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Detailing challenges to greater state consumer protection efforts
Posted Date: Friday, March 1, 2019
As many predicted, the dropoff in enforcement aggressiveness from the Consumer Financial Protection Bureau (CFPB) has led to growth in state-level consumer protection activity – albeit slow, uneven growth.
Some states have been quicker than others to ramp up enforcement activity as the CFPB has become less aggressive, and Buckley Sandler Partner Jonice Gray Tucker explained to Dodd Frank Update some likely reasons for that and how some states are overcoming certain hurdles to becoming more involved on the consumer protection front.
Learn how conflicting political and regulatory ideas hinder state regulators’ efforts to band together.
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Former CFPB enforcement head discusses how regulators determine restitution
Posted Date: Friday, February 15, 2019
Something has been missing in some of the most recent settlements facilitated by the Consumer Financial Protection Bureau (CFPB) that had been a mainstay of its consent orders under former Director Richard Cordray: restitution.
That fact did not go unnoticed by the House Financial Services Committee and presented a timely opportunity for Dodd Frank Update to reach out to Goodwin Proctor Partner and former CFPB head of enforcement Anthony Alexis to get an insider’s take on the process of determining whether redress is warranted.
Find out more details about the letter and what our source had to say.
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Experts say A.I., Blockchain promise greater efficiency, compliance
Posted Date: Tuesday, February 19, 2019
Nearly every new technology innovation in the mortgage industry revolves around improving efficiency, which makes sense because efficiency and profitability tend to go hand-in-hand. However, efficiency means nothing if it comes without accuracy or compliance. Black Knight Inc. President of Origination Technologies Rich Gagliano and Pavaso, Inc. Chief Operating Officer Dan McGrew spoke with Dodd Frank Update about how innovations such as artificial intelligence (A.I.) and Blockchain can best be applied to help mortgage professionals check all of the aforementioned boxes throughout the course of doing business.
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Loan closes, but officer advises USDA borrowers of shutdown risk
Posted Date: Tuesday, February 12, 2019
For borrowers awaiting approval from the U.S. Department of Agriculture (USDA) to close on their newly purchased homes, the conclusion of the government Jan. 25 meant the end of weeks of anxiety and feeling helpless to the whims of forces beyond their control.
Victorian Finance, LLC, Loan Officer Jessica Herdman, who previously told Dodd Frank Update about the issues she navigated alongside two of her USDA borrowers during the partial government shutdown, talked about her newfound approach when advising borrowers interested in USDA loans.
Learn what she is doing to help her borrowers avoid unwanted surprises beyond their control.
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Calabria talks GSE reform, past FHFA views during hearing
Posted Date: Friday, February 15, 2019
President Donald Trump’s nominee to lead the Federal Housing Finance Agency (FHFA), Mark Calabria, faced questions about his views on reforming the secondary mortgage market to increase competition and the necessary regulatory certainty to continue to guarantee 30-year mortgages and affordable housing goals, among other things, during his confirmation hearing before the Senate Banking Committee.
Several Democrats pressed Calabria on views he expressed in past blog posts and other writings in which he was critical of the FHFA and its model for overseeing the government-sponsored enterprises.
Find out more details about what was addressed during his testimony.
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Crapo housing reform plan meets industry support
Posted Date: Friday, February 1, 2019
A plan to end the conservatorship of Fannie Mae and Freddie Mac proposed by Senate Banking Committee Chairman Mike Crapo (R-Idaho) quickly has gained support from the financial marketplace.
An outline of the proposal calls for privatizing secondary market guarantors and restructuring the Federal Housing Finance Agency into a bipartisan board of directors, among other reforms.
Find out more details about the plan and what the industry is saying.
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CFPB proposes to rescind key payday rule provisions
Posted Date: Friday, February 8, 2019
The Consumer Financial Protection Bureau has proposed to rescind ability-to-repay and mandatory underwriting provisions of its small-dollar lending rule.
