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News By Edition
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Dodd Frank Update Monthly Edition
Dodd Frank Update June 2018
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What states can, cannot do to supervise financial marketplace
Posted Date: Monday, June 4, 2018
There are a variety of questions the financial industry may have regarding what states can and cannot do in terms of supervising the financial marketplace, a task which, historically, has fallen mainly to federal regulators.
Buckley Sandler Partner Jonice Gray Tucker broke down what state attorneys general may be able to do to ramp up their enforcement activity in the financial space while speaking with Dodd Frank Update.
Find out what authority states have to invoke federal statutes and combine efforts with other states to go after regional and national financial companies, as well as how preemption and visitorial powers factor into such cases.
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Payday rule survives CRA, faces further rulemaking, litigation
Posted Date: Friday, May 18, 2018
With the deadline to repeal the Consumer Financial Protection Bureau’s (CFPB) payday lending rule now in the rearview mirror, covered parties may feel inclined to review plans for compliance with the controversial regulation. However, as the rule’s future remains far from certain, many financial industry participants may understandably take more of a wait-and-see approach.
The fact that the payday repeal resolution was not passed comes as little surprise to many industry insiders, such as Consumer Bankers Association (CBA) Associate General Counsel and Vice President David Pommerehn, who spoke with Dodd Frank Update about the matter.
Find out more about what likely lies ahead for the rule, and the potential implications for the financial industry.
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Trump ratifies repeal of auto lending guidance
Posted Date: Tuesday, May 22, 2018
The Consumer Financial Protection Bureau’s auto lending guidance has been invalidated with President Donald Trump’s signing of a Congressional Review Act resolution recently passed by Congress.
Consumer Bankers Association Associate Counsel and Vice President David Pommerehn told Dodd Frank Update that the intention behind the guidance is not necessarily what the industry objects to; rather it is the way the bureau handled its issuance.
Find out more about the repeal could mean for the financial services industry.
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FHFA seeks feedback on capital rule, industry suggests additions
Posted Date: Wednesday, June 20, 2018
The Federal Housing Finance Agency’s (FHFA) proposed rule implementing new risk-based capital requirements for the government-sponsored enterprises (GSEs) gained industry support before it was published in the Federal Register. However, financial trade advocates still have some suggestions for improving the proposed rule before it is finalized.
An alliance of trade organizations issued a letter to FHFA Director Mel Watt, offering two recommendations to improve the proposal.
Find out what provisions are being considered in the proposed rule and what suggestions the industry is offering.
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Spring agenda keeps debt collection, leaves overdraft behind
Posted Date: Thursday, May 17, 2018
The Consumer Financial Protection Bureau’s (CFPB) Spring 2018 rulemaking agenda indicated that a mere three rules are in the final stages of the process, one of which already has been finalized.
Multiple rules have been switched to “inactive” status, including the bureau’s proposed rule regarding overdraft services, a move which some industry participants are celebrating.
Dig in to find out details about which rules are still in the queue to become finalized and which ones have stalled.
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CFPB director nominee would replace boss if confirmed
Posted Date: Tuesday, June 19, 2018
With the nomination of Kathy Kraninger – an associate director at the Office of Management and Budget (OMB) with no formal experience in banking, enforcement or dealing with consumer issues – it seems likely that Mick Mulvaney will not be exiting his interim leadership role at the bureau any time soon. Interestingly, as OMB director, Mulvaney currently is Kraninger’s boss.
Whether she is confirmed or not, Buckley Sandler Partner Ben Olson told Dodd Frank Update he thinks it will make little difference in how the bureau proceeds under the Trump administration.
Find out more about her nomination and what the industry is saying about her experience.
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Mulvaney reorganizes offices, appoints new staffers
Posted Date: Tuesday, May 15, 2018
Although the agency’s leadership structure is intact for the time-being, the Consumer Financial Protection Bureau (CFPB) will undergo a major reorganization at the behest of acting director Mick Mulvaney.
He announced during a recent staff meeting that there would be a various changes to certain offices and staff roles, intended to improve the agency’s efficiency, effectiveness and accountability.
Find out details about what changes are going to take place within the CFPB and how they will affect various staffers.
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CFPB or BCFP: What’s in a name?
