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Confused consumers urged to ‘Ask CFPB'
Posted Date: Tuesday, March 27, 2012
The Consumer Financial Protection Bureau launched an interactive online database intended to help consumers find answers to their financial questions. Read on to learn about the agency's new Ask CFPB web tool.
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Panel of experts to advise Office of Financial Research
Posted Date: Tuesday, March 27, 2012
The Treasury Department plans to establish a committee of experts to aid the new Office of Financial Research as it carries out its responsibilities under the Dodd-Frank Act. Read on to learn about the Financial Research Advisory Committee.
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CFTC provides temporary large trader reporting relief
Posted Date: Monday, March 26, 2012
The Commodity Futures Trading Commission is again providing temporary relief for market participants that are currently unable to fully comply with new reporting requirements established under the agency's large trader reporting system for physical commodity swaps and swaptions. Read on to learn about the relief.
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Lawmakers seek to remedy Volcker Rule implementation issues
Posted Date: Monday, March 26, 2012
A bipartisan group of Senate lawmakers is backing a bill that would delay implementation of the Dodd-Frank Act's ban on banks' proprietary trading, also known as the Volcker Rule, until regulators complete work on rules implementing the provisions. Meanwhile, Dodd-Frank architect Rep. Barney Frank, D-Mass., is urging regulators to simplify their Volcker Rule proposal. Read on for the details.
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Regulators discuss international harmonization efforts
Posted Date: Monday, March 26, 2012
U.S. lawmakers continue to weigh a range of potential international issues arising from the Dodd-Frank Act. On March 22, the Senate Banking Committee held a hearing to consider U.S. regulators' efforts to harmonize their rulemakings under the Dodd-Frank Act with financial reforms taking place around the globe. Read on to learn what domestic regulators have done to reach out to their foreign counterparts.
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Summit Early Bird pricing ends this week
Posted Date: Monday, March 26, 2012
Excitement is growing ahead of the 2012 National Settlement Services and Compliance Summit, and October Research, publisher of Dodd Frank Update, is pleased to announce that Early Bird prices remain open this week for all those registering for the Summit. But title and settlement services professionals wishing to benefit from this special Summit rate must do so by March 31.
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Regulators extend comment period for stress-test proposals
Posted Date: Monday, March 26, 2012
Federal regulators are providing the public with additional time to comment on large institution stress-testing requirements proposed under Section 165 of the Dodd-Frank Act. Read on to learn about the new comment deadlines.
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ICBA coverage: Community bankers stress over stress-testing expectations
Posted Date: Sunday, March 25, 2012
Title I of the Dodd-Frank Act mandates new stress-testing requirements for the nation's big banks to ensure that firms can withstand economic shocks without falling like dominos. While the provisions were never meant for small lenders, community bankers recently told federal regulators that some examiners have beefed up supervisory stress-testing expectations. Read on to learn what the bankers had to say and how the regulators responded.
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Land title industry concerned about mortgage form implementation costs
Posted Date: Sunday, March 25, 2012
A title insurance trade association is questioning the potential costs associated with implementing new mortgage disclosures being crafted by the Consumer Financial Protection Bureau. Read on to learn why the American Land Title Association believes the new forms could saddle title agents with thousands of dollars in up-front costs.
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FDIC proposes rule to enforce affiliate contracts during orderly liquidation
Posted Date: Thursday, March 22, 2012
The Federal Deposit Insurance Corp. continues to propose rules implementing its orderly liquidation powers under Title II of the Dodd-Frank Act. The FDIC board recently voted to propose a rule permitting the agency to enforce contracts between covered financial companies and their subsidiaries and affiliates in the event the covered company enters into FDIC receivership. Read on for the details.
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CFPB to scrutinize debt collection industry
Posted Date: Thursday, March 22, 2012
The CFPB highlighted its new rulemaking powers and nonbank supervision program in a recent report detailing the agency's early efforts to administer the Fair Debt Collection Practices Act. The bureau said it plans to work closely with the Federal Trade Commission to protect consumers from the “unfair, deceptive and abusive conduct of some debt collectors.”
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CFPB gets ‘sobering' glimpse of student loan market
Posted Date: Thursday, March 22, 2012
The Consumer Financial Protection Bureau is warning that the student loan market may have attained too-big-to-fail status. The CFPB's student loan ombudsman said an initial bureau examination shows the market could be far larger than originally thought and may pose risks to students and the broader economy.