The bureau separately proposed to delay the implementation of mandatory underwriting requirements by 15 months to solicit and review public feedback.
Find out what the industry is saying about the proposal and what it would not change about the rule.
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CFPB finds mortgage complaints dropping
Posted Date: Friday, February 1, 2019
The Consumer Financial Protection Bureau detailed trends in mortgage complaint volume over a 24-month period ending Oct. 31, 2018, in its latest Complaint Snapshot, the first released under Director Kathy Kraninger.
A majority of the mortgage-related complaints the bureau highlighted cited issues consumers encountered when making payments.
Find out what other insights the snapshot revealed.
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Ellie Mae acquired by private equity for $3.7 billion
Posted Date: Tuesday, February 12, 2019
At a time when “privatization” is a hot buzzword in the mortgage industry, Ellie Mae has entered into a definitive agreement that will make the cloud-based mortgage platform provider a privately owned company.
Thoma Bravo, LLC, a leading private equity investment firm, will acquire Ellie Mae in an all-cash transaction worth approximately $3.7 billion, according to a press release.
Find out more details about the agreement and what must happen for the transaction to close.
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Applications rise as spring buying season approaches
Posted Date: Friday, February 22, 2019
After four straight weeks of declines, mortgage applications saw a modest increase of 3.6 percent on a seasonally adjusted basis for the week ending Feb. 15, 2019, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
MBA Associate Vice President of Industry Surveys and Forecasts Joel Kan noted that such results could be indicative of positive momentum going forward.
Read on to learn more details.
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Senate confirms Hood, Harper for NCUA Board
Posted Date: Friday, March 15, 2019
The Senate voted to confirm Rodney Hood and Todd Harper to become National Credit Union Administration (NCUA) Board members.
Hood will take over the board seat vacated by Rick Metsger in August 2017 after his term expired and will serve until August 2023. The seat Harper will fill has been vacant since 2016, when former Chairman Debbie Matz retired. He will serve a term ending in April 2021.
Read on to learn more about the matter.
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ICBA: Data privacy standards should apply to regulators, third parties
Posted Date: Friday, March 15, 2019
The Independent Community Bankers of America (ICBA) wrote to Senate Banking Committee leaders urging them to expand statutory requirements pertaining to the protection of personally identifiable information (PII).
ICBA President and CEO Rebeca Romero Rainey wrote in the letter that her organization supports current information privacy standards that apply to banks and believes that all entities that collect and store PII should be subject to them as well, including prudential regulators and third parties.
Find out more about the association’s stance on the issue of information privacy standards.
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Altisource launches bundled FHA product
Posted Date: Friday, March 8, 2019
Altisource Portfolio Solutions, a real estate, mortgage and technology services provider, recently launched a new bundled product designed to offer users customized asset management services for delinquent Federal Housing Administration (FHA) loans, according to a press release.
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Fed announces CCAR, capital buffer changes
Posted Date: Friday, March 8, 2019
Beginning in the 2019 cycle, the Federal Reserve plans to limit its use of the “qualitative objection” in its Comprehensive Capital Analysis and Review (CCAR) process.
The Fed also voted to hold the countercyclical capital buffer for banking organizations using the Basel III advanced approaches at zero percent and released instructions for the 2019 CCAR exercise.
Find out what the industry is saying about the Fed’s announcements.
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ABA, FTC infographic seeks to help combat phishing
Posted Date: Friday, March 8, 2019
Recognizing that phishing is an ever-growing cybersecurity threat, the American Bankers Association (ABA) and the Federal Trade Commission (FTC) released an infographic designed to highlight the impact it is having on consumers and the financial industry.
The infographic offers advice for how people can identify potential scams, how to protect themselves against phishing attempts and how to notify the proper authorities if they suspect such an attempt.
Read on to get more details about phishing attacks and methods to avoid being victimized.
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CyberScout’s Levin: This hack is unique
Posted Date: Friday, March 1, 2019
The recent public acknowledgment of a sophisticated phishing attack appearing to target Bank Secrecy Act officers at credit unions and other financial institutions raised concern about the state of data security in the industry today.
