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 CFPB may be ‘setting the stage’ for emerging tech adoptionFriday, September 22, 2023 While some may be tempted to assume the latest guidance from the Consumer Financial Protection Bureau about using artificial intelligence in credit decisions is intended to put the industry on notice, Garris Horn Senior Partner John Levonick told Dodd Frank Update that does not appear to be the case. In fact, he contends the bureau is “effectively setting the stage for successful use of emerging technology.” |
 FinCEN issues first enforcement under ‘Gap Rule’Friday, September 22, 2023 Citing willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network recently issued a $15 million civil money penalty against Bancrédito International Bank and Trust Corp. – the agency’s first enforcement action against a Puerto Rican International Banking Entity. |
 Federal Reserve votes to maintain interest ratesFriday, September 22, 2023 The Federal Reserve Board announced there will be no change in interest rates to support its long-term goals of attaining maximum employment and an inflation rate of 2 percent. The Federal Open Market Committee decided at its September meeting to maintain the target range for the federal funds rate while continuing to assess additional data and implications for monetary policy. |
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Biden nominates first Asian American to NCUA BoardFriday, September 22, 2023 If
President Joe Biden’s nomination to the National Credit Union
Administration (NCUA) Board of Directors is confirmed, she will become the
first Asian-American to serve on the NCUA Board since the agency’s founding in
March 1970.
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MBA reports biggest application increase since JuneFriday, September 22, 2023 The Mortgage Bankers Association reported the largest increase in applications since June in its Weekly Mortgage Applications Survey for the week ending Sept. 15. Mortgage applications jumped 5.4 percent from the previous week’s results, which included an adjustment for the Labor Day holiday.
CUNA, NAFCU select leadership team for proposed mergerFriday, September 22, 2023 Members of the country’s two largest credit union trade organizations will vote on a proposed merger on Nov. 1, which would combine the Credit Union National Association and the National Association for Federally-Insured Credit Unions into one.
 Mortgage industry leaders testify against Basel IIITuesday, September 19, 2023 A recent hearing on the Federal Reserve’s proposed rulemaking to implement the remaining provisions of the international Basel III agreement offered industry leaders a chance to testify in front of lawmakers regarding the measure, which the Fed voted to advance at its July 27 meeting.
 FDIC reviews supervision of failed First Republic BankTuesday, September 19, 2023 An internal review of the Federal Deposit Insurance Corp.’s supervision of First Republic Bank highlights vulnerabilities in the company’s business model and management strategies related to interest rate changes from 2018 until its failure in May. The report indicates a link between First Republic’s failure and that of two other banks in March.
 MBA examines variances in mortgage revenues, costs, profitabilityTuesday, September 19, 2023 The Mortgage Bankers Association released a whitepaper for financial professions navigating the ever-changing mortgage lending landscape through the peaks and valleys in revenues and costs, as well as the ever-winding regulatory river through the mortgage marketplace.
MISMO releases updated reference guideTuesday, September 19, 2023 The Mortgage Industry Standards Maintenance Organization recently published its new refence guide, which incorporates updates required for the Version 3.6 XML Reference Model.
MISMO seeks nominations for governance committeesTuesday, September 19, 2023 The real estate finance industry’s standards organization, MISMO, is seeking nominations for qualified industry professionals to serve on either of the two MISMO Standards Governance Committees – the Residential Standards Governance Committee or the Commercial Standards Governance Committee.
 CFPB butts heads with banks over small business lending ruleFriday, September 15, 2023 The Consumer Financial Protection Bureau’s small-business lending rule, finalized in March, is the subject of a back-and-forth legal battle between the bureau and seven Kentucky state-chartered banks, one national bank operating in Kentucky and the Kentucky Bankers Association arguing the rule contains too many new data collection requirements and the bureau overstepped what Congress envisioned for such a rule when it approved the Dodd-Frank Act.
 FHFA seeks input on new GSE credit scoring modelFriday, September 15, 2023 The Federal Housing Finance Agency announced it will hold additional stakeholder forums and listening sessions to gather public feedback on the agency’s plan to transition to a new credit scoring model for the government-sponsored enterprises – Fannie Mae and Freddie Mac.

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