Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

News By Edition


Dodd Frank Update July 2019

Dodd Frank Update Monthly Edition
Dodd Frank Update July 2019
Already a subscriber? Login to read this edition.
User Name:
Password:
Forgot your password?


 
Is honesty really the best policy?
Posted Date: Thursday, June 20, 2019

As numerous enforcement actions citing companies’ efforts to remediate harmed consumers and self-report legal violations have come to light since Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger took office, there is growing evidence demonstrating that it pays for companies to speak up when they spot a problem rather than waiting for examiners to find it.

Goodwin Procter LLP Partner Tony Alexis, former CFPB head of enforcement, and Morrison & Foerster Counsel Kathleen “Kitty” Ryan, former CFPB deputy assistant director for regulations, explained why taking such steps can be beneficial to companies.

Find out more details about what the two industry experts had to say.


 
Will FHFA nix LEP from URLA?
Posted Date: Wednesday, July 3, 2019

With the Federal Housing Finance Agency’s (FHFA) recent decision to temporarily put the brakes on the implementation of the new Uniform Residential Loan Application (URLA) issued by Fannie Mae and Freddie Mac Dodd Frank Update reached out Garris Horn PLLC Managing Member Richard Horn to find out what revisions the agency is likely to make to the address industry concerns.

The most likely element to be revised in the new form, also known as Fannie Mae’s Form 1003, is its language preference question, which was added by FHFA to identify Limited English Proficiency (LEP) consumers. Horn noted that the question presents a multitude of risks for lenders.

Find out how many types of risks can be associated with just one question.


 
URLA revisions, delay could mean uncertainty for industry
Posted Date: Tuesday, June 25, 2019

After months of preparing for the launch of the optional use period for the redesigned Uniform Residential Loan Application (URLA) form, commonly known as the 1003 form, and corresponding datasets, industry participants will have to shift into a holding pattern.

The Federal Housing Finance Agency (FHFA) recently stipulated that the period would not begin July 1 as previously scheduled and indicated that the form will be revised, with an updated version to be revealed at a later date.

Find out what questions remain prevalent around the new forms.


 
CUSO ordered to discharge $168 million in student loans
Posted Date: Tuesday, June 25, 2019

The Consumer Financial Protection Bureau (CFPB) recently settled with Student CU Connect CUSO, LLC (CUSO), a company established to hold and manage private loans for students at ITT Technical Institute, for allegedly engaging in unfair and deceptive actions.

Forty-four states and the District of Columbia also settled with CUSO under the same terms.

Learn what tactics the bureau cited in its complaint and stipulated judgment.


 
Stress tests find banks resilient, well-capitalized
Posted Date: Tuesday, June 25, 2019

The results of the Federal Reserve’s 2019 Dodd-Frank Act stress test (DFAST) indicated that the nation’s largest bank holding companies are well-equipped to handle a severe financial downturn should one occur.

The number of firms participating in the 2019 DFAST is roughly half the number that participated in 2018, thanks to the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) in May 2018.

Find out more details about the first half of the latest stress test results.


 
CFPB, Fed finalize Reg CC amendments
Posted Date: Tuesday, June 25, 2019

Newly finalized amendments to Regulation CC, implementing the rule for the Expedited Funds Availability Act, will change the method for calculating periodic inflationary dollar-amount adjustments.

The Federal Reserve and the Consumer Financial Protection Bureau (CFPB) jointly adopted a method for making inflationary adjustments to the dollar amounts in Reg CC every five years, pursuant to the Dodd-Frank Act.

Learn more details about the new rule.


 
Senate confirms two HUD nominees
Posted Date: Tuesday, June 25, 2019

The wait is over for two nominees to senior posts at the Department of Housing and Urban Development (HUD) who were confirmed by the Senate after waiting a combined 37 months from nomination to confirmation.

The Senate confirmed Hunter Kurtz as HUD’s assistant secretary of public and Indian housing and Seth Appleton as assistant secretary of policy development and research (PD&R). President Donald Trump first nominated Kurtz in September 2017 and Appleton in February 2018.