Nationally recognized cybersecurity expert and CyberScout founder and Chairman Adam Levin told Dodd Frank Update that the news should be a wakeup call for institutions that might need it.
Read on for more, including suggestions from Levin about keeping your institution safe.
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CFPB unveils small entity payday rule compliance guide
Posted Date: Friday, March 1, 2019
The Consumer Financial Protection Bureau (CFPB) recently published a compliance guide to help small entities account for the payment-related provisions of its payday lending rule. The guide does not address any of the rule’s ability-to-repay underwriting provisions, which the agency has proposed to rescind.
Specifically, the guide details what loans are and are not covered under the rule, how the rule applies to lenders and service providers, prohibited payment activities, consumer disclosure requirements, compliance disclosure requirements and recordkeeping requirements.
Find out more specifics about what the guide covers that could help lenders and service providers.
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FSC to hear testimony from Kraninger, Sloan
Posted Date: Friday, March 1, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger and Wells Fargo CEO Tim Sloan are among the most high-profile individuals scheduled to testify before the House Financial Services Committee (FSC) in March.
Given the amount of past criticism both have faced from Democrats, who now hold a majority in the House, those hearings are likely to be particularly contentious.
Find out more about what subjects are likely to come up during the hearings.
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FHFA issues final rule on single security
Posted Date: Friday, March 1, 2019
The Federal Housing Finance Agency (FHFA) issued a final rule requiring Fannie Mae and Freddie Mac to align programs, policies and practices that affect the cash flows of certain Mortgage-Backed Securities (MBS). The rule is intended to help improve the predictability of cash flows to MBS investors.
The rule will apply in instances where a “to-be-announced” MBS is offered to settle a trade for an actual MBS that will be delivered at a later date and time. Such securities are announced 48 hours prior to the established trade settlement date.
Find out more details about the rule and commentary that was considered.
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Trades oppose remittance tax to fund border wall
Posted Date: Friday, March 1, 2019
Financial trade advocates wrote to House officials opposing legislation that would impose a 5 percent tax on cross-border remittances to fund the completion of President Donald Trump’s proposed wall along the U.S.-Mexican border.
H.R. 85, known as the “Fund and Complete the Border Wall Act,” was introduced by Rep. Andy Biggs (R-Ariz.) with support from 10 Republican co-sponsors.
Read on to find out why the trades are against the proposal.
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ComplianceEase, WGS partner to offer digital mortgage bundle
Posted Date: Wednesday, February 27, 2019
To offer a complete digital mortgage bundled services package, on a closed-loan basis, automated compliance solutions provider ComplianceEase recently announced the expansion of its partnership with Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions.
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Senate committee advances FHFA, NCUA nominees
Posted Date: Tuesday, February 26, 2019
Senate Banking Committee voted along party lines to advance Mark Calabria’s nomination to serve as the next director of the Federal Housing Finance Agency (FHFA), and also approved the advancement of nominees for the National Credit Union Administration Board and the Treasury Department.
The fact that Calabria’s committee vote was identical to the margin that advanced Kathy Kraninger’s nomination to become director of the Consumer Financial Protection Bureau does not reflect the difference between their confirmation hearings.
Read on for more details.
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Building collaborative relationships with eMortgages
Posted Date: Tuesday, February 26, 2019
Digital mortgage solutions are proving to be valuable tools in facilitating collaboration with fewer compliance pitfalls than tradition mortgage transactions.
PromonTech’s Michael Kolbrener and Pavaso’s Dan McGrew shared their philosophies with Dodd Frank Update regarding the benefits of facilitating collaboration through different types of eMortgage solutions.
Find out more about the path they believe the industry is on.
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Waters urges CFPB staffers to be whistleblowers
Posted Date: Tuesday, February 26, 2019
Having asserted on multiple occasions that the Consumer Financial Protection Bureau (CFPB) diverted from its statutory mission, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) now is calling upon CFPB staffers to act as whistleblowers if they witness any actions within the bureau that threaten its consumer protection abilities.
