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  Flagstar CEO: Agents, lenders should be ‘better pals’Friday, June 22, 2018 Bringing together professionals from all spokes of the real estate industry in one location always has been the focus of the National Settlement Services Summit (NS3). For the 2018 installment, keynote speaker Alessandro DiNello, president and CEO of Flagstar Bank, brought to the podium the perspective of an industry leader who has worn a number of different hats throughout his career. |
 Judge’s ruling reignites CFPB constitutionality controversyThursday, June 21, 2018 A New York Southern District judge has rejected the January ruling by the D.C. Circuit Court of Appeals on the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure in a decision invalidating the bureau’s claims in a class action lawsuit alleging multiple violations of consumer protection laws. Dodd Frank Update reached out to Goodwin Law Partners William Jay and Anthony Alexis to explain the series of events that would have to occur to attract a grant of certiorari from the Supreme Court, by which the higher court would review the lower courts’ decisions. |
 Industry discusses recommendations for improving CFPB accountabilityWednesday, June 20, 2018 During a hearing examining four requests submitted by acting director Mick Mulvaney in the Consumer Financial Protection Bureau’s 13th semi-annual report to Congress, the House Financial Institutions and Consumer Credit Subcommittee listened to multiple industry leaders’ thoughts on what changes they seek. |
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Housing starts hit 11-year high in MayFriday, June 22, 2018 As record-low supply totals persist, there seldom has been a better time for an influx in housing starts and that is what has occurred in recent months, as far as the real estate industry is concerned. Housing starts hit an 11-year high in May, increasing 5 percent from April rate and 20.3 percent compared to May of last year, according to the U.S. Chamber of Commerce. |
 FHFA seeks feedback on capital rule, industry suggests additionsWednesday, June 20, 2018 The Federal Housing Finance Agency’s (FHFA) proposed rule implementing new risk-based capital requirements for the government-sponsored enterprises (GSEs) gained industry support before it was published in the Federal Register . However, financial trade advocates still have some suggestions for improving the proposed rule before it is finalized. An alliance of trade organizations issued a letter to FHFA Director Mel Watt, offering two recommendations to improve the proposal. Find out what provisions are being considered in the proposed rule and what suggestions the industry is offering.
 Community bankers oppose easing GSIB capital standardsWednesday, June 20, 2018 A proposed rule that would ease capital requirements for global systemically-important banks (GSIBs) has run into staunch opposition from community bankers who argue that doing so would create greater risk of a financial crisis with far-reaching consequences. The rule, proposed jointly by the Federal Reserve and the Office of the Comptroller of the Currency, would recalibrate the Fed board’s enhanced supplementary leverage ratio (eSLR) standards applicable to GSIBs and their insured depository institution subsidiaries.
 Trump nominates new OFR directorWednesday, June 20, 2018 President Donald Trump has nominated a long-time economist to be the next director of the Treasury Department’s Office of Financial Research. If confirmed by the Senate, the new director would serve for a term of six years and become the second permanent leader of the agency since its formation.
 CFPB director nominee would replace boss if confirmedTuesday, June 19, 2018 With the nomination of Kathy Kraninger – an associate director at the Office of Management and Budget (OMB) with no formal experience in banking, enforcement or dealing with consumer issues – it seems likely that Mick Mulvaney will not be exiting his interim leadership role at the bureau any time soon. Interestingly, as OMB director, Mulvaney currently is Kraninger’s boss. Whether she is confirmed or not, Buckley Sandler Partner Ben Olson told Dodd Frank Update he thinks it will make little difference in how the bureau proceeds under the Trump administration.
 Industry backs bill imposing CFPB guidance requirementsTuesday, June 19, 2018 Legislation to require the Consumer Financial Protection Bureau (CFPB) to provide useful guidance in a timely fashion has gained a significant amount of industry supports as it awaits action by the House Financial Services Committee. If enacted, H.R. 5534, known as the “Give Useful Information to Define Effective” (GUIDE) Compliance Act, would amend the Consumer Financial Protection Act to place certain guidance requirements on the bureau when it proposes a rule.
 Hood nominated to second NCUA stintTuesday, June 19, 2018 President Donald Trump has nominated Rodney Hood of North Carolina to serve as a member of the National Credit Union Administration (NCUA) for the remainder of a six-year term expiring Aug. 2, 2023. If confirmed, it would be his second stint working for the NCUA. Multiple trade associations representing credit unions expressed support for the nomination.
 Banks, credit unions talk engagement in RFI responsesTuesday, June 19, 2018 One of the Consumer Financial Protection Bureau’s stated reasons for dismissing all 25 members of its Consumer Advisory Board was because of feedback in response to its Request for Information (RFI) on its external engagement strategies. Numerous trade associations representing banks and credit unions submitted a comment letter signed by dozens of state-level banking trade organizations offering a variety of recommendations in response to the RFI.
 Committee pushes nine measures to House floorTuesday, June 19, 2018 The House Financial Services Committee has advanced nine bills during the past month, four of which received unanimous approval, bringing the total number of bills it has reported during this session of Congress to 108. The committee approved three bills in late May and another six earlier this month, covering a broad spectrum of issues applicable to various corners of the financial marketplace.
Mulvaney’s CFPB takes action against security firmWednesday, June 13, 2018 For only the second time since Mick Mulvaney took up acting director duties, the Consumer Financial Protection Bureau (CFPB) has used its enforcement authority to take action against a company, and tapped the Dodd-Frank Act provision outlawing unfair, deceptive or abusive acts or practices in doing so. Although its $1 billion consent order issued to Wells Fargo for unfair auto and mortgage lending practices in April marked the first bureau enforcement action announced under Mulvaney, the one announced June 13 was the first one spearheaded on his watch.
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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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