Find out more about the newly confirmed officials.


 
CyberScout names Jennifer Leuer as new CEO
Posted Date: Monday, June 24, 2019

CyberScout, which specializes in identity theft resolution, data defense and employee benefits services, recently appointed Jennifer Leuer as its new CEO, effective June 24, 2019. Leuer joins CyberScout from Experian where she served as president of Partner Solutions, according to a press release.


 
Senate reveals AML reform legislation
Posted Date: Thursday, June 20, 2019

The Senate has unveiled draft legislation addressing Bank Secrecy Act and anti-money laundering reforms.

The bipartisan bill would improve corporate transparency, strengthen national security, and help law enforcement combat illicit financial activity being carried out by terrorists, drug and human traffickers and other criminals, according to a release from its sponsors. 

Read on for details and reaction from the bill’s bipartisan sponsors.


 
Trades urge FHA to change loan certification requirements
Posted Date: Thursday, June 20, 2019

A group of four trade organizations representing financial and housing industry professionals recommended that the Federal Housing Administration (FHA) rescind or amend loan-level certification requirements to alleviate concerns about liability exposure.

The trades wrote in response to the Department of Housing and Urban Development’s (HUD) request for feedback on proposed changes to FHA’s certification requirements and to its defect taxonomy.

Find out what alternatives the organizations offered in their joint comment letter.


 
FASB moves forward with CECL updates
Posted Date: Thursday, June 20, 2019

Attempting to align effective dates and transition requirements with its current expected credit loss (CECL) standard, the Financial Accounting Standards Board (FASB) recently voted to move forward with technical changes to the requirements.

The board also finalized changes to address stakeholder concerns about negative allowances on purchased financial assets with credit deterioration (PCD) and negative allowances on available-for-sale debt securities.

Learn more about the latest updates.


 
HUD: DACA recipients not eligible for FHA loans
Posted Date: Thursday, June 20, 2019

The Federal Housing Administration (FHA) will not back mortgages for Deferred Action for Childhood Arrivals (DACA) benefit recipients, the Department of Housing and Urban Development (HUD) announced.

HUD Assistant Secretary for Congressional and Intergovernmental Relations Len Wolfson ended months of speculation on the matter with a letter to Rep. Pete Aguilar (D-Calif.).

Find out more details about the letter and the policy in question.


 
Survey highlights how companies can build trust
Posted Date: Thursday, June 20, 2019

Honesty and transparency appear to be growing more and more important to consumers whose trust in institutions to safeguard their personal information constantly is being tested by news of hackers breaching companies’ data servers.

The fact that many entities wait weeks or even months to inform consumers their data has been exposed only compounds that lack of trust.

Read on to get more insights from the survey results.


 
NS3 Live: Montgomery kicks off opening day sessions
Posted Date: Wednesday, June 19, 2019

The 15th edition of the National Settlement Services Summit (NS3) got off to a terrific start Tuesday as Acting Deputy Secretary, and Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing of the U.S. Department of Housing & Urban Development (HUD) Brian Montgomery, highlighted many topics and issues with important updates for everyone within the real estate transaction business.

The day also featured independent underwriter and regulator panels, as well as a regulatory compliance session.

Read on for a few details of what Montgomery shared with the audience, as well as what transpired from the other opening day sessions.


 
NS3: Industry stars honored with OR awards
Posted Date: Tuesday, June 18, 2019

For the eighth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts.

CEO and Publisher Erica Meyer presented the awards Wednesday at the 15th annual National Settlement Services Summit (NS3) in Phoenix.

Read on for details on the winners and their accomplishments.


 
NS3: Make a Child Smile helps Phoenix youth get school ready
Posted Date: Tuesday, June 18, 2019

Summer may be in its early stages, but Phoenix-area youths know the next school year is around the corner, and attendees at the National Settlement Services Summit (NS3) took time Tuesday to give them a hand.