Waters wrote to bureau employees, reminding them of their rights under federal whistleblower laws and encouraged them to not hesitate should they become aware of activity warranting the types of actions those laws protect.
Read on to learn more about what she wrote.
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GAO to OCC: Mitigate ‘regulatory capture’ potential
Posted Date: Tuesday, February 26, 2019
After studying the Office of the Comptroller of the Currency’s policies intended to mitigate the risk of “regulatory capture” issues impacting its mission, the Government Accountability Office (GAO) issued a list of nine recommendations for how the agency can better guard against potential internal conflicts of interest that lead to such issues.
GAO indicated it conducted its investigation based on a congressional request to review possible instances of regulatory capture – a term referring to when regulators act in the interest of the industry they’re regulating, rather than in service of the public good.
Find out more details about the report’s findings and recommendations.
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CFPB starts consumer savings initiative
Posted Date: Tuesday, February 26, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently announced that the bureau is launching an initiative aimed at helping consumers struggling financially by educating them on better saving habits.
The “Start Small, Save Up” initiative offers tips, tools and information to help consumers build a basic savings cushion and saving habit, as a foundation for securing their financial futures, according to a CFPB press release. The Federal Deposit Insurance Corp. also weighed in on the benefits of good savings habits.
The announcement coincides with America Saves Week, which is Feb. 25-March 2. Read on to learn more about what the agencies had to say.
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FDIC: Lower taxes help banks continue record profits
Posted Date: Friday, February 22, 2019
The banking industry rounded out its most profitable year in history with $59.1 billion in fourth quarter profits, owing at least some of that increased revenue to tax law changes that have taken effect since 2017.
Fourth quarter profit totals indicate a $33.8 billion increase from the previous year and bring total 2018 banking revenue to $236.7 billion, according to the Federal Deposit Insurance Corp.’s latest Quarterly Banking Profile.
Find out what factors allowed the industry to continue to post record profitability numbers in 2018.
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OIG examines common CFPB supervisory approach
Posted Date: Friday, February 22, 2019
The Office of the Inspector General (OIG) recently flipped the script in a report on the Consumer Financial Protection Bureau (CFPB), noting several problems with the Division of Supervision, Enforcement and Fair Lending’s issuance and follow-up on Matters Requiring Attention.
To get some perspective on what may have prompted the OIG to examine the bureau’s MRA protocols, Dodd Frank Update spoke with former CFPB Assistant Director and Head of the Office of Enforcement and Goodwin Procter Partner Anthony Alexis.
Find out what actions the OIG has directed the bureau to take to address these issues.
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OIG to FDIC: Improve cybersecurity oversight
Posted Date: Friday, February 22, 2019
Recognizing the ever-growing risk cyberattacks pose to the financial sector and the ever-increasing sophistication of such attacks, the federal Office of the Inspector General indicated that the Federal Deposit Insurance Corp. (FDIC) should make cybersecurity oversight a top priority in a recent report.
OIG describes the various elements of cybersecurity risk banks should account for and offers recommendations for how FDIC examiners can take a “nimble” regulatory approach designed to facilitate the implementation of better security protocols at institutions it oversees.
Find out more about what areas the FDIC has been urged to improve.
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Luetkemeyer asks how CECL will affect GSEs
Posted Date: Friday, February 22, 2019
Asserting that it could negatively impact mortgage rates and credit availability, Rep. Blaine Luetkemeyer (R-Mo.) wrote to the acting director of the Federal Housing Finance Agency, Joseph Otting, asking him how the Financial Accounting Standards Board’s current expected credit loss (CECL) standard will affect Fannie Mae and Freddie Mac.
Luetkemeyer included several questions addressing his concerns about how implementation of the CECL standard will affect the government-sponsored enterprises’ capital reserves and lending abilities.
Find out what specific concerns he raised.
