Title XII

Fannie Mae recently announced a series of leadership changes as two longtime executive leaders prepare to retire – President David Benson and Chief Administrative Officer Jeffery Hayward. Priscilla Almodovar, who was named CEO of Fannie Mae last year, will succeed Benson as president of the nation’s largest government-sponsored enterprise.  Read on »

The landscape of the single-family mortgage origination and servicing business has transformed significantly since the housing crisis. Commercial banks are no longer the dominant players in the marketplace, with many exiting the space, which has allowed independent mortgage banks (IMBs) to take center stage.

A recent report by the Urban Institute’s Housing Policy Center describes the transition, which has seen IMBs facilitate two record-breaking origination years in 2020 and 2021, despite challenges presented by the COVID-19 pandemic.

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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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The New York-based company Forcerank, LLC recently agreed to pay a $50,000 penalty after the Securities and Exchange Commission found that its mobile phone app violated certain aspects of the Dodd-Frank Act.

Described as “fantasy sports for stocks,” the SEC said the app was in conflict with the Securities Act and the Securities Exchange Act.

Read on to learn more about how the company’s app violated Dodd-Frank. 

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The National Credit Union Administration (NCUA) voted Oct. 27 to approve a new Field-of-Membership (FOM) rule that, if implemented, would allow federal credit unions more options and make credit unions more widely available to consumers.

NCUA made two key changes from the proposed rule, in response to comments received after the proposal. The regulator said it would defer action on those areas as part of an “incremental approach” to changes.

The Independent Community Bankers of America, which is suing NCUA over its member business lending rule and threatened legal action on the FOM rule, strongly opposed NCUA’s FOM changes. Read on for more details.

 

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In a letter to President Barack Obama, Sen. Sherrod Brown (D-Ohio) has asked that funding in the fiscal year (FY) 2017 budget be prioritized for implementing Sections 1204, 1205 and 1206 of the Dodd-Frank Act, which are part of the Improving Access to Mainstream Financial Institutions Act. Small-dollar lending and access-to-credit have been highly contentious talking points among regulators and industry members. Read on for more details. Read on »

Hailed by some, vilified by others, the Dodd-Frank Act turns two on July 21. In a three-part series, Dodd Frank Update takes an in-depth look at the act, where we’ve been and where we’re going. Read on to learn about regulators’ early efforts to implement key provisions of the act, including the creation of the Consumer Financial Protection Bureau. Read on »

The banking industry provided feedback on the Treasury Department's effort to establish a program designed to help underserved individuals gain access to financial products and services. Read on to learn why the American Bankers Association said the Treasury's effort should not result in banking products intended specifically for low- and moderate-income consumers. Read on »

CFTC Commissioner Jill Sommers says the effort to promulgate rules covering the range of swaps and swap participants is lacking in some respects. Read on »

The Federal Reserve Board has adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts. Read on »