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SEC updates progress on registration of hedge fund advisers
Posted Date: Wednesday, October 31, 2012
The Securities and Exchange Commission said hundreds of advisers to hedge funds and other private funds have registered with the agency in response to Dodd-Frank’s registration provisions. Read on to learn about the SEC’s effort to reach advisers who may be required to move to state oversight but have not yet done so.
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CFTC delays compliance date for audio recordkeeping requirements
Posted Date: Wednesday, October 31, 2012
The Commodity Futures Trading Commission heeded the concerns of industry participants who said they needed additional time to comply with new swaps recordkeeping requirements adopted under Dodd-Frank. The CFTC’s Division of Swap Dealer and Intermediary Oversight issued time-limited no action relief for swap dealers and major swap participants. Read on to learn when industry participants will now be required to comply with the requirements.
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Report says Dodd-Frank, Basel III could drag mortgage market in 2013
Posted Date: Wednesday, October 31, 2012
A new report predicts regulations flowing from the Dodd-Frank Act and international bank capital reforms crafted by the Basel Committee on Banking Supervisions could put a major crimp in the mortgage industry in 2013, resulting in fewer loans and fewer home sales than would have otherwise occurred. Read on for the details.
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Mortgage industry, consumer advocates battle over CFPB LO comp proposal
Posted Date: Wednesday, October 31, 2012
The CFPB is sifting through more than 700 comment letters as it works to craft final rules implementing Dodd-Frank’s loan originator compensation requirements. Read on to learn what brokers, bankers and consumer advocates had to say about proposed provisions pertaining to bonuses and profit sharing, loan originator qualifications and the CFPB’s zero-zero alternative loan requirement.
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Consumer bureau complaint line now ringing with credit reporting gripes
Posted Date: Monday, October 29, 2012
The CFPB is accepting consumer complaints about credit reporting, giving consumers individual-level complaint assistance for the first time at the federal level. With this announcement, the CFPB is once again extending the range of complaints it handles.
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Final rules give CFPB authority to scrutinize debt collection industry
Posted Date: Monday, October 29, 2012
The CFPB finalized a rule allowing the agency to supervise larger consumer debt collectors for the first time. The CFPB also released the field guide that examiners will use to ensure that companies and banks engaging in debt collection are following the law. Read on to learn about the final rule, the field guide and what the bureau had to say about banks, credit unions and other supervised entities that utilize third-party debt collection services
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Lenders critique scope of higher-risk mortgage appraisal proposal
Posted Date: Monday, October 29, 2012
Mortgage professionals sounded off on proposed rules that would establish new appraisal requirements for lenders seeking to originate higher-risk mortgage loans. The proposal, released by several agencies in August, also asked the public to provide feedback on the “higher-risk mortgage loan” definition. Read on to learn what commenters had to say about the scope of the rule.
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Legal fight brewing over yet another Dodd-Frank final rule
Posted Date: Monday, October 29, 2012
A group of industry associations asked a federal court to review a highly controversial rule recently finalized by the Securities and Exchange Commission. The rule related to conflict minerals is just the latest in a growing list of Dodd-Frank regulations referred to the courts. Read on for the details.
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Community bankers blast Basel III proposals
Posted Date: Monday, October 29, 2012
Community bankers joined a growing chorus of industry participants and lawmakers who have criticized proposed rules that would implement new capital requirements and certain standards crafted by the Basel Committee on Banking Supervision. Read on to learn why one banker said regulators should withdraw the proposals.
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MBA live coverage: Dodd-Frank at the gates
Posted Date: Wednesday, October 24, 2012
After more than two years of conjecture and uncertainty, federal agencies working to implement the Dodd-Frank Act will soon unveil rules that are widely expected to transform the mortgage industry. At the 99th Annual Mortgage Bankers Association Convention and Expo in Chicago, association President David Stevens called for improved regulatory coordination and transparency. He also primed industry participants for the battle ahead.