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N.C. to redo midterm election amid fraud allegations
Posted Date: Friday, February 22, 2019
The midterm election results for North Carolina’s 9th District have become the center of controversy and speculation, exacerbated by a freshly passed state election law that has thrown in an added twist.
In December, as the election results were in dispute, North Carolina passed a law stipulating that in the event of such a special election, either party would have the opportunity to hold a new primary.
Find out more details about the situation.
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Wendy’s settles data breach lawsuit
Posted Date: Tuesday, February 19, 2019
A settlement nearly three years in the making orders Wendy’s to pay $50 million to reimburse financial institutions for expenses incurred after a cyberattack exposed customer information connected to approximately 18 million payment cards.
The settlement stands apart from others involving data breach litigation pertaining to payment cards, according to the consent order filed in court.
Find out more details about the settlement.
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Senate considers Trump nominees for NCUA, Treasury
Posted Date: Tuesday, February 19, 2019
The Senate Banking Committee recently heard testimony from two nominees to join the National Credit Union Administration (NCUA) Board of Directors – Rodney Hood and Todd Harper. Both expressed interest in aligning NCUA’s regulatory approach with that of other federal agencies.
The committee also considered Trump’s nominees to become the Treasury Department’s assistant secretary of financial institutions – Bimal Patel – and head up the Federal Housing Finance Agency – Mark Calabria – during the hearing.
Find out what they had to say during the hearing.
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Banks, credit unions testify supporting cannabis banking bill
Posted Date: Tuesday, February 19, 2019
Cannabis-based businesses have cropped up throughout states where recreational marijuana is legal but the fact that it remains illegal at the federal level poses certain risks for the financial institutions that service them.
Bank and credit union representatives recently testified before the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions in support of a measure proposing protections from those risks.
Find out more details about what the industry advocates had to say.
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NCUA finds no BSA breaches from phishing campaign
Posted Date: Tuesday, February 19, 2019
After conducting a comprehensive review of its security logs and alerts, the National Credit Union Administration (NCUA) found no evidence of information being compromised as a result of recent spear phishing attacks targeting Bank Secrecy Act (BSA) officers at credit unions.
Reports of such attacks have come from other parts of the financial sector as well, NCUA noted in a blog post, encouraging all credit union staff to be wary of suspicious emails and that credit unions may report suspicious activity to the agency.
Read on to learn more about how to identify and avoid being victimized by such attacks.
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Experts discuss broader implications of payday proposal
Posted Date: Friday, February 15, 2019
As consumer advocates condemn the Consumer Financial Protection Bureau’s (CFPB) proposal to rescind ability-to-repay (ATR) underwriting requirements from its payday lending rule, various banks and credit unions feel encouraged by what such an action would mean for certain payday alternative products they’ve worked to develop.
CUNA Senior Director of Advocacy & Counsel Alexander Monterrubio spoke with Dodd Frank Update about how the proposed changes would benefit credit unions and other institutions offering forms of short-term financing covered by the rule as it stands.
Find out what he and others in the industry had to say.
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Trump signs government funding bill
Posted Date: Friday, February 15, 2019
With the Senate and House recently passing a bipartisan federal bill to fund the government through the end of the fiscal year, President Donald Trump’s signature was all that was needed to avoid a second partial government shutdown in less than a month.
The president is expected to sign it although it only includes a small portion of the funds he requested for a proposed wall along the U.S.-Mexico border.
Find out more about what the bill includes pertaining to the financial services industry.
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CFPB’s Disclosure Sandbox gets mixed reviews
Posted Date: Friday, February 15, 2019
The Consumer Financial Protection Bureau’s (CFPB) Office of Innovation proposal to create a Disclosure Sandbox, which would allow companies to experiment with new disclosure forms and procedures, drew the ire of consumer advocacy groups following a recent update to clarify its associated application requirements.
The proposed revisions have met with mixed reactions from various organizations since its announcement in September 2018. The existing policy was established in 2013 and has never been used to approve a trial disclosure.