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CFTC customer clearing final rules: Documentation, timing of acceptance, risk management
Posted Date: Thursday, March 22, 2012
The Commodity Futures Trading Commission finalized a package of rules concerning the documentation between a customer and a futures commission merchant that clears on behalf of the customer, the timing of acceptance or rejection of trades for clearing by derivatives clearing organizations and clearing members and clearing member risk management for swap dealers, major swap participants and FCMs that are clearing members. Read on to learn more about the rules.
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FDIC heeds industry concerns, proposes large bank pricing amendments
Posted Date: Thursday, March 22, 2012
A Federal Deposit Insurance Corp. proposal would revise some of the definitions used to determine deposit insurance assessment rates for large banks. The proposed changes come after industry participants said they would have difficulty compiling some of the data required by new Dodd-Frank rules. Read on to learn about the amendments.
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Office of Financial Research readies for growth spurt
Posted Date: Monday, March 19, 2012
The Treasury Department office established under the Dodd-Frank Act to improve the quality of data available to policymakers outlined its plans for 2012 and beyond. Read on to learn about the priorities of the new Office of Financial Research.
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ICBA coverage: FDIC chair touts orderly liquidation, small bank initiatives
Posted Date: Monday, March 19, 2012
The acting chairman of the Federal Deposit Insurance Corp. told community lenders at the Independent Community Bankers of America National Convention in Nashville that his agency is working on two major initiatives that will have a positive impact on their industry. Read on to learn about these key FDIC projects.
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Banking associations hit back at merchants' swipe fee lawsuit
Posted Date: Monday, March 19, 2012
A group of major banking industry associations said a federal court should reject merchants' arguments that regulators failed to follow key Dodd-Frank Act requirements when they adopted a cap on debit card swipe fees. The associations representing bank and credit union issuers agreed in a recent court brief that the Federal Reserve's debit card rules are flawed, but for reasons that are “diametrically opposite of those presented by the merchants.”
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Federal Trade Commission, CFPB sharing consumer complaints
Posted Date: Monday, March 19, 2012
The Federal Trade Commission and the CFPB have begun to share consumer complaint information as required by the Dodd-Frank Act. Read on to learn how the agency's efforts will help law enforcement track and respond to issues raised by consumers.
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ICBA's Fine: Community bankers ditching post-crisis pessimism
Posted Date: Monday, March 19, 2012
While community bankers still have a lot to worry about, they may be casting off the despair that enveloped the industry in the wake of the financial crisis. Many industry participants found expression for their newfound optimism at the recent Independent Community Bankers of America Annual Convention in Nashville. Read on to learn what one ICBA leader said about the future of community banking.
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ICBA coverage: CFPB working to meet Dodd-Frank deadlines
Posted Date: Sunday, March 18, 2012
A top Consumer Financial Protection Bureau regulator said her agency is working hard to meet rulemaking deadlines set forth in the Dodd-Frank Act. Kelly Cochran, the CFPB's deputy assistant director for regulations, discussed several major bureau rulemakings at the Independent Community Bankers of America Convention in Nashville. She also told Dodd Frank Update why she believes it's important for the bureau to meet its congressional mandates.
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CFTC releases CPO guidance, filing deadlines
Posted Date: Saturday, March 17, 2012
The U.S. Commodity Futures Trading Commission released its annual guidance letters to commodity pool operators. Read on to find out letter highlights, filing deadlines and contact information for the National Futures Association.
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Legislation aimed to rein in ‘Wild West' payday lending
Posted Date: Saturday, March 17, 2012
Sen. Jeff Merkley, D-Ore., plans to introduce federal legislation to establish strong rules for payday lenders and close loopholes on online and offshore payday lending sites. Read on for more on this legislation and to find out what Merkley said to Richard Cordray regarding the CFPB's role in this matter.
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CFTC to hold open meeting to consider one final rule
Posted Date: Saturday, March 17, 2012
The Commodity Futures Trading Commission will hold a public meeting to consider one Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management.
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Lack of finalized clearing rules feeding confusion, new study says
Posted Date: Saturday, March 17, 2012
Despite the Dodd Frank Act call for new clearing rules ”” as well as the G20 mandate for new rules coming at the end of 2012 ”” there is still no finalized regulatory landscape, no specific compliance dates, and no completion of the rules mandating clearing in any jurisdiction, leading to confusion and potential lack of preparedness among buy-side asset managers, claims new research out of London. Read on for the results of this international study.
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SEC market data analysis to aid in evaluating rules
Posted Date: Saturday, March 17, 2012
The staff of the Securities and Exchange Commission has made available publicly an analysis of market data related to credit default swap transactions. Read on for an overview of the memorandum and to download the full report.
