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 Banks, regulators react to avoid greater banking sector collapseWednesday, March 22, 2023 Following the collapse of three U.S. regional banks earlier this month, banks and regulators in the United States, United Kingdom, and the European Union took a series of emergency measures to prevent a ripple effect that could be catastrophic for the banking sector and the global and U.S. economies. |
 SEC seeks SCOTUS review on ALJ caseWednesday, March 22, 2023 The U.S. Securities and Exchange Commission is petitioning the Supreme Court for writ of certiorari to review a case questioning the constitutionality of internally adjudicated administrative enforcement proceedings and the for-cause removal restrictions of administrative law judges in agencies whose heads also have for-cause removal protections. |
 CBA president: Congress should get head start on CFPB oversight, reformWednesday, March 22, 2023 In an opinion piece, Consumer Bankers Association President and CEO Lindsey Johnson called on Congress to begin the process of reforming the Consumer Financial Protection Bureau and engaging in greater oversight of the bureau. Johnson criticized the bureau for being “increasingly motivated by politics and headlines as opposed to data and industry input.” |
MISMO names new presidentWednesday, March 22, 2023 Mortgage Bankers Association subsidiary and real estate finance standards organization MISMO named its new president.
Come talk to Dodd Frank Update at CBA LiveTuesday, March 21, 2023 Next week, Dodd Frank Update will be joining the many industry professionals gathering in Las Vegas at CBA Live, the Consumer Bankers Association’s largest conference of the year. If you’re planning to attend and would like an opportunity to meet in person, please let us know .
 LIBOR’s end may present challenges for servicersMonday, March 20, 2023 The London Interbank Offered Rate (LIBOR) has been the benchmark for setting interest rates between banks since the 1970s. It has served as a common standard by which the interest rate of adjustable-rate mortgages is set, often through specific contractual terms. With LIBOR set to end as the benchmark index in June, John Levonick, regulatory compliance attorney and CEO of Canopy Financial Technology Partners, spoke with Dodd Frank Update about the transition and some things mortgage servicers should expect.
 HFS subcommittee holds hearing on reforming CFPBMonday, March 20, 2023 The House Financial Services Committee, subcommittee on financial institutions and monetary policy, led by Rep. Andy Barr (R-Ky.), held a hearing to discuss proposed reforms for the Consumer Financial Protection Bureau. The subcommittee heard testimony from legal and industry experts who suggested an array of changes that could be made to the bureau and its operations.
 9th Circuit permits DAs to sue national banks in state courtMonday, March 20, 2023 The U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a California district court to abstain from enjoining a state action brought by the Riverside County, Calif., district attorney (DA) against national bank Credit One. Credit One claimed the DA unlawfully exercised the National Bank Act and its associated regulations’ “visitorial powers.” The courts disagreed.
Fed prepares to increase rates as market appears less stableMonday, March 20, 2023 The Federal Reserve’s Federal Open Market Committee is preparing to hold its March meeting to decide if another increase to the federal fund rate is appropriate in the continued effort to lower inflation. This meeting comes less than two weeks after the collapse of three U.S. banks and amid a less stable banking market.
ICBA elects new chairmanMonday, March 20, 2023 The Independent Community Bankers of America (ICBA) elected a new chair for the 2023-2024 term beginning March 16 at the conclusion of ICBA’s national convention.
 Three banks collapse in largest banking crisis in 15 yearsTuesday, March 14, 2023 California-based Silvergate Bank, which gained some notoriety as an early participant in crypto investment and transactions, announced it plans to voluntarily liquidate and wind down its business. Less than a week later, Silicon Valley Bank collapsed after announcing a $1.8 billion loss that would potentially make it unable to meet depositor needs. This was followed closely by New York-based Signature Bank, which was shuttered by state regulators.

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