The eighth annual “Make a Child Smile” community service event, sponsored by Adeptive Software, saw attendees put together book bags with school supplies to help for foster children through Arizona Helping Hands.

Read on for details from the event.


 
ICBA: FHFA should not have chartering authority
Posted Date: Tuesday, June 18, 2019

Federal Housing Finance Agency (FHFA) Director Mark Calabria’s request that Congress grant the agency the authority to charter new government-sponsored guarantors is one of the agency’s few housing finance reform proposals opposed by community bankers.

Ron Haynie of the Independent Community Bankers of America (ICBA) told Dodd Frank Update that although the trade group supports other provisions of FHFA’s 2018 Annual Report to Congress, community bankers generally do not support Calabria’s request for the FHFA to be granted chartering authority.

Learn what reasons Haynie offered for ICBA’s position.


 
ICBA forms credit union task force, NAFCU responds
Posted Date: Tuesday, June 18, 2019

The Independent Community Bankers of America (ICBA) formed a task force to investigate the impact to public funds when large credit unions acquire community banks, citing statistics that such transactions have resulted in millions of dollars in lost annual taxpayer revenue.

One credit union trade leader responded, asserting that ICBA’s claims lack merit.

Find out more about the dispute.


 
Wells Fargo names new chief technology officer
Posted Date: Monday, June 17, 2019

Wells Fargo recently named Debra Chrapaty its new chief technology officer, making permanent a role she had held in an acting capacity since May. She will continue reporting directly to Saul Van Beurden, head of Technology at Wells Fargo.


 
NS3 kicks off in Phoenix
Posted Date: Friday, June 14, 2019

The National Settlement Services Summit (NS3) marks its 15th anniversary this week by heading further west than it ever has. In the Valley of the Sun, the largest crowd yet will gather to hear from the best the industry has to offer over three days at the Arizona Biltmore in Phoenix.

More than 700 attendees representing 340 companies – both records for NS3 – will get to hear from a pair of keynote speakers, a Fireside Chat between title and banking icons, and 59 presenters on subjects affecting all parties in the real estate transaction.

Read on for a preview of what’s to come this week.


 
Quicken settles with DOJ for $32.5 million
Posted Date: Friday, June 14, 2019

More than four years after the nation’s largest mortgage lender was charged with employing improper origination and underwriting practices when issuing loans backed by the Federal Housing Administration (FHA). Quicken Loans Inc. has agreed to a $32.5 million settlement the Department of Justice (DOJ) and the Department of Housing and Urban Development (HUD).

With the matter settled, Quicken indicated it plans to expand its FHA lending operations while strengthening its relationships with regulators.

Learn more details about the settlement and the case.


 
Calabria asks Congress for chartering authority in annual report
Posted Date: Friday, June 14, 2019

The Federal Housing Finance Agency (FHFA) requested the legislative ability to charter competitors of Fannie Mae and Freddie Mac as government-backed guarantors for the secondary mortgage market in its 2018 report to Congress.

The chartering authority FHFA Director Mark Calabria has requested from Congress would be similar to that of the Office of the Comptroller of the Currency.

Find out what recommendations in the report align with industry priorities.


 
CFPB schedules symposium on ‘abusive’ standard
Posted Date: Friday, June 14, 2019

The first event in the Consumer Financial Protection Bureau’s (CFPB) symposia series on various matters affecting the financial regulatory environment, announced in April, has been scheduled.  

The symposium will feature discussion of the meaning of the term “abusive” as it applies to the Dodd-Frank Act’s prohibition against unfair, deceptive or abusive acts or practices.

Learn when and where the event will take place and who has been tapped to speak.


 
House bill seeks to halt CECL implementation
Posted Date: Friday, June 14, 2019

The House and the Senate both have bipartisan pieces of legislation directing the Financial Accounting Standards Board to “stop and study” the economic impacts of the board’s new current expected credit loss standard before it takes effect.