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Live ICBA coverage: Regulators discuss top compliance mistakes
Posted Date: Tuesday, March 13, 2012
Faced with new regulatory requirements under the Dodd-Frank Act and heightened expectations from examiners, community institutions must maintain a constant focus on compliance; however, even well-meaning banks sometimes find they have run afoul of their federal supervisors. Top regulators outlined common compliance mistakes at the Independent Community Bankers of America National Convention in Nashville. Read on to learn how banks can avoid some of these pitfalls.
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CFTC commissioner blasts rulemaking process
Posted Date: Monday, March 12, 2012
Writing rules on too little data puts the Commodity Futures Trading Commission at “risk of sacrificing liquidity at the altar of transparency” said one commissioner in a speech before the Institute of International Bankers Annual Washington Conference. Read on for her scathing remarks about the process and her concerns for the U.S. and global markets.
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CFPB proposes rules to protect privileged information
Posted Date: Monday, March 12, 2012
The Consumer Financial Protection Bureau has proposed rules that would codify protections for privileged information submitted to the bureau by the financial institutions it regulates. Read on for more about the proposed rule.
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Lawmakers urge immediate action to curb excessive oil and gas speculation
Posted Date: Monday, March 12, 2012
Speculative trading is driving up the cost of gasoline and the Commodity Futures Trading Commission is not doing enough to curb the excesses, lawmakers said in a letter to the CFTC on March 5. The letter, penned by Sen. Bernard Sanders, D-Vt., and signed by 72 lawmakers, calls for the immediate enactment of strong position limits in light of escalating gas prices. Read on for the details.
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Miller: Gains could erode without full regulatory commitment
Posted Date: Monday, March 12, 2012
The head of the Office of Financial Markets told the Institute of International Bankers last week that there is evidence the financial system is getting stronger and safer, but gains could quickly erode if we “succumb to a collective amnesia about how close we came to a complete financial collapse less than four years ago.” Read on for her recommendations on the steps that must be taken to ensure the long term health of the national and global financial markets.
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Study postulates troubling outcome for Durbin amendment
Posted Date: Monday, March 12, 2012
A public policy discussion paper issued by the Federal Reserve Bank of Boston in February postulates that consumers with low credit scores are more likely to be harmed ”” rather than helped ”” by the Durbin amendment's interchange fee cap. Read on for a full report on the recent study.
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Ellison calls for action on compensation ratios
Posted Date: Monday, March 12, 2012
Twenty congressmen signed onto a letter penned by Rep. Keith Ellison, D-Minn., asking the SEC to get to work on rulemaking surrounding disclosure requirements for CEO compensation. Read on for the details.
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House Ag Committee quizzes Gensler on end-user exemption, position limits rule
Posted Date: Thursday, March 8, 2012
The chairman of the Commodity Futures Trading Commission hopes his agency will finalize rules defining the range of swaps participants during the month of March. Gary Gensler discussed the CFTC rulemaking during a recent hearing before the U.S. House Agriculture Committee. Lawmakers grilled Gensler on a range of issues from the swaps end-user exemption to delays in the implementation of rules some policy makers believe could ease the pain consumers are feeling at the gas pump.
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Senators introduce bank exam bill
Posted Date: Thursday, March 8, 2012
Two U.S. Senators introduced a measure they say would establish a more transparent approach to bank examinations and create a faster appeals process for financial institutions. Read on to learn about the legislation.
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House bill targets Fed's dual mandate, CFPB funding
Posted Date: Thursday, March 8, 2012
A measure introduced into the U.S. House seeking to transform the mission and operations of the Federal Reserve would also subject the Consumer Financial Protection Bureau to the congressional appropriations process. Read on for the details.
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Community development credit unions advocate heads for CFPB
Posted Date: Wednesday, March 7, 2012
The longtime leader of the National Federation of Community Development Credit Unions is leaving the organization for a position at the Consumer Financial Protection Bureau. Read on to learn about Cliff Rosenthal's new role at the bureau.
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Court declines to consider validity of recess appointments
Posted Date: Wednesday, March 7, 2012
A federal district judge refused to consider the validity of President Barack Obama's recent recess appointments as part of a legal challenge targeting a rule promulgated by the National Labor Relations board. Read on to learn why the court declined to take up the issue.
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CFPB chief courts state attorneys general, puts debt collectors on notice
Posted Date: Wednesday, March 7, 2012
The director of the Consumer Financial Protection Bureau asked state top cops to approve an impending agreement that would allow the new federal agency and attorneys general to share information. Read on to learn where Richard Cordray said state and federal leaders should focus their investigative and enforcement efforts once such an agreement is reached.