Posted Date: Tuesday, May 8, 2018
What’s in a name? To John Michael Mulvaney, apparently more than most. Since taking over for Richard Cordray at the agency commonly known as the Consumer Financial Protection Bureau or CFPB, he has made it clear on several occasions that the Dodd-Frank Act clearly states that its true moniker is the Bureau of Consumer Financial Protection.
That is the name that adorns the bureau’s new seal and that is the name Mulvaney championed during his speaking engagements before Congress and industry trade groups. But even he had to admit that it is not an easy thing to get used to.
Find out more about what Mulvaney had to say about the name and how he is getting some in Congress and the financial industry to start seeing things his way.
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Debating the accessibility of CFPB’s complaint database
Posted Date: Thursday, May 3, 2018
The consumer complaint database maintained by the Consumer Financial Protection Bureau (CFPB) has been the center of myriad discussions about privacy and data security concerns. Acting director Mick Mulvaney quipped during a recent speech that nothing in the Dodd-Frank Act requires him to “run a Yelp for financial services sponsored by the federal government.”
Some in the industry support Mulvaney’s stance on the database’s public status and its potential negative side effects for businesses. Proponents of keeping the complaint records public argue that doing so is paramount from a transparency and accountability standpoint.
Find out more about the arguments for and against the public status of the database.
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CFPB drops Altisource investigation
Posted Date: Tuesday, May 8, 2018
The Consumer Financial Protection Bureau (CFPB) will not pursue an enforcement action against Altisource for ties to Ocwen Financial. The technology provider disclosed that the regulator had dropped its investigation into the company’s operations in its first quarter financial report.
Altisource CEO William Shepro noted that point among other developments for the company from a fiscal standpoint.
Read on to learn more about the development.
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ABA announces first political endorsements
Posted Date: Friday, April 27, 2018
In a groundbreaking move, the American Bankers Association (ABA) has partnered with its state counterparts in Montana and North Carolina to release television ads supporting re-election campaigns of two supporters of S. 2155.
The day after ABA touted the release of the ads, President Donald Trump decried one of the ABA-endorsed politicians for criticizing Trump’s nominee to head up the Department of Veterans Affairs, during an impromptu call into the Fox News talk show “Fox & Friends.”
Find out who the candidates are, why they appeal to ABA members and more.
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Customers prefer blend of digital, personal banking experience
Posted Date: Thursday, May 3, 2018
When large and mid-size banks effectively blend digital offerings with a personal touch they are on the right track to having a lot of satisfied customers, according to a recent J.D. Power study. Researchers evaluated 200 regional and midsize banks nationwide and identified the highest-scoring banks in 11 regions.
Their findings indicate that customers who exclusively use digital tools or only use physical branches are the least satisfied with their overall banking experience than those who use both.
Read on to learn more about the results of the study.
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Meridian CEO spurs opening of NS3
Posted Date: Thursday, June 7, 2018
The 14th edition of the National Settlement Services Summit (NS3) got off to a rousing start Wednesday with a lineup of compliance-focused educations, highlighted by Meridian Title CEO Mark Myers.
Myers made his first public industry appearance to discuss the company’s growth following a highly publicized enforcement action last fall.
Read on for more from Myers and the first-day lineup at NS3.
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NS3: Industry stars earn OR awards
Posted Date: Thursday, June 7, 2018
For the seventh 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 Thursday at the 14th annual National Settlement Services Summit (NS3) in Detroit.
Read on for more details of the winners and their contributions to the industry.
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NS3: Make a Child Smile brings summer fun to Detroit youth
Posted Date: Thursday, June 7, 2018
After helping build more than 200 bikes and Big Wheels for local youth over the past six years, attendees at the National Settlement Services Summit (NS3) took time Wednesday to provide a different kind of summer fun for Michigan children.
The seventh annual “Make a Child Smile” community service event, sponsored by Adeptive Software, saw attendees put together Summer Fun Supply Kits, which will be delivered to the Boys & Girls Clubs of Southeastern Michigan.
Read on for more from the event and presentation.
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Regulators propose Volcker Rule streamlining
Posted Date: Thursday, June 7, 2018
The five federal regulators have proposed numerous changes to the Volcker Rule intended to reduce compliance burdens for financial entities.
By eliminating or modifying requirements the agencies believe are unnecessary to effectively implement the rule’s provisions, regulators hope to streamline it without diminishing the safety and soundness of banking entities.
Find out details about what the regulators are proposing to change and what impact the proposal could have on the industry.