Find out what views have been expressed regarding the proposal, whose comment period ended Feb. 11.
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Wolters Kluwer’s CASH Workflow named top origination solution
Posted Date: Thursday, February 14, 2019
Wolters Kluwer’s CASH Workflow solution has been named Commercial Loan Origination Solution of the Year by US Business News, as part of its Technology Elite awards series. The award is intended to recognize the superior technology and user functionality of CASH Workflow, according to a press release.
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CFPB orders restitution in Cash Tyme settlement
Posted Date: Tuesday, February 12, 2019
The Consumer Financial Protection Bureau’s recent settlement with payday lender Cash Tyme directed the company to pay a civil money penalty and redress harmed consumers, making it the bureau’s first enforcement action requiring restitution since Kathy Kraninger became director.
The bureau asserted that the company harmed consumers through unauthorized debits and lacked adequate processes for timely, effective remediation in such instances.
Find out more about the bureau’s allegations against the company and restitution requirement.
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Altisource survey shows originators’ biggest concerns
Posted Date: Tuesday, February 12, 2019
Upticks in competition and interest rates rank among the greatest challenges facing mortgage originators, according the results of Altisource Portfolio Solution’s annual Origination Solutions Survey for 2018.
Mortgage professionals indicated that regulatory mandates are cause pressure on their bottom lines.
Find out more details revealed by the survey’s findings.
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A historic perspective on lack of bank failures
Posted Date: Tuesday, February 12, 2019
The U.S. rarely has seen a year go by without a bank failure since the founding of the Federal Deposit Insurance Corp. (FDIC) more than 80 years ago, making the absence of one in 2018 noteworthy.
Although some believe this occurrence is a clear sign of a strong economy, Aaron Klein, economic studies fellow and policy director for the Brookings Institute’s Center on Regulation and Markets, offered a potential negative angle when writing about the subject last year.
Read on to learn more details.
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Member First Mortgage chooses Blue Sage digital mortgage platform
Posted Date: Monday, February 11, 2019
Blue Sage recently announced that Member First Mortgage has chosen to use the company’s browser-based, end-to-end digital lending platform. Member First Mortgage is a credit union service organization that provides a range of conventional and government loans and performs loan processing, fulfillment, servicing and other mortgage-related services for more than 200 credit unions nationwide, according to a press release.
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LBA Ware adds mortgage compensation alerts to SimpleNexus origination app
Posted Date: Friday, February 8, 2019
LBA Ware, which provides an automated compensation and sales performance management platform for mortgage lenders, recently completed a partial integration of its compensation platform CompenSafe with SimpleNexus’s enterprise digital mortgage solution. The move is intended to allow loan officers (LOs) to receive real-time push notifications on calculated loan commissions directly through the SimpleNexus app.
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Payday proposal elicits backlash from Dems, consumer groups
Posted Date: Friday, February 8, 2019
Although the financial services industry supports the Consumer Financial Protection Bureau’s (CFPB) proposal to rescind provisions of its payday lending rules placing strict underwriting standards on small-dollar loan products, Democrats and consumer advocates came out strongly opposed to the move.
Critics argue that the proposal is tantamount to the bureau, and by extension the Trump administration, siding with the payday lending industry, and a sign that CFPB Director Kathy Kraninger is following in the footsteps of her predecessor.
Find out more about the opposition to the bureau’s proposal.
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CFPB bars foreign lenders, drops restitution effort
Posted Date: Friday, February 8, 2019
The Consumer Financial Protection Bureau (CFPB) recently settled with numerous foreign-based organizations involved in a payday lending operation for alleged violations of the Consumer Financial Protection Act and the Credit Practices Rule.
Although the CFPB initially sought restitution and disgorgement in the matter, and the court ruled it had sufficient evidence to do so, the final consent order did not call for it.
Find out about some of the key events occurred from the initial complaint filing to the final settlement.