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OCC provides stress test guidance and tool for community banks
Posted Date: Wednesday, October 24, 2012
The Office of the Comptroller of the Currency released guidance on Oct. 18 to national banks and federal savings associations with assets of $10 billion or less on using stress testing to assess risk in their loan portfolios. The OCC is also making a tool to provide community banks with a simple method to perform portfolio stress testing on income-producing CRE loans. Read on for details on the guidance and how this tool can help.
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Fed names members of community bank advisory council
Posted Date: Wednesday, October 24, 2012
The Federal Reserve Board announced the members of its Community Depository Institutions Advisory Council and the president and vice president of the council for 2013. The CDIAC advises the Fed on the economy, lending conditions and other issues. Read on to see who was named to the council.
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SEC wrapping up its derivatives rules with latest proposal
Posted Date: Wednesday, October 24, 2012
The Securities and Exchange Commission voted unanimously to propose capital, margin and segregation requirements for security-based swap dealers and major security-based swap participants. This announcement marks a milestone for the SEC in that it has proposed — or in some cases adopted — substantially all of the rules required by Title VII of the Dodd-Frank Act. The rules together create the new regulatory regime for derivatives under the SEC. Read on for details on the latest proposal.
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CFPB seeks feedback from public on its services
Posted Date: Wednesday, October 24, 2012
The Consumer Financial Protection Bureau wants to hear from you. The federal agency submitted a proposal for the collection of information to the Office of Management and Budget and is seeking feedback from consumers and financial institutions regarding its products and services. Read on to learn about the bureau’s intentions for the information collected.
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ABA says CFPB focusing on wrong thing regarding credit cards
Posted Date: Wednesday, October 24, 2012
The CFPB requested comment on a proposed information collection related to a particular credit union’s new credit card agreements for its Travel Rewards American Express card. But the American Bankers Association says this is all wrong. Read on to find out why.
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Bipartisan group to examine nation’s financial reforms
Posted Date: Wednesday, October 24, 2012
The Bipartisan Policy Center has formed a group of formal regulators, policy advocates, academics and practitioners to evaluate the financial regulatory system as a result of Dodd-Frank and to study five specific areas of the law and its impact. Read on to find out who will be leading this new initiative and what they plan to do with their results.
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Federal small business advocate sounds off on CFPB mortgage servicing proposals
Posted Date: Friday, October 19, 2012
An independent government office charged with representing the views of small firms voiced concern over the CFPB’s proposed mortgage servicing rules. For one thing, the Small Business Administration’s Office of Advocacy argued the regulator failed to provide industry participants with sufficient notice to respond to the proposals. Read on for the details.
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CFTC finalizes swaps conforming rules
Posted Date: Friday, October 19, 2012
The Commodity Futures Trading Commission approved a final rule that amends the agency’s current regulations to integrate them with the statutory and regulatory framework established for swaps under the Dodd-Frank Act. Read on to learn about the final rule.
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CFPB proposes Card Act rule for stay-at-home spouses
Posted Date: Friday, October 19, 2012
The CFPB issued a proposed rule intended to aid stay-at-home spouses who have been unable to obtain credit cards under rules promulgated by the Federal Reserve. The proposal would permit such applicants to rely on shared income when applying for a credit card account. Read on for the details.
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OCC’s Curry: Basel III rules must balance soundness, regulatory burden
Posted Date: Friday, October 19, 2012
Comptroller of the Currency Thomas Curry promised community bankers that federal agencies seeking to implement new capital rules, including provisions of Basel III, “will be thinking broadly about ways to reduce regulatory burden.” Curry’s comments came as state banking supervisors and the U.S. Senate Banking Committee’s top Republican voiced fresh concerns over the regulators’ proposed rules.
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Consumers, community institutions join mortgage servicing debate
Posted Date: Friday, October 19, 2012
Industry groups, consumers and industry participants of all sizes weighed in on the CFPB’s proposed mortgage servicing rules. Read on for an in-depth look at what commenters had to say about the agency’s plans to amend Regulation X, as this three-part series from Dodd Frank Update concludes.