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Lenders prepare for error-free UCD requirements
Posted Date: Thursday, June 7, 2018
With the implementation of new Uniform Closing Dataset (UCD) requirements rapidly approaching, lenders must be aware that as of June 25 the government-sponsored enterprises (GSEs) no longer will accept UCD submissions that trigger warning alerts.
The GSEs have advised lenders that they are required to submit the UCD XML file containing borrower data for all loans with a “Note Date” on or after Sept. 25, 2017, and must do so prior to delivery of the loan.
Find out what some of the most common errors are and what can be done to mitigate compliance risks they present.
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Flagstar Bank acquires 52 Wells Fargo branches
Posted Date: Wednesday, June 6, 2018
Flagstar Bank will acquire 52 Wells Fargo bank branches throughout the Midwest with approximately $2.3 billion in deposits and $130 million in loans, along with certain related assets, the companies announced Tuesday. The acquisitions will more than double Flagstar’s customer base once finalized.
The purchase includes 33 branches in Indiana, 14 in the Upper Peninsula of Michigan, four in Wisconsin and one in Ohio.
Read on to learn more details what both companies are saying about the transaction.
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FHFA plans to propose GSE risk-based capital rule
Posted Date: Monday, June 4, 2018
Federal Housing Finance Agency (FHFA) Director Mel Watt said a new risk-based capital and minimum leverage capital rule is in the works, which would replace Office of Federal Housing Enterprise Oversight (OFHEO) capital standards put in place prior to the conservatorship of the government-sponsored enterprises (GSEs).
Some financial industry participants have expressed support for the forthcoming proposed rule Watt talked about while testifying before the Senate Banking Committee.
Find out more about what the agency hopes to accomplish with the rule and what other topics were addressed in the FHFA’s 2017 Report to Congress.
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SEC officials discuss cybersecurity standards, enforcement
Posted Date: Monday, June 4, 2018
Cybersecurity and the decline in enforcement activity at the Securities and Exchange Commission were among the topics the agency’s co-directors of enforcement Stephanie Avakian and Steven Peiken touched on during a recent hearing before the House Financial Services Committee’s Subcommittee on Capital Markets, Securities and Investments.
During the hearing, the officials fielded questions about their views on the National Institute of Standards and Technology cybersecurity framework and the agency’s reduction in enforcement activity since 2016.
Find out more about what was discussed during the hearing.
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Finicity partners with Blue Sage to accelerate digital lending process
Posted Date: Wednesday, May 30, 2018
Finicity, a real-time financial data aggregation and insights provider, recently signed an agreement to integrate with Blue Sage Solutions, a cloud-based digital mortgage lending platform. Under terms of the agreement, Blue Sage will integrate Finicity’s Verification of Assets (VoA) solution into its multi-channel digital lending platform to accelerate the credit decisioning process for mortgage lenders, according to a press release.
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DocMagic, KeyStoneB2B partner to offer lenders increased compliance, efficiency, accuracy
Posted Date: Wednesday, May 30, 2018
KeyStoneB2B, a fintech provider for the financial services industry, and DocMagic, Inc., a leading provider of compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, today announced a partnership to provide DocMagic’s SmartCLOSE through the KeyStoneB2B platform.
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Veros, Accurate Group partner to provide end-to-end valuation, analytics solution
Posted Date: Wednesday, May 30, 2018
Veros Real Estate Solutions, a leading developer of enterprise risk management, collateral valuation and predictive analytics services, and Accurate Group, a leading provider of technology-driven real estate appraisal, title data and compliance services, recently entered into a partnership that they say will have positive implications for home equity lenders and others in the mortgage industry.
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Promontory Mortgagepath adds relationship management, sales executives
Posted Date: Wednesday, May 30, 2018
Promontory MortgagePath, a provider of next-generation mortgage technology and loan fulfillment services, recently added three senior-level employees in an effort to expand its relationship management and sales efforts. The new hires will focus on bank relations, technology and outsourced services opportunities, according to a company press release.
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Calyx Software names David McLeod national sales manager
Posted Date: Wednesday, May 30, 2018
Calyx Software, a leading provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers, wholesale and correspondent lenders and brokers, recently named David McLeod as its new national sales manager.
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Banks see record first-quarter profits per FDIC report
Posted Date: Monday, May 28, 2018
Net income among the nation’s federally-insured banks hit a record high of $56 billion in the first quarter of 2018.
