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N.Y. AG announces ‘nation-leading’ crypto regulationSubscriber Access OnlyN.Y. AG announces ‘nation-leading’ crypto regulation
Tuesday, May 16, 2023
New York Attorney General Letitia James announced “nation-leading” regulations on the cryptocurrency industry which aims to protect investors, consumers, and the broader economy. The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act was proposed to the New York State Assembly and State Senate by James’ office in collaboration with New York Department of Financial Services.
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SEC charges HSBC and Scotia Capital with recordkeeping failures
Tuesday, May 16, 2023
The Securities and Exchange Commission announced charges against HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for “widespread and longstanding” failures by both firms and their employees to maintain and preserve electronic communications.
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ICYMI: Economic forecast from real estate expert
Tuesday, May 16, 2023
A new installment of October Research’s Economic Forecast webinar series welcomes international real estate expert Dr. Ted Jones, who delved into numerous topics affecting the title industry, housing and the mortgage market.
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CBA Live: Experts discuss CFPB’s section 1033 rulemakingSubscriber Access OnlyCBA Live: Experts discuss CFPB’s section 1033 rulemaking
Friday, May 12, 2023
At CBA Live, hosted by the Consumer Bankers Association (CBA), Dodd Frank Update sat in on a conversation by experts who discussed the Consumer Financial Protection Bureau’s rulemaking for section 1033, the personal financial data access rule. This upcoming rule intends to grant consumers greater access to their personal financial data, as well as regulating the way consumer financial services providers use and store that data.
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CFPB files brief for SCOTUS funding caseSubscriber Access OnlyCFPB files brief for SCOTUS funding case
Friday, May 12, 2023
The Consumer Financial Protection Bureau filed its brief with the U.S. Supreme Court for its case against Community Financial Services Association of America which questioned whether the bureau’s funding structure – which sees its annual budget provided by the Federal Reserve instead of Congress – is a violation of the appropriations clause.
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CFPB issues warning on ‘reopening’ deposit accounts to collect feesSubscriber Access OnlyCFPB issues warning on ‘reopening’ deposit accounts to collect fees
Friday, May 12, 2023
The Consumer Financial Protection Bureau released its latest circular which issues a warning to banks about the practice of “reopening” closed accounts to process transactions and apply fees. The circular confirms that engaging in such activity might put banks in violation of the Consumer Financial Protection Act.
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Bank sees over $9B profit after SVB collapse
Friday, May 12, 2023
North Carolina-based First Citizens Bank saw a $9.5 billion profit in the first quarter after receiving discounts from federal regulators when it agreed to acquire loans and assume deposits from Silicon Valley Bank after its collapse.
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Accurate Group releases Home Equity Loan Survey
Friday, May 12, 2023
Accurate Group released its 2023 U.S. Housing Equity Loan Survey, designed to capture homeowner intentions and tolerance for engaging in real estate lending over the next 12 months.
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FDIC seeks recovery of DIF losses from big banks
Friday, May 12, 2023
The Federal Deposit Insurance Corp. proposed a new rule that would allow it to impose special assessments to recover the loss to the deposit insurance fund arising from the protection of uninsured depositors in connection with the systemic risk determination announced following the closures of Silicon Valley Bank and Signature Bank.
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California DFPI finds own fault in SVB collapseSubscriber Access OnlyCalifornia DFPI finds own fault in SVB collapse
Tuesday, May 9, 2023
The California Department of Financial Protection and Innovation released its findings following an investigation into the collapse of Silicon Valley Bank. The regulator’s findings echo the finding previously published by the Federal Reserve, stating regulators did not act early or forcefully enough to prevent the collapse.
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Fed warns of stability risksSubscriber Access OnlyFed warns of stability risks
Tuesday, May 9, 2023
The Federal Reserve released its latest financial stability report, which warned that banks’ concerns about slower economic growth could lead to decreases in lending, accelerating the current economic slowdown. It also highlighted areas of heightened risk within financial markets that may face increased scrutiny from bank examiners.
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CFPB barred from bringing back past claimsSubscriber Access OnlyCFPB barred from bringing back past claims
Tuesday, May 9, 2023
In an attempt to bring charges against non-bank mortgage company Ocwen for alleged violations of federal consumer protection laws that occurred while Ocwen was under a consent order with the Consumer Financial Protection Bureau (CFPB), a district judge in the Southern District of Florida has held that the CFPB is barred from bringing claims from that period.
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Monthly Newsletter

Dodd Frank Update May 2023

Cover Story:

CFPB releases section 1071 small-business lending final rule


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