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  Kraninger wants more education, less enforcementFriday, April 19, 2019 The Consumer Financial Protection Bureau (CFPB) has four tools at its disposal to accomplish its main objective of preventing consumer harm, Kathy Kraninger said during her first public presentation since becoming director. She also announced plans for a new series to facilitate dialogue with stakeholders, starting with a discussion about how to define “abusive” in Section 1031 of the Dodd-Frank Act. |
 CFPB budget estimates reduced education, supervision spendingFriday, April 19, 2019 Given Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s expressed intent to focus the bureau on preventing consumer harm with an emphasis on consumer education and industry-friendly supervision, certain estimated spending reductions in the agency’s annual performance plan for fiscal year 2019 stand out. The performance plan estimates reductions in spending in many categories related to consumer education and supervision. |
 NS3 Preview: Separating fact from fiction with eClosingsFriday, April 19, 2019 There is plenty of inaccurate information circulating about eClosings, which could make many professionals understandably tentative to take the leap in the all-digital marketplace. Fortunately for attendees at the 2019 National Settlement Services Summit (NS3) June 18-20, Equity National Title President and attorney James K. O’Donnell and Shane Hartzler, director – eMortgage strategy and operations for Fannie Mae, will be bringing their experience with all manner of eClosings to the stage during the NS3 session “eClosing: Just do it." |
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Public rates banks high for data security, customer serviceFriday, April 12, 2019 Public perception has not always been kind to the banking industry in recent years but that appears to be changing, according to recent Morning Consult poll results revealed during the American Bankers Association’s recent summit in Washington D.C. A majority of respondents indicated they trust banks with their sensitive information than other businesses and are happy with the customer service their bank provides. |
 FTC dissents call out ‘regulation by enforcement’Friday, April 19, 2019 Regulation by enforcement has not been a major concern for the financial industry since former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s departure in November 2017. However, the term was broached regarding a recent settlement by another federal agency – the Federal Trade Commission (FTC).
 NCUA seeks feedback on LO Comp ruleFriday, April 19, 2019 The National Credit Union Administration (NCUA) unanimously approved an advance notice of proposed rulemaking (ANPR) requesting public comment on modernizing the agency’s regulation on compensation related to loans and lines of credit to members. NCUA’s loan origination compensation (LO Comp) regulation covers direct or indirect commissions, fees or other compensation by credit union officials, employees or their family members in connection with loans made by the credit union.
 CBA’s Hunt backs fair, consistent regulationTuesday, April 16, 2019 When it comes to shaping the regulatory and business environment to best serve the needs of banks and consumers, shortsightedness and lack of consistency may be two of the greatest obstacles facing the financial industry today. In a 1-on-1 sitdown with Dodd Frank Update at CBA LIVE 2019 in Washington D.C., Consumer Bankers Association President and CEO Richard Hunt detailed his views on the need for cooperation among federal regulators.
NS3 Preview: Learning practical applications of BlockchainTuesday, April 16, 2019 During the National Settlement Services Summit (NS3) June 18-20 in Phoenix, SafeChain co-founder and CEO Tony Franco and Fidelity National Financial’s Jason Nadeau will discuss the practical applications of Blockchain. Read on to learn what session attendees can expect to learn.
 Bill proposes to reinstate Glass-Steagall restrictionsTuesday, April 16, 2019 In a move that may reinvigorate discussion about the separation between commercial and investment banking, Rep. Marcy Kaptur (D-Ohio) and 25 of her Democratic colleagues recently introduced legislation to reinstate and expand provisions of the Glass-Steagall Act of 1933. The bill proposes to restrict affiliations between commercial and investment banks, in a manner described in the Banking Act of 1933.
 Bill would exempt servicemember loans from MBL capTuesday, April 16, 2019 Credit unions have thrown support behind bipartisan legislation that would exempt loans made to veterans from counting against credit union’s member business lending (MBL) cap. The Veterans Member Business Loan Act would exclude extensions of credit made to veterans from the definition of a member business loan.
 Trades ask CFPB to extend remittance rule exceptionTuesday, April 16, 2019 Numerous financial trade associations have urged the Consumer Financial Protection Bureau (CFPB) to extend a temporary exception from Regulation E remittance disclosure requirements extended to insured depository institutions. In a letter addressed to CFPB Director Kathy Kraninger, the trade groups noted that their contention about the feasibility of providing exact remittance pricing information is supported by a CFPB remittance rule assessment published in October 2018.
 CFPB deputy director: Regulation should be market-reinforcingFriday, April 12, 2019 Citing some of the historic difficulties that have plagued federal banking agencies, Consumer Financial Protection Bureau (CFPB) acting deputy director Brian Johnson suggested that the best regulator for the financial industry may be the marketplace itself during a recent speaking engagement. Johnson’s philosophy stands in stark contrast to the approach championed by one of his predecessors from the Richard Cordray era at the bureau.
 McWilliams, Otting address concerns over fintech chartersFriday, April 12, 2019 As fintech companies increase their presence in the banking industry through partnerships and other methods, the financial industry has been home to some mixed reactions. Federal Deposit Insurance Corp. (FDIC) Chairwoman Jelena McWilliams and Comptroller of the Currency (OCC) Joseph Otting touched on the dynamic between fintechs and banks with Consumer Bankers Association (CBA) President and CEO Richard Hunt during the closing general session at CBA Live 2019.
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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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