The House bill, introduced by Rep. Vicente Gonzalez (D-Texas), is substantially similar to legislation introduced by Sen. Thom Tillis (R-N.C.) in May.

Find out more about the House bill.


 
CEOs less confident about economic future
Posted Date: Friday, June 14, 2019

Despite positive recent economic trends, the latest Business Roundtable survey indicated that there is less confidence among many of the country’s CEOs about the future economic outlook than in previous quarters. A report on the survey’s findings attributes the dip in confidence to uncertainties about trade policy and overall global growth.

The Business Roundtable CEO Economic Outlook Index for the second quarter of 2019 showed a drop in the composite measure of CEO projections for sales, capital spending and hiring over the next six months.

Read on to learn more about the findings in the report.


 
CFPB advisors discuss safe harbors for debt collectors
Posted Date: Tuesday, June 11, 2019

The Consumer Financial Protection Bureau’s (CFPB) proposed debt collection rule includes various safe harbors for individual debt collectors and institutions, many of which were discussed during a recent meeting of the bureau’s Consumer Advisory Board. 

A portion of the discussion focused on safe harbors included in the proposal, as well as suggestions for others that may be appropriate regarding provisions applying to debt validation and communication.

Find out more about what safe harbors in the proposal and what additional ones have been suggested.


 
CECL: Finding the silver lining
Posted Date: Tuesday, June 11, 2019

Many financial institutions are dreading the day their bank, lender or credit union will be forced to comply with the new current expected credit loss (CECL) standard, created by the Financial Accounting Standards Board (FASB).

Troy Thornton, the Office of the Comptroller of the Currency’s deputy comptroller for the Southern District, believes that despite the concerns he’s heard about CECL’s potential impact, bankers should realize that the new standard could come with some benefits. 

Learn about the potential upside of the new standard.


 
SEC finalizes ‘best interest’ rules
Posted Date: Tuesday, June 11, 2019

More than a year after a federal court vacated the Department of Labor’s fiduciary rule, the Securities and Exchange Commission finalized its own set of standards requiring investment advisors to act in their clients’ best interests.

The agency recently approved a package of rulemakings with the goal of enhancing the quality and transparency of relationships retail investors enter into with investment advisers and broker-dealers. 

Find out how the new rules differ from those proposed by DOL. 


 
McWilliams: FDIC wants community banks to keep thriving
Posted Date: Tuesday, June 11, 2019

Speaking at a meeting hosted by the Community Development Bankers Association, Federal Deposit Insurance Corp. (FDIC) Chairwoman Jelena McWilliams described the agency’s plans for helping community banks sustain the strong growth they have experienced in recent years through certain initiatives.

Among those initiatives are those pertaining to Community Reinvestment Act reform.

Find out more details about the priorities McWilliams highlighted during the meeting.


 
Agencies simplify bank capital standards
Posted Date: Tuesday, June 11, 2019

The banking agencies recently published a final rule to simplify the Basel III regulatory capital calculations for all banks not subject to advanced approaches capital requirements.

The rule also would increase the deduction threshold for mortgage servicing assets, certain deferred tax assets and investments in the capital of unconsolidated financial institutions. 

Learn what the new rule could mean for the majority of banks.


 
CFPB cites Freedom Mortgage for HMDA violations
Posted Date: Friday, June 7, 2019

Charged with violating the Home Mortgage Disclosure Act (HMDA) by intentionally reporting inaccurate borrower information to the Consumer Financial Protection Bureau (CFPB), Freedom Mortgage Corp. has been ordered to pay a $1.75 million penalty and update its compliance procedures.

Freedom Mortgage, based in Mount Laurel, N.J., does business nationwide and is among the 15 largest mortgage lenders in the country, having originated more than 50,000 purchase loans each year between 2013 and 2016. 

Find out more details about the matter.