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Associations critique CFPB’s Reg. X mortgage servicing proposal
Posted Date: Wednesday, October 17, 2012
Industry groups urged the CFPB to stick to Dodd-Frank’s mortgage servicing mandates and pull back on efforts to inject additional requirements into rules amending the Truth in Lending Act and the Real Estate Settlement Procedures Act. Read on for an in-depth look at what the associations had to say about the bureau’s key Regulation X proposals and their potential impact on smaller institutions.
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FDIC finalizes large bank pricing rule amendments
Posted Date: Wednesday, October 17, 2012
The Federal Deposit Insurance Corp. finalized rules revising some of the definitions used to determine deposit insurance assessment rates for large banks. The changes came after industry participants said they would have difficulty compiling data required under assessment rules finalized by the FDIC in 2011 under the Dodd-Frank Act.
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Lawmakers question cost of vacated position limits rule
Posted Date: Wednesday, October 17, 2012
A group of Republican lawmakers asked the head of the Commodity Futures Trading Commission to enumerate the costs associated with promulgating and defending a highly controversial rule that was later vacated by a federal court. The lawmakers said the court’s ruling highlights the agency’s “inability to adhere to the law.”
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CFPB publishes remittance rule guide for small businesses
Posted Date: Wednesday, October 17, 2012
The CFPB is seeking public feedback on a guide intended to help small firms understand and comply with the agency’s new rules for international money transfers. Read on to learn about the guide.
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CFTC addresses regulatory uncertainty as new rules kick in
Posted Date: Wednesday, October 17, 2012
The leader of the Commodity Futures Trading Commission said Dodd-Frank rules that took effect on Oct. 12 will usher in a new age of transparency in the swaps markets. However, some lawmakers argued uncertainty surrounding the new rules could disrupt the foreign exchange and derivatives markets to the detriment of the overall economy. Read on to learn what steps the agency took to provide clarity to market participants.
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Private student lending industry ripped in CFPB report
Posted Date: Wednesday, October 17, 2012
A report from the CFPB found private student loan borrowers are often confused by the terms and conditions of their loans and are frequently “given the runaround” by their loan servicers. The report likens issues in the student lending market to those the agency is working to address in the mortgage servicing industry. Read on to learn what policy steps the CFPB may be considering in response to the study.
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FDIC: DIF rebuild still on schedule but uncertainty looms
Posted Date: Monday, October 15, 2012
The FDIC’s effort to rebuild the Deposit Insurance Fund as mandated by the Dodd-Frank Act remains on track but could be hampered by economic troubles looming at home and abroad, according to a new report from the agency. Read on to learn about the FDIC’s latest projections for the DIF and what economic risks the agency is keeping an eye on.
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Fed joins FDIC, OCC in finalizing Dodd-Frank stress-test rules
Posted Date: Monday, October 15, 2012
The Federal Reserve published two final rules with stress testing requirements for certain bank holding companies, state member banks and savings and loan holding companies. The final rules implement Dodd-Frank requirements related to supervisory and company-run stress tests. Nonbank financial companies designated by the Financial Stability Oversight Council will also be subject to certain stress testing requirements contained in the rules. Read on for the details.
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CFTC responds to swap reporting questions, mortgage securitization concerns
Posted Date: Monday, October 15, 2012
The CFTC provided answers to industry participants’ questions related to swaps reporting requirements kicking in under the Dodd-Frank Act. The reporting concerns were among several issues roiling industry participants as a host of new derivatives requirements took effect on Oct. 12. Read on for the details.
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Industry commenters criticize CFPB Reg. Z mortgage servicing proposal
Posted Date: Monday, October 15, 2012
Industry groups urged the CFPB to stick to Dodd-Frank’s mortgage servicing mandates and pull back on efforts to inject additional requirements into rules amending the Truth in Lending Act and the Real Estate Settlement Procedures Act. Read on for an in-depth look at what the associations had to say about the bureau’s key Regulation Z proposals and their potential impact on smaller institutions.
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Cost-benefit analysis concerns underpin new Dodd-Frank legal challenge
Posted Date: Monday, October 15, 2012
The debate over regulators’ assessments of the costs and benefits associated with their rulemakings under the Dodd-Frank Act intensified as a coalition of industry groups launched a legal challenge targeting controversial regulations recently finalized by the Securities and Exchange Commission. Read on to learn about the lawsuit and the cost-benefit battle.
