|
CBA’s Hunt backs fair, consistent regulation
Posted Date: Tuesday, April 16, 2019
When it comes to shaping the regulatory and business environment to best serve the needs of banks and consumers, shortsightