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Results 1 - 10 of 1587 |
Posted Date: Wednesday, December 8, 2021
The Consumer Bankers Association and American Bankers Association penned a letter to the Consumer Financial Protection Bureau, urging it to protect consumers in a rapidly evolving marketplace.
The letter is in response to the bureau’s notice and request for comment regarding big tech payment platforms and its inquiry sent to Amazon, Apple, Facebook, Google, PayPal, and Square for information on their business practices.
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Posted Date: Wednesday, December 8, 2021
The U.S. Government Accountability Office (GAO) released its audit for Consumer Financial Protection Bureau’s fiscal years 2020 and 2021.
The GAO issues an annual audit and opinion on the bureau’s financial statements and on related internal controls.
For more details, read on. Read on »
Posted Date: Wednesday, December 1, 2021
The Office of the Comptroller of the Currency issued an interpretive letter clarifying the authority of banks to engage in certain cryptocurrency activities and the agency’s authority to charter a national trust bank.
“Today’s letter reaffirms the primacy of safety and soundness,” acting Comptroller Michael Hsu said. “Providing this clarity will help ensure that these cryptocurrency, distributed ledger, and stablecoin activities will be conducted by national banks and federal savings associations in a safe and sound manner.”
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Posted Date: Tuesday, November 23, 2021
In an editorial building off a Consumer Bankers Association (CBA) white paper, CBA President and CEO Richard Hunt asked Consumer Financial Protection Bureau Director Rohit Chopra to establish clear and transparent “rules of the road” rather than regulating by enforcement.
“In the past, the bureau has used its authority to sidestep the formal rulemaking process by announcing new regulatory standards through enforcement actions instead of issuing rules or guidance,” Hunt wrote. “But rarely, if ever, is it in the best interest of the consumers America’s leading banks are working to serve.”
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Posted Date: Friday, November 19, 2021
Zaid Shariff, vice president and head of solution design and product implementation at SLK Global Solutions, spoke with Dodd Frank Update about non-qualified mortgage loans and the current challenges within that market.
Non-QM loans had a small market share before the pandemic and was on the rise prior to March 2020. However, when COVID-19 hit, the non-QM market crashed, Shariff said.
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Posted Date: Friday, November 19, 2021
The Consumer Financial Protection Bureau issued a request for information on detecting discrimination in mortgage lending.
The bureau intends to review the 2015 changes to the rules implementing the Home Mortgage Disclosure Act and evaluate their effectiveness. The CFPB will then publish an assessment report on its findings by Jan 1, 2023.
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Posted Date: Tuesday, November 16, 2021
In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules.
This statement replaces the one made in April 2020, where the same agencies suspended actions against mortgage servicers for failing to meet certain timing requirements.
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Posted Date: Monday, November 8, 2021
The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a report on stablecoins, related activities, and the risk posed to the economy and consumers.
The report concluded with recommendations for Congress to preserve market integrity, investor protection, and avoid illicit finance concerns.
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Posted Date: Tuesday, November 2, 2021
The Consumer Financial Protection Bureau has appointed an assistant director of the Office of Supervision Policy and an assistant director for the Office of Enforcement.
Most recently, one candidate worked as commissioner of the New York City Department of Consumer and Worker Protection, and the other was the CEO of Civil Rights Corps.
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Posted Date: Thursday, October 28, 2021
In an effort to support sustainable housing, Fannie Mae issued a letter to all of its single-family sellers on temporary requirements of condo and co-op projects.
The letter was issued after the condo building collapse in Surfside, Fla., left 98 dead and 136 homes lost. It is meant to address increasing concerns about significant deferred maintenance of aging condo and co-op infrastructure.
Read on for more details. Read on »
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