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Top things to note about RESPA in the courts
Posted Date: Monday, October 15, 2012
Circuit courts and the U.S. Supreme Court addressed a number of high profile cases related the Real Estate Settlement Procedures Act in recent months. RESPA News, Dodd Frank Update’s sister publication, will host a webinar to educate settlement services professionals about these cases and how they affect their business practices.
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State banking regulators hammer proposed mortgage risk weights
Posted Date: Wednesday, October 10, 2012
The Conference of State Bank Supervisors joined the ranks of those voicing concern over the Basel III implementation plans proposed by the federal banking agencies. The organization of state banking regulators said it supports raising minimum capital levels and improving the quality of banks’ capital. However, the group said the proposed rules are “highly reactionary” to recent economic events and may ultimately lead to a capital framework that is “more complex and more prone to volatility.”
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FHFA planning new secondary market infrastructure despite uncertainty
Posted Date: Wednesday, October 10, 2012
The Federal Housing Finance Agency is seeking public feedback on its plan to craft a new infrastructure for the secondary mortgage market. The proposed framework includes the creation of a common securitization platform and a model pooling and servicing agreement. Regulators want to ensure the proposed infrastructure is consistent with current efforts to reform the housing finance system and encourage private capital to return to the market. Read on for the details.
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Industry clamors for answers as Dodd-Frank derivatives rules loom
Posted Date: Wednesday, October 10, 2012
The Commodity Futures Trading Commission is considering how to respond to questions, concerns and confusion arising from a wave of Dodd-Frank derivatives rules set to take effect on Oct. 12. Read on to learn about concerns expressed by lawmakers and industry participants.
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FDIC, OCC finalize Dodd-Frank stress-test rules
Posted Date: Wednesday, October 10, 2012
The FDIC and OCC finalized rules requiring certain financial institutions with more than $10 billion in consolidated assets to conduct company-run stress tests as mandated by the Dodd-Frank Act. Read on to learn which institutions will not be required to comply with the rules until late next year.
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Fidelity names Real Estate Data Shield preferred data security vendor
Posted Date: Wednesday, October 10, 2012
Fidelity National Financial named Real Estate Data Shield its preferred vendor for data security compliance and is urging its title agents nationwide to embrace Real Estate Data Shield’s compliance and data security solutions. Read on for details.
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Federal stability panel weighing ‘systemic’ designation for AIG
Posted Date: Thursday, October 4, 2012
American International Group, the insurance giant that the government saved from collapse during the height of the financial crisis, said a federal panel is determining whether to designate the company as systemically important under the Dodd-Frank Act. Read on to learn about the designation process and what such a designation could mean for AIG.
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More lawmakers question Basel III’s impact on community banks
Posted Date: Thursday, October 4, 2012
Members of Oklahoma’s Congressional delegation are among those expressing concern over proposed capital rules seeking to implement Basel III’s standards in the United States. Read on to learn why the lawmakers fear the proposal is “an overreach” that may “place a drag on the economy.”
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Consumer bureau denies petition to set aside civil investigative demand
Posted Date: Thursday, October 4, 2012
The CFPB refused to set aside a civil investigative demand it issued in reference to potential violations of the Real Estate Settlement Procedures Act. Instead, it informed the petitioning company it has 21 days to produce the documents the bureau requested.
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FTC says CFPB should conduct more tests before finalizing combined mortgage disclosures
Posted Date: Thursday, October 4, 2012
The Federal Trade Commission lauded the CFPB’s effort to combine the various mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. However, the FTC said the bureau should conduct more testing before it finalizes rules implementing the new disclosures. Read on to learn what the FTC had to say about the bureau’s proposed forms in a recent comment letter.
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OCC says mortgage performance improved over last year
Posted Date: Wednesday, October 3, 2012
The overall quality of first-lien mortgages serviced by large national and federal savings banks improved in the second quarter from the same period a year ago but showed a seasonal decline from the prior quarter, according to a report from the Office of the Comptroller of the Currency. Read on for the details.
