors.
Rep. Blaine Luetkemeyer (R-Mo.) introduced the bill, which is based on a Financial Choice Act provision, and has support from the American Bankers Association and Republicans but is opposed by consumer groups and numerous Democrats.
Find out more details about the legislation.
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GAO advises regulators to assess burdensome rules
Posted Date: Monday, March 5, 2018
After conducting research to identify regulatory challenges facing community banks and credit unions, the Government Accountability Office released a report detailing recommendations for executive actions that could alleviate some of the most burdensome policies implemented since the Dodd-Frank Act’s passage.
The report also noted limitations to Economic Growth and Regulatory Paperwork Reduction Act reviews and how they may be addressed.
Find out what specific regulations the report highlights as being particularly burdensome and what it advises federal regulators to do.
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Equifax says data breach affected 2.4 million more consumers
Posted Date: Monday, March 5, 2018
As a result of an ongoing internal analysis, Equifax recently announced that it has identified approximately 2.4 million more U.S. consumers affected by the cybersecurity breach at the credit reporting agency that compromised personal information belonging to more than 140 million people.
Equifax has come under intense scrutiny from lawmakers and federal regulators since the incident became public in September 2017.
Find out more details about the latest group of affected individuals to be identified.
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Tax reform has mixed effects on long-term housing outlooks
Posted Date: Thursday, March 1, 2018
Long-term expectations for the U.S. housing industry have dropped since the Republican tax reform bill was signed into law this past December, according to Zillow Inc.’s 2018 Q1 Home Price Expectations Survey.
Although the housing analysts and economists tapped for the survey generally agreed that the new tax model would have short-term benefits to the housing market, more said the policy change lowered their expectations for home price growth over the next five years compared to those who said it made them more optimistic about the market’s future.
Read on to find out more about what the survey revealed.
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CFPB requests feedback on public complaint reporting
Posted Date: Thursday, March 1, 2018
The Consumer Financial Protection Bureau has issued a Request for Information about the bureau’s practice of publishing consumer complaints it receives.
The bureau is seeking comments and information from interested parties regarding potential changes to the bureau’s public complaint reporting practices that are consistent with the law, and whether any such changes would be appropriate.
Read on to learn more details about what the bureau is asking commenters to address in their responses.
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Treasury recommends OLA, bankruptcy reforms
Posted Date: Tuesday, February 27, 2018
The Treasury Department recently released a report detailing recommendations for reforming the Federal Deposit Insurance Corp.’s Orderly Liquidation Authority (OLA).
The report was commissioned to determine ways to align OLA with President Donald Trump’s executive order outlining “Core Principles for Financial Regulation,” and whether the U.S. Bankruptcy Code should be reformed to enable better resolution of financial companies.
Find out what the Treasury is recommending and what House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has said about the report.
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