The Federal Deposit Insurance Corp.’s quarterly report showing the positive fiscal news for the banking sector was published the same day that the House voted to approve S. 2155, providing long-advocated regulatory relief for the financial industry.
Learn more details about the report.
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OCC issues small-dollar lending guidance
Posted Date: Friday, May 25, 2018
Little more than a week after the deadline expired for repealing the Consumer Financial Protection Bureau’s (CFPB) payday lending rule, the Office of the Comptroller of Currency (OCC) issued its own policy statement regarding short-term, small-dollar lending.
CFPB acting director Mick Mulvaney and several industry leaders are among those who have expressed support for the OCC’s new guidance.
Learn more about how banks are advised to approach the installment loan marketplace.
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Wells Fargo head of innovation retires, successor appointed
Posted Date: Friday, May 25, 2018
Wells Fargo recently announced that Steve Ellis, head of its innovation group, will retire after almost 31 years with the company. Lisa Frazier will take over as head of the group in September, overseeing its mission of accelerating delivery of Wells Fargo’s next-generation products and services.
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McWilliams confirmed as FDIC chair
Posted Date: Thursday, May 24, 2018
The Senate voted to confirm Jelena McWilliams to replace Martin Gruenberg as chair of the Federal Deposit Insurance Corp. (FDIC). McWilliams fills the final key bank regulator seat for President Donald Trump’s administration.
McWilliams has garnered strong support from the industry she now will be regulating, both for her experience as a bank executive and working within the government.
Find out more about why the industry is excited that she will be leading the FDIC.
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Mortgage Coach enhances partnership with Optimal Blue
Posted Date: Wednesday, May 23, 2018
Mortgage Coach recently announced a new innovation with Optimal Blue, a leading provider of secondary marketing automation in the mortgage industry, according to a company press release.
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Montgomery confirmed as FHA commissioner
Posted Date: Wednesday, May 23, 2018
The Senate voted 74-23 Wednesday to confirm Brian Montgomery as the new commissioner of the Federal Housing Administration and the Department of Housing and Urban Development’s (HUD) next assistant secretary of housing.
This will be Montgomery’s second stint as HUD’s assistant secretary of housing and federal housing commissioner, having temporarily held the role in 2009 after Steve Preston left the office.
Learn more about the new commissioner and what the industry is saying about his qualifications.
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Guaranteed Rate partners with DocMagic to cut closing time
Posted Date: Tuesday, May 22, 2018
DocMagic, Inc., a leading provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that retail mortgage lender Guaranteed Rate can now cut closing time by electronically signing mortgage closing documents in advance.
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Two Fed nominees testify before Senate committee
Posted Date: Tuesday, May 22, 2018
Two of President Donald Trump’s nominees to serve on the Federal Reserve Board recently testified before the Senate Banking Committee.
Both nominees stated their support for a tailored regulatory approach, and one received adamant support from community bankers before the hearing.
Find out more about the two nominees and what they plan to do if confirmed.
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SEC officials argue against disgorgement limitations
Posted Date: Tuesday, May 22, 2018
Two Securities and Exchange Commission (SEC) enforcement officials recently testified that a June 2017 Supreme Court decision inhibits the agency’s ability to recover ill-gotten gains for investors by time-barring disgorgements.
Stephanie Avakian and Steven Peiken, co-directors of the SEC’s Division of Enforcement, detailed their position on the matter during a hearing before a House Financial Services Committee subcommittee.
Find out more details about the impact the high court’s decision will have on federal regulators’ enforcement abilities going forward.
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Trades oppose Trump’s $15.4 billion rescission request
Posted Date: Tuesday, May 22, 2018
Financial trade advocates are urging the House Appropriations Committee to reject the Trump administration’s request to rescind $15.4 billion in previously approved funds.
The administration’s proposal includes rescinding millions of unspent dollars allocated to programs affiliated with the Community Development Financial Institutions Fund.
Find out why the industry opposes the request and who favors it.
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Freddie Mac hires new chief compliance officer
Posted Date: Tuesday, May 22, 2018
Freddie Mac’s compliance team will be under new leadership with the hiring of John Krenitsky, who recently joined the government-sponsored enterprise as senior vice president and chief compliance officer.
Krenitsky, who comes to Freddie Mac from Discover Financial Services, will oversee and manage Freddie Mac’s compliance with legal and regulatory requirements, as well as related controls that govern the company’s business activities.