 
CFPB further delays ATR provision of payday rule
Posted Date: Friday, June 7, 2019

Four months after proposing to rescind and delay compliance with its 2017 payday lending rule’s mandatory underwriting provisions, the Consumer Financial Protection Bureau (CFPB) revealed a final rule amendment to add another year to the proposed delay.

Such delays align with advocacy by banks, credit unions and payday lenders, but have drawn the ire of consumer advocates and Democrats.

Find out more details about the delay and what feedback the bureau has received.


 
FHFA hopes UMBS launch will spur GSE competition
Posted Date: Friday, June 7, 2019

In an effort to make housing more affordable through increased secondary-market competition, the Federal Housing Finance Agency (FHFA) announced the launch of its new Uniform Mortgage-Backed Security (UMBS) program, under which it will combine mortgage-backed securities held by Fannie Mae and Freddie Mac.

The FHFA hopes the move will add liquidity and eliminate pricing differences, spurring service- and efficiency-based competition between the government-sponsored enterprises (GSEs).

Find out more details about what the change might mean for the mortgage market.


 
MBA reports profits in first quarter
Posted Date: Friday, June 7, 2019

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks have seen an upswing in profitability since ending 2018 on a down note.

The Mortgage Bankers Association’s (MBA) latest Quarterly Mortgage Bankers Performance Report this year showed that IMBs saw a net gain of $285 on each loan they originated in the first quarter of 2019, up from a reported $200 loss per loan they saw in the fourth quarter of 2018. 

Read on to learn more.


 
Tarbert confirmed as CFTC chairman
Posted Date: Friday, June 7, 2019

The Senate voted to confirm Heath Tarbert as the 14th chairman of the Commodities Futures Trading Commission (CFTC) by an 85-9 margin. All nine nay votes were cast by Democrats.

Tarbert joins CFTC from the Treasury Department and will succeed Chairman J. Christopher Giancarlo in July for a term expiring April 13, 2024.

Find out more about his background.


 
Navy Federal names new CIO
Posted Date: Thursday, June 6, 2019

Navy Federal Credit Union recently promoted Anthony “Tony” Gallardy to serve as the company’s new executive vice president and chief information officer, taking over for Bill Hills, who decided to retire after nearly a decade working at the credit union.


Monthly Newsletter

Dodd Frank Update July 2025

Cover Story:

Former CFPB attorneys say state CFPA rights are for the courts to decide


News by Topic   News by Edition   News by Agency   News by Industry   In-depth Reports   Events
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update June 2025
Dodd Frank Update July 2025
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
2025 State of the Industry
CRA and Affordable Housing
2025 State of the Industry
Who's My Regulator?
Fair Lending
Mortgage Technology
Marketing Compliance for Lenders
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars

Library   About   Subscribe   Other Publications
Data Privacy Vault Court Actions
Keys to Real Estate podcast Enforcement Documents
Blog - Tuesdays with Mary Guidance Documents
1071 Compliance Guide White Papers
eClosing Solutions Showcase Position Papers
Executive Interview Series Legislation
Lender Associations Regulations
The Dodd-Frank Act Reports, Studies and Surveys
Dodd-Frank Summary & History Federal Register Notices
 
Dodd Frank Update
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2025 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
IN-DEPTH REPORTS
INDUSTRY
EVENTS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
Current Edition
June 2025
May 2025
April 2025
Archives
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
2025 State of the Industry
Real Estate Compliance Outlook
CRA and Affordable Housing report
Who's My Regulator?
Fair Lending
Marketing Compliance for Lenders
Archives
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2025 Economic Outlook Series
CFPB's Shake-Up & Its Impact on You
Data Privacy Compliance
Fintech Partner Compliance
Strategies post-NAR settlement
Industry and Regulatory Outlook
Securing Your Cyber Network
Compliant Marketing Tactics
2024 Economic Forecast Series
Webinar Archives
Data Privacy Vault
Keys to Real Estate podcast
Blog - Tuesdays with Mary
1071 Compliance Guide
eClosing Solutions Showcase
Executive Interview Series
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement