Rep. Maxine Waters (D-Calif.) proposed legislation to increase the federal government’s clawback authority following the collapse of Silicon Valley and Signature.

Mortgage Bankers Association subsidiary and real estate finance standards organization MISMO named its new president.

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 .

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.

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.

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.

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.

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.

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.