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House Subcommittee examines Reg. Q repeal
Posted Date: Tuesday, March 6, 2012
U.S. lawmakers are working to assess the potential impact of the repeal of Regulation Q, a Depression-era rule that until recently prohibited banks from paying interest on business checking accounts. Some industry participants say the repeal of Regulation Q under the Dodd-Frank Act will benefit consumers. Community bankers, however, fear the repeal could ultimately put their firms at a competitive disadvantage. Read on to learn more about the debate.
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More time to comment on proposed rules covering large financial firms
Posted Date: Tuesday, March 6, 2012
The Federal Reserve is giving the pubic more time to comment on a massive proposal intended to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. Read on to learn when comments on the proposal are due.
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Oversight board to apply its rules to auditors of brokers, dealers
Posted Date: Tuesday, March 6, 2012
The Public Company Accounting Oversight Board proposed amendments to its rules and forms to apply them to auditors of brokers and dealers registered with the Securities and Exchange Commission as authorized by the Dodd-Frank Act. The rulemaking, proposed on Feb. 28, is the board's latest step in addressing the changes that the Dodd-Frank Act made to the Sarbanes-Oxley Act.
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Fed issues guidance on small bank supervisory upgrades
Posted Date: Monday, March 5, 2012
The Federal Reserve issued guidance to ensure that supervisors apply consistent standards as they evaluate whether banking organizations with $10 billion or less in assets are eligible for upgrades of supervisory ratings. Read on to learn what factors the Fed expects supervisors to consider when they determine whether to upgrade a community banking organization's composite ratings.
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Aussie forex firm hit with 80k fine
Posted Date: Monday, March 5, 2012
A federal court in Illinois ordered an Australian forex firm to pay $80,000 for soliciting and accepting orders from U.S. customers without being registered with the Commodity Futures Trading Commission. The CFTC said the firm's actions violated provisions of the Dodd-Frank Act and other statutes. Read on for the details.
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CFPB now taking student loan complaints
Posted Date: Monday, March 5, 2012
You can add student loan complaints to the list of gripes fielded by the Consumer Financial Protection Bureau. The bureau is taking complaints related to private student loans. Read on to learn what the bureau plans to do with the complaints it receives.
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Federal regulators propose ID theft prevention rules
Posted Date: Thursday, March 1, 2012
The SEC and CFTC proposed rules that would require regulated entities to watch for signs that an investor could be at risk for identity theft. The agencies said the proposed rules are substantially similar to rules adopted by the Federal Trade Commission and other agencies in 2007. Read on for the details.
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Appraisers concerned about latest CFPB mortgage disclosure drafts
Posted Date: Thursday, March 1, 2012
The real estate valuation industry is questioning the Consumer Financial Protection Bureau's decision to combine fees paid to appraisers and fees paid to appraisal management companies on the bureau's latest draft mortgage disclosures. Earlier CFPB drafts displayed the fees in separate fields. Read on to learn why some industry participants believe the fees should be displayed separately.
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Bureau issues warning about bogus CFPB emails
Posted Date: Thursday, March 1, 2012
The Consumer Financial Protection Bureau says someone is sending companies phony emails in the agency's name. The emails purport to contain consumer complaint information. Read to find out what you should do if your company receives one of these emails.
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Bernanke: Regulators will likely miss Volcker Rule deadline
Posted Date: Thursday, March 1, 2012
The chairman of the Federal Reserve says regulators working to implement provisions of the Dodd-Frank Act's Volcker Rule will likely miss a July rulemaking deadline. Ben Bernanke made the revelation during a recent hearing before the U.S. House Financial Services Committee. Read on to learn what Bernanke had to say about the Volcker Rule and the efficacy of other Dodd-Frank regulations.
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Trade groups, CFTC continue fight over position limits rule
Posted Date: Thursday, March 1, 2012
A federal district judge is weighing whether to temporarily bar implementation of the Commodity Futures Trading Commission's new position limits rule. The CFTC and the two industry organization's seeking to have the rule vacated recently set forth their arguments as the court decides whether to grant a temporary injunction in the case. Read on for the details.
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Industry participants, consumer advocates stake out ground on overdraft issue
Posted Date: Thursday, March 1, 2012
The Consumer Financial Protection Bureau is already hearing from consumer groups and industry representatives as the agency gathers information on bank overdraft programs. Read on to learn what experts on both sides of the issue told the CFPB during a recent panel discussion.
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CFPB complaint department now accepting bank account gripes
Posted Date: Thursday, March 1, 2012
The Consumer Financial Protection Bureau is now accepting consumer complaints about bank accounts, including checking accounts, savings accounts, CDs and related services. Read on to learn how the CFPB plans to handle the complaints it receives.
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