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Posted Date: Friday, 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. Read on »
Posted Date: Friday, March 15, 2024
Numerous legislative proposals have gained support from industry trade advocates representing mortgage lenders, community bankers and credit unions. Learn more about these bills, as well as some recent developments in the mortgage market, in this roundup. Read on »
Posted Date: Tuesday, 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. Read on »
Posted Date: Tuesday, 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.
ABA President Rob Nichols referenced the white paper, along with copies of recent comment letters, in a letter to the federal financial regulators requesting their consideration of the feedback. Richard Andreano of Ballard Spahr, Loretta Salzano of Franzén and Salzano, and Mike Silver of Husch Blackwell, LLP spoke about their takeaways from the report. Read on »
Posted Date: Tuesday, 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. Read on »
Posted Date: Tuesday, March 12, 2024
The Consumer Financial Protection Bureau’s blog posts related to its policy initiatives under Director Rohit Chopra have rubbed many financial professionals the wrong way. The bureau’s latest post referred to closing costs as “junk fees” that hinder housing affordability, prompting criticism from the Mortgage Bankers Association. Read on »
Posted Date: Friday, 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. Read on »
Posted Date: Friday, March 8, 2024
More than 60,000 comments have been submitted concerning the Federal Trade Commission’s proposed rule on “junk fees” from all corners of the business world. The proposed rule prohibits companies from excluding mandatory fees from advertised prices, asserting that doing so misleads consumers about the total cost of products and services. Read on »
Posted Date: Friday, March 8, 2024
Financial Services Committee Chair Patrick McHenry (R-N.C.) hopes the fourth time is the charm for his legislation to create “regulatory sandboxes” allowing financial services providers to offer innovative products and services under an alternative compliance plan. Read on »
Posted Date: Friday, March 8, 2024
The Mortgage Bankers Association (MBA) was generally encouraged by the Biden administration’s announcements regarding the housing market, released just prior to the 2024 State of the Union Address.
MBA President and CEO Bob Broeksmit also noted the organization’s concerns about certain indications from the Consumer Financial Protection Bureau (CFPB) about closing costs and other expenses associated with mortgage transactions. Read on »
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