Find out more about what experience he brings to the table.
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LenderClose praised by Iowa governor, expands staff
Posted Date: Monday, May 21, 2018
LenderClose hosted Iowa Gov. Kim Reynolds who praised the service provider at an after-hours launch party celebrating Next Level Ventures’ recent investment in the company, allowing it to hire 25 new employees.
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TRK Connection hires mortgage QC exec Jeremy Burcham
Posted Date: Friday, May 18, 2018
TRK Connection, a leading provider of mortgage quality control and origination management solutions, recently hired Jeremy Burcham as executive vice president of sales. Burcham will leverage his more than 10 years of experience in mortgage quality control (QC), compliance, credit policy, due diligence and technology to try to improve TRK’s sales and marketing strategy for its suite of solutions.
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MBA launches mPower Moments video series
Posted Date: Friday, May 18, 2018
The Mortgage Bankers Association’s (MBA) mPower, or MBA Promoting Opportunities for Women to Extend their Reach, recently launched mPower Moments, a new monthly MBA video series to help promote topics being explored by the organization.
Each episode in the series features MBA Chief Operating Officer Marcia M. Davies, the founder of mPower, along with a guest discussing issues important to the mPower community.
Find out more details about the organization and its new series.
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ARMCO integrates with BankVOD to increase data transfer efficiency
Posted Date: Thursday, May 17, 2018
ACES Risk Management (ARMCO), a leading provider of enterprise financial risk mitigation software solutions, announced an integration with BankVOD, the company that developed an electronic risk interface for asset verifications.
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PromonTech becomes ISGN’s exclusive POS solution provider
Posted Date: Thursday, May 17, 2018
PromonTech, the technology unit of Promontory MortgagePath, agreed to become the exclusive point of sale (POS) solution for ISGN’s MORVision loan origination system (LOS). ISGN MORVision users can now leverage PromonTech’s white-label, Borrower Wallet to engage and educate customers and prospects, according to a company press release.
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NS3 Preview: Blockchain, Bitcoin and You
Posted Date: Thursday, May 17, 2018
Blockchain technology is expected to revolutionize the real estate industry as it becomes better understood and more widely implemented. It seems only fitting to have the 2018 National Settlement Services Summit (NS3) close with a lively discussion of this topic.
During the session titled “Blockchain, Bitcoin and You,” three industry insiders will discuss how the growth of Blockchain and cryptocurrency stands to benefit title agents, lenders, Realtors and borrowers.
Read on to learn what topics will be covered and what takeaways could be beneficial to your business.
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DOL issues temporary fiduciary enforcement policy
Posted Date: Thursday, May 17, 2018
After multiple applicability delays and a federal court ruling, the Department of Labor’s (DOL) rule requiring financial professionals who offer retirement investment advice to abide by a fiduciary standard recently encountered possibly its most significant setback yet.
This prompted the DOL to publish a temporary enforcement policy defining who is considered to be a “fiduciary,” indicating relief for some financial advisors.
Find out more about the temporary policy and the status of the fiduciary rule.
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NS3 Keynote: Surviving, thriving in new regulatory world
Posted Date: Tuesday, May 15, 2018
Flagstar Bank President and CEO Alessandro DiNello truly embodies the phrase “What doesn’t kill you makes you stronger,” given the challenges his company faced in the wake of the Great Recession.
Having navigated that tumultuous period and helped build Flagstar into the fifth-largest mortgage bank in the country, as well as one of the few to grow its servicing business in subsequent years, DiNello will bring an expansive knowledge base to the stage as the keynote speaker at the 2018 National Settlement Services Summit (NS3) in Detroit.
Read on to find out more about this session.
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House advances bill to help small businesses
Posted Date: Tuesday, May 15, 2018
A bipartisan measure proposing to help small businesses has had strong support from the industry and now has the House’s approval as well.
The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) recently passed the House by a voice vote, and will move on to the Senate.
Find out what the industry has to say about this piece of legislation.
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FTC charges mortgage relief servicers over false claims
Posted Date: Tuesday, May 15, 2018
Alleging that the defendants made false claims and provided misleading information to distressed homeowners, the Federal Trade Commission (FTC) recently charged a mortgage relief operation with eight counts of violating federal law.
