Despite proposed relief measures submitted by banking and credit union advocates, the Federal Accounting Standards Board (FASB) recently voted not to make recommended alterations to its current expected credit loss (CECL) standard. Dodd Frank Update spoke with James Kendrick, vice president of accounting and capital policy at the Independent Community Bankers of America, about what FASB’s decision means for the financial industry, specifically with regard to lending activity.

At the 2019 National Settlement Services Summit (NS3), Christopher Gulotta, a founding principal of the Gulotta Grabiner Law Group, PLLC, will serve as the lead panelist of “Partners Working Together.” Specific pain points will be discussed as they relate to the lender, Realtor and builder perspective. 

As his last official action as chairman of the National Credit Union Administration (NCUA) Board, J. Mark McWatters administered the oath of office to Rodney Hood on Monday. President Donald Trump tapped Hood to be the board’s 11th chairman. The Senate confirmed Hood, along with Todd Harper, as the board’s newest members in March with support from the credit union industry.

The Consumer Financial Protection Bureau (CFPB) recently announced the publication of the first set of modified Loan Application Registers (LARs) mandated by the 2015 Home Mortgage Disclosure Act (HMDA) rule. Per the rule, much of the detailed information included in the LARs has been modified in a way designed to protect sensitive borrower information.

One week after the House Financial Services Committee (FSC) advanced a bipartisan bill proposing a safe harbor for firms that provide financial services to cannabis businesses, the Senate introduced its own bipartisan bill that would prevent federal laws from preempting state laws with regard to marijuana legalization.

The Senate voted 52-44 to confirm Mark Calabria as the next director of the Federal Housing Finance Agency (FHFA) hours after Senate Majority Leader Mitch McConnell’s (R-Ky.) motion for cloture was approved.  The financial industry has expressed strong support for many of his views on reshaping the secondary mortgage market, including ending the conservatorship of Fannie Mae and Freddie Mac, but he’s faced criticism for his past comments on FHFA, affordable housing goals and the conservatorship. 

During the Consumer Bankers Association’s 2019 annual conference in Washington D.C. attendees heard from industry insiders about their views on Community Reinvestment Act requirements, technology and communication between regulators and banks ahead of interviews with Comptroller of the Currency Joseph Otting and Federal Deposit Insurance Corp. Chairwoman Jelena McWilliams, both of whom have power to act on many of the topics discussed.

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has been chosen to serve a two-year term as chairwoman of the Federal Financial Institutions Examination Council (FFIEC). The FFIEC chairmanship rotates among the prudential regulators and the CFPB every two years along a set schedule, affording Kraninger the opportunity to become the first CFPB director to chair the council despite only being three months into her five-year term leading the bureau.

The proprietors of a debt relief service accused of charging customers illegal fees have settled for disgorging only a fraction of their resulting ill-gotten gains and paying virtually nothing in civil money penalties in a deal with the Consumer Financial Protection Bureau (CFPB). The defendants provided financial records which the CFPB deemed sufficient to suspend and substantially reduce the fines and redress they would be obligated to pay.