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  CFPB creates consumer financial law taskforceTuesday, October 15, 2019 A new taskforce is being commissioned by the Consumer Financial Protection Bureau (CFPB) to examine potentially viable avenues for improving and strengthening existing federal consumer financial laws and regulations. The bureau is taking applications to join its Taskforce on Federal Consumer Financial Law, which will have a similar mission to a national commission established in 1968. |
 Bankers on CFPB constitutionality: Make it a commissionTuesday, October 15, 2019 As the constitutionality question looms seemingly larger than ever over the Consumer Financial Protection Bureau (CFPB), financial industry advocates largely have maintained their long-held contention that the best remedy for the bureau’s controversial leadership structure is to reform it as a bipartisan commission. The Consumer Bankers Association noted that such a structure was proposed in the original version of Dodd-Frank that passed the House with bipartisan support in 2010. |
 Industry floats automatic QM status for ‘seasoned’ loansTuesday, October 15, 2019 The increasing popularity of alternative and innovative means for verifying mortgage borrowers’ ability to repay their loans has caused financial entities and regulators to reevaluate rules and statutes implemented to protect those same borrowers from the types of predatory lending that contributed to the financial crisis. Many reason that some of the safeguards put in place by the Dodd-Frank Act and federal regulators are too restrictive and offered various suggestions for addressing that issue. |
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Supreme Court passes on ADA caseFriday, October 11, 2019 The Supreme Court recently declined to weigh in on a case pertaining to the applicability of Americans with Disabilities Act (ADA) to Domino’s website versus the company’s brick-and-mortar locations. The credit union industry has been at the forefront of an ongoing fight for clarity on the matter on which numerous courts have failed to see eye-to-eye. Carrie Hunt of the National Association of Federally-Insured Credit Unions told Dodd Frank Update that the Supreme Court’s decision not to evaluate the Domino’s case essentially is a missed opportunity to offer clarity on ADA requirements. |
 How digital asset transactions trigger AML/BSA requirementsTuesday, October 15, 2019 The fact that financial institutions increasingly are engaging in transactions involving digital assets has spurred federal agencies to speak up regarding additional compliance obligations that come with the territory. The agencies detailed those obligations and the circumstances that trigger their applicability in a recent joint statement.
 CBA supports bill to improve student lendingTuesday, October 15, 2019 Legislation recently was introduced in the Senate as part of a package of eight bills geared toward making college more accessible to underserved and minority communities. The Consumer Bankers Association (CBA) expressed its support for the measure, noting that it wishes to see future legislative action regarding federal student loan disclosures.
 Executive orders on guidance could affect CECLFriday, October 11, 2019 Two new executive orders issued by President Donald Trump’s administration stipulate that guidance documents will be absent any force or effect of the law – a determination prudential regulators decreed one year earlier. The directives also add an extra step to the civil investigative process for federal agencies. The directives, aimed at improving policies on federal guidance documents and civil administrative enforcement and adjudication proceedings, shine a light on the legal quandary surrounding guidance, which Dodd Frank Update previously explored in-depth.
 Trump taps Montgomery as HUD deputyFriday, October 11, 2019 President Donald Trump has nominated Federal Housing Commissioner Brian Montgomery to serve as deputy secretary of the U.S. Department of Housing and Urban Development (HUD), a position in which he would have many of the same responsibilities he currently assumes as HUD’s assistant secretary and head of the Federal Housing Administration (FHA). Numerous industry trade associations applauded Montgomery’s nomination, as they did when he was nominated to lead FHA in 2017.
 CFPB provides M&A clarity in finalized HMDA exemption ruleFriday, October 11, 2019 The Consumer Financial Protection Bureau (CFPB) issued a rule finalizing specific provisions of the agency’s May 2019 Notice of Proposed Rulemaking (NPRM) under the Home Mortgage Disclosure Act (HMDA) regarding data collection requirements for small entities. The rule also provides clarity regarding the applicability of partial HMDA exemption provisions not covered in previous rulemakings – namely with regard to mergers and acquisitions.
 Fed tailors rules to bank risk profilesFriday, October 11, 2019 The Federal Reserve recently finalized rules establishing a tailored framework for regulations applying to domestic and foreign banks. The rules are designed to more closely match institutions’ risk profiles, reducing compliance requirements for firms with less risk while maintaining the most stringent requirements for the largest and most complex institutions.
 Kasper to leave Ginnie for private sectorFriday, October 11, 2019 The Department of Housing and Urban Development (HUD) and Ginnie Mae announced Thursday that Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down effective Oct. 18 for a role in the private sector. Kasper has served as Ginnie Mae’s executive vice president since June 2017 and also assumed the role of acting president following Michael Bright’s resignation in January.
 Quicken touts nationwide eClosing capabilitiesTuesday, October 8, 2019 Less than two years removed from its first eClosing, Quicken Loans announced Monday that it will become the first lender to offer eClosing capabilities in all 50 states. Quicken said it can perform hybrid closings in all 50 states in transactions facilitated by Amrock. Hybrid transactions would require papering out three to five documents, depending on the state.
 CFPB cracks down on another high-interest credit brokerTuesday, October 8, 2019 For the third time this year, the Consumer Financial Protection Bureau announced it has taken action against defendants involved in alleged unfair or deceptive acts or practices in offering high-interest credit to veterans and other consumers. The circumstances of the most recent lawsuit, filed in a South Carolina district court, are strikingly similar to the two other cases against brokers whom were found to have direct business ties.
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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