The agency filed a complaint in federal court alleging charges against three companies and multiple individuals for deceiving consumers with false promises to make their mortgages more affordable and prevent foreclosure. A federal court temporarily stopped the scheme and froze the defendants’ assets at the FTC’s request.
Find out more details about what statutory violations the agency alleged in its complaint.
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HUD seeks feedback on disparate impact reg
Posted Date: Tuesday, May 15, 2018
The Department of Housing and Urban Development (HUD) recently is seeking public feedback regarding whether its 2013 Disparate Impact Regulation is consistent with the 2015 U.S. Supreme Court ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc.
The regulation details a framework for establishing legal liability for facially neutral practices – those that do not discriminate against a particular group of people – that that do not adhere to the Fair Housing Act.
Find out what the agency is hoping to learn from commenters.
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Mid America Mortgage to expand warehouse credit line offerings
Posted Date: Monday, May 14, 2018
Mid America Mortgage, Inc. recently expanded its relationship with Spectrum Mortgage Holdings, LLC to offer warehouse lines of credit in conjunction with its Whole Loan Purchase program, the firm’s owner and CEO Jeff Bode announced.
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Mortgage credit availability held steady in April
Posted Date: Friday, May 11, 2018
Mortgage credit availability remained steady in April, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), analyzing data from Ellie Mae’s AllRegs Market Clarity business information tool. Although there was no change overall, there were some variances in specific credit areas.
A decline in the MCAI indicates that lending standards are tightening. Conversely, upticks in the index indicate loosening credit standards.
Read on to find out more about the findings noted in the latest index.
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House green lights rollback of auto lending guidance
Posted Date: Thursday, May 10, 2018
The House approved a resolution to nullify the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending Tuesday by a 234-175 vote, bringing Congress one presidential signature away from its first repeal of an informal federal policy via the Congressional Review Act.
Proponents of invalidating the bulletin argue that it blatantly violates the Dodd-Frank Act, as well as the Administrative Procedures Act. The guidance’s supporters argue that it is crucial to eradicating disparate treatment of minority auto loan applicants.
Find out more about the arguments that led up to the vote and the industry reaction that followed.
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Why the CFPB payday rule may not be repealed
Posted Date: Thursday, May 10, 2018
As the days tick by, the Senate’s window to repeal the Consumer Financial Protection Bureau’s rule restricting the payday lending industry has all but shut.
Although several Republicans oppose the rule and more than a month has passed since Sen. Lindsey Graham (R-S.C.) introduced a resolution to nullify its effects via the Congressional Review Act, industry insiders, such as Ballard Spahr Partner Alan Kaplinsky, have speculated as to a number of reasons why legislators will not act further to stop the rule’s implementation at this time.
Find out what reasons the Senate may have for not voting on Graham’s resolution, and what their inaction could mean for the rule’s future.
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Ryan says S. 2155 vote is on the horizon
Posted Date: Thursday, May 10, 2018
House Speaker Paul Ryan (R-Wis.) recently said the House will vote on S. 2155 within a matter of weeks, indicating that representatives have reached an agreement with the Senate regarding other, separate regulatory relief measures.
Following Ryan’s announcement, a coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America (ICBA) sent a letter to House leaders, urging them to pass S. 2155 as quickly as possible. More than 10,000 bank employees from across the country signed the letter.
Find out more about the House’s plans for the bill and what the industry is saying.
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ABA supports new FASB proposal for cloud technology
Posted Date: Thursday, May 10, 2018
Expressing support for a proposed accounting standards update that would allow companies to capitalize certain implementation costs associated with new cloud-based technology systems, the American Bankers Association wrote to the Financial Accounting Standards Board highlighting aspects of the proposal they favor.
The association also included a list of recommended additions in hopes of improving it.
Find out more details about the proposal and what the bankers had to say.
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Marcus & Millichap agrees to acquire Pinnacle Financial
Posted Date: Wednesday, May 9, 2018
Marcus & Millichap, Inc., a national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, recently entered into a definitive agreement to acquire the assets of Pinnacle Financial Group, Inc., a commercial real estate mortgage brokerage and servicing firm based in Cleveland, Ohio.
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FTC chair appoints seven senior staffers
Posted Date: Wednesday, May 9, 2018
Seven senior staffers have been named to the Federal Trade Commission (FTC), each with significant experience in consumer protection and antitrust law.
FTC Chairman Joseph Simons, who appointed the new employees, touted how their leadership skills will help the agency in fulfilling its mission.
