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Powell says Basel III proposal could see ‘material, broad changes’Friday, March 15, 2024 During his recent testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Basel III Endgame capital standards proposal will likely see “material and broad changes” before it is finalized. Many arguments against expanding Basel III risk-based capital standards were brought front and center during the hearing. |
SEC announces climate-risk disclosure final rulesFriday, March 15, 2024 New rules adopted by the Securities and Exchange Commission will require public companies to disclose climate-related risks related to their operations, as well as the methods and costs involved in mitigating those risks. There is internal opposition to the rules, which passed by a 3-2 commission vote, as well as pushback from trade organizations and lawmakers. |
NIST updates cybersecurity framework for protecting sensitive dataFriday, March 15, 2024 The National Institute of Standards and Technology released a revised version of its Cybersecurity Framework guidance detailing steps organizations can take to reduce cybersecurity risks, placing a greater priority on the role of corporate governance and supply chains in protecting sensitive data. |
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House passes Expanding Access to Capital Act in party-line voteFriday, March 15, 2024 House Republicans celebrated the passage of H.R. 2799, which aims to facilitate capital formation by strengthening public markets, helping small businesses and entrepreneurs and creating new investment opportunities. The bill passed via a 212-205 vote along party lines.
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FDIC: Banks report drop in Q1 net income, uptick in loan balancesFriday, March 15, 2024 Banks reported $256.9 billion in first-quarter net income, representing a $30 billion drop from the fourth quarter of 2023 and a year-over-year decrease of $6 billion, according to the Federal Deposit Insurance Corp.’s latest Quarterly Banking Profile. About 70 percent of the drop-off was attributed to specific, nonrecurring, noninterest expenses at large banks.
Loan officers sue Loan Factory for exploiting their information, imagesTuesday, March 12, 2024 A group of loan officers filed a class action lawsuit against Loan Factory for using their personal information and likenesses on its website without consent to drum up business. The plaintiffs claimed they never even worked with the San Jose, Calif.-based mortgage brokerage firm.
Experts assess ABA report on regulation through guidanceTuesday, March 12, 2024 The American Bankers Association issued a white paper titled, “Effective agency guidance: Examining bank regulators guidance practices,” where it voiced its and other trade association’s concern over agency use of guidance “to advance regulatory policy agendas.” Industry experts shared their takeaways from the report.
Industry reacts to HUD secretary’s resignationTuesday, March 12, 2024 U.S. Department of Housing and Urban Development Secretary Marcia Fudge gave her two weeks’ notice on March 11. After working in the public sector for almost 50 years, she will be retiring from public life.
Mid-year rate cuts look increasingly likely to economistsTuesday, March 12, 2024 Economists are increasingly confident that the first federal funds rate cut since 2020 could happen as flowers are blooming in the late spring and early summer. This aligns with what Mortgage Bankers Association Chief Economist Michael Fratantoni suggested during October Research’s 2024 Economic Forecast webinar in January.
Regulatory Roundup: FHFA adjusts timeline for bi-merge credit scoring modelTuesday, March 12, 2024 Between merging banks and merging credit scoring models, financial regulators still have to find time to conduct examinations and rulemaking activities. Here are a few synopses of activities and announcements that recently came out of the Federal Housing Finance Agency, Federal Deposit Insurance Corp., the Federal Reserve and the Office of the Comptroller of the Currency.
CFPB credit card fee rule opens floodgates for lawsuitsFriday, March 8, 2024 The Consumer Financial Protection Bureau is no stranger to legal or political challenges against its rulemaking efforts. One former bureau attorney predicted the agency’s credit card late fee rule was “almost certain” to be the next and why the agency may be OK with that.
Former CFPB attorney assesses legal arguments over credit card late fee ruleFriday, March 8, 2024 Several trade organizations have filed suits challenging the Consumer Financial Protection Bureau’s final rule on credit card late fees. Dodd Frank Update consulted former CFPB attorney Richard Horn, co-managing partner at Garris Horn LLP, about the merits of the common arguments presented among these case filings.
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