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Durbin defends debit interchange amendment, blasts proposed credit card settlement
Posted Date: Tuesday, October 2, 2012
Sen. Richard Durbin, D-Ill., hit back at banking industry participants who urged Congress to reject efforts to address credit card interchange fees. Durbin defended the debit card interchange provisions he helped insert into the Dodd-Frank Act and decried a proposed legal settlement that financial services industry participants said should be permitted to resolve the credit card interchange issue.
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Geithner wants Dodd-Frank stability panel to pressure SEC on money market fund reform
Posted Date: Tuesday, October 2, 2012
The chairman of FSOC wants the financial stability panel to resurrect the SEC’s scuttled attempt to overhaul money market mutual funds. Treasury Secretary Tim Geithner called on fellow FSOC members to consider numerous possible reform options and issue a recommendation to the SEC under a process set forth in the Dodd-Frank Act.
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American Express to pay $112.5M for illegal credit card practices
Posted Date: Tuesday, October 2, 2012
Three American Express subsidiaries will refund an estimated $85 million to customers and pay an additional $27.5 million in fines following an investigation of the company’s credit card practices conducted by the CFPB and other federal and state regulators. Read on to learn about the problems investigators say they found at the company.
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Federal judge vacates CFTC position limits rule
Posted Date: Monday, October 1, 2012
A federal judge struck down the CFTC’s position limits rule just days before it was scheduled to go into effect. Read on to learn about the ruling and why the court said the CFTC was wrong when it determined that Dodd-Frank unambiguously stripped the agency of all discretion not to impose position limits.
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CFPB study finds differences between credit scores used by consumers, lenders
Posted Date: Monday, October 1, 2012
The Consumer Financial Protection Bureau began supervising larger credit reporting agencies on Sept. 30, seeking to ensure that companies are complying with federal consumer financial protections laws. The launch of the agency’s latest nonbank examination program follows the release of a CFPB study indicating that credit scores purchased by consumers can differ from the scores a lender may consider when deciding whether to extend credit.
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Senate bill would require CFPB to convene SBREFA panel for QM rulemaking
Posted Date: Monday, October 1, 2012
Some Republican Senators are backing legislation that would require the CFPB to form a small business review panel before finalizing its qualified mortgage rule. Read on to learn about the legislation and the debate over whether the bureau should assemble such a panel to inform the rule.
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Regulators reopen comment period for swaps capital and margin proposal
Posted Date: Monday, October 1, 2012
Five federal agencies have again reopened the comment period for their proposed swap margin and capital rules — this time to allow the public to provide comments in light of a consultative document on margin requirements recently published by the Basel Committee on Banking Supervision and the International Organization on Securities Commissions. Read on for the details.
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Cordray promises action on CFPB’s other ability-to-repay rule
Posted Date: Monday, October 1, 2012
CFPB Director Richard Cordray told lawmakers his agency will issue a proposed rule intended to help stay-at-home spouses who found it difficult to obtain credit after the Federal Reserve promulgated regulations implementing the CARD Act. After promising to address the matter for months, Cordray recently provided members of the House Financial Services Committee with a firm timeline for the release of a proposal. Read on for the update.
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CFPB releases five-year plan
Posted Date: Friday, September 28, 2012
The CFPB is asking for the public’s input on a strategic plan setting forth the agency’s broad goals for the next five years. The plan describes the outcomes the bureau would like to realize and the measures it will use to gauge its success in each area.
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Free Webinar: How to properly use distressed sales as comparables
Posted Date: Friday, September 28, 2012
Dodd Frank Update sister publication Valuation Review and McKissock are partnering to bring you a free Webinar on how to properly use distressed sales as comparables in the state of California. Read on for information on registering and for details on this important educational opportunity.
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Consumer group urges CFPB to tighten HOEPA proposal
Posted Date: Friday, September 28, 2012
Consumer advocates want the CFPB to include additional restrictions for lenders under a proposed regulation implementing Dodd-Frank’s changes to the Home Ownership and Equity Protection Act. The suggestions came as industry participants expressed concern about the agency’s plan to expand the types of loans that are subject to HOEPA.
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