Read on to find out who the new appointees are and what roles they will fill.
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Wells Fargo names new chief risk officer
Posted Date: Tuesday, May 8, 2018
Wells Fargo recently named Amanda “Mandy” Norton as its chief risk officer, who will take over for Mike Loughlin. Loughlin announced his plans to retire in 2018, but will remain in the role until Norton starts work with the company to ensure a smooth transition.
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Industry, regulators offer CID recommendations
Posted Date: Tuesday, May 8, 2018
Industry professionals, regulators and other interested parties have been answering the call for evidence launched by the Consumer Financial Protection Bureau (CFPB) in January, starting with the bureau’s Request for Information (RFI) about its civil investigative demand (CID) processes.
Some industry commenters called the CID process burdensome and an example of the CFPB’s outsized oversight authority. There were some apparent differences in opinion among federal and state regulators about what should or should not be done to the CID process.
Find out more about the feedback submitted to the bureau.
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FOMC votes against rate change
Posted Date: Tuesday, May 8, 2018
Based on data indicating gains in the labor market and moderate increases in economic activity, the Federal Open Market Committee unanimously agreed to hold the federal funds rate target range at 1.5 to 1.75 percent.
The committee cited an uptick in household spending along with on-target inflation figures and low unemployment as part of the reasoning behind its decision.
Find out more about the committee’s decision and what the industry anticipates for the near future.
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Banks offer suggestions for pass-through guidance
Posted Date: Tuesday, May 8, 2018
Stressing the importance of clearing identifying qualifications Subchapter S banks must meet to be eligible for a pass-through tax deduction, multiple banking trade associations wrote to the Treasury Department with suggestions for its forthcoming guidance on the matter.
Such guidance will help the Treasury implement Section 199A of the Republican tax plan, which was enacted this past
December, which provides that an individual taxpayer generally can deduct 20 percent of qualified business income from a partnership, S corporation or sole proprietorship.
Read on to learn more about what suggestions the trades included in their letter.
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Hensarling, House may heed industry pressure to pass reg relief bill
Posted Date: Thursday, May 3, 2018
Those opining that the best thing Congress could do for the financial industry is pass Sen. Mike Crapo’s (R-Idaho) regulatory relief bill without further revisions recently saw a bright flash of hope, courtesy of House Financial Services Committee Chairman Jeb Hensarling (R-Texas).
Ballard Spahr Partner Alan Kaplinsky told Dodd Frank Update Hensarling’s newfound openness to passing the bill as is may be an attempt to save face while backing away from his previously stated intention not to simply “rubber stamp” S. 2155 in its current, Senate-approved form.
Learn more about what Hensarling had to say about the matter and how the industry may have influenced his apparent change of heart.
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Waters to Mulvaney: Disclose your lobbyist interactions
Posted Date: Thursday, May 3, 2018
Responding to Mick Mulvaney’s recent comment about having given preferential treatment to lobbyists who contributed to his political campaigns as a member of Congress, House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) asked him to disclose any records of his interactions with lobbyists since becoming interim director of the Consumer Financial Protection Bureau.
Mulvaney sparked controversy when he told attendees at an American Bankers Association conference that as part of the “hierarchy” in his office when he was a representative for South Carolina he would only consider meeting with lobbyists who had helped fund his campaigns.
Find out specifically what Waters is asking Mulvaney to disclose.
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Hoenig steps down from FDIC board
Posted Date: Thursday, May 3, 2018
Federal Deposit Insurance Corp. (FDIC) Board Vice Chairman Thomas M. Hoenig recently announced that he would be stepping down upon completion of the sixth and final year of his term.
Hoenig has expressed support for certain provisions of S. 2155 that benefit community and regional banks, but noted concerns about its proposal to roll back heightened restrictions placed on the country’s largest financial entities.
Find out more about Hoenig and his retirement from the board.
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Czwartacki named CFPB chief communicator
Posted Date: Thursday, May 3, 2018
The Consumer Financial Protection Bureau recently named John Czwartacki as the bureau’s chief communications officer and spokesperson. Czwartacki transitions to the role having served as a spokesman for Mick Mulvaney at the Office of Management and Budget and as one of his senior advisors at the bureau.
Czwartacki has served in dual roles at the OMB and CFPB since Mulvaney’s appointment as the bureau’s interim leader in November.
Find out more about the bureau’s new top spokesperson.
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