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Largest post-crisis merger sparks S. 2155 scrutiny
Posted Date: Friday, February 8, 2019
In what would be the largest bank merger by asset and deposit volume since the financial crisis, SunTrust Banks, Inc. and BB&T Corp. recently announced they’d agreed to a $66 billion deal that would combine both companies to form the sixth-largest bank by asset size in the country.
The merger was announced two days after the Federal Reserve informed both banks they would not be required to comply with certain stress testing requirements, invoking its ability to do so for banks with less than $250 billion in assets under S. 2155.
Find out more details about the deal and what congressional hurdles could slow the closing process.
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ICBA urges Trump to renominate Bowman for full term
Posted Date: Friday, February 8, 2019
Noting that her partial term will expire in less than a year, the Independent Community Bankers of America (ICBA) urged President Donald Trump to renominate Michelle “Miki” Bowman for a full term as a member of the Federal Reserve Board.
Her November 2018 confirmation made her the first Fed governor to occupy the board’s seat created specifically for a member with community banking expertise.
Read on to learn more about why ICBA supports her renomination.
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Fed says consumer credit rose to end 2018
Posted Date: Friday, February 8, 2019
The Federal Reserve recently reported that 2018 ended with a notable increase in consumer credit. Statistics released by the Fed indicated that consumer credit increased by a seasonally adjusted annual rate of 6.5 percent in the fourth quarter and 5 percent in December.
Some financial analysts have predicted that consumer credit growth with continue throughout much of 2019.
Read on to learn more details about what factors contributed to the increase.
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Kraninger names new CFPB senior leaders
Posted Date: Friday, February 1, 2019
It is not unusual for the incoming of a new leader of a government agency to coincide with the hiring of new senior leaders within that agency. Kathy Kraninger’s appointment as the new director of the Consumer Financial Protection Bureau (CFPB) is no different.
Kraninger’s new appointees will take on roles in the bureau’s offices of External Affairs, Communications and Minority and Women Inclusion, per a recent CFPB press release.
Find out details about the new senior leaders.
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Banks argue FOM rule allows credit union ‘redlining’
Posted Date: Friday, February 1, 2019
A new brief in the ongoing legal challenge over the National Credit Union Administration’s (NCUA) field-of-membership (FOM) rule argues that the rule theoretically permits credit unions to engage in redlining, a practice heavily regulated in the banking industry.
Banking trade associations contend that the rule allows credit unions to serve a metropolitan area without serving its urban core, despite arguments to the contrary levied by credit union trade advocates.
Find out more details about the latest developments in the matter.
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Bills cracking down on cybercrimes, insider trading pass House
Posted Date: Friday, February 1, 2019
The House passed bipartisan legislation intended to strengthen efforts to crack down on those who commit cyberattacks involving financial technology.
The House also passed bills intended to curb harm caused by illegal insider trading and to direct the Government Accountability Office to study the link between virtual currencies and drug and human trafficking.
Learn more details about what these bills propose to implement.
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Report studies salary gap among genders, organizations
Posted Date: Friday, February 1, 2019
A report released by the Bloomberg Government and the non-profit group Women in Government Relations (WGR) highlights findings of the entities’ second study of the salary gap between men and women working in government.
It also indicates differences in pay among public and private sector employees and pertaining to political party affiliation.
Read on to learn more about the report’s findings.
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Opus CMC selects ComplianceAnalyzer as compliance solution
Posted Date: Thursday, January 31, 2019
Opus Capital Markets Consultants, LLC (Opus CMC), a provider of mortgage due diligence and a wholly-owned subsidiary of Wipro Limited, recently selected ComplianceEase’s ComplianceAnalyzer with TRID Monitor as its comprehensive compliance auditing solution.
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ComplianceEase launches DecisionMonitor tool for lenders
Posted Date: Wednesday, January 30, 2019
ComplianceEase, an automated compliance solutions provider to the financial services industry, recently launched DecisionMonitor, a tool designed to help lenders resolve common compliance issues more quickly, reducing Compliance Department backlogs and expenses while accelerating loan decision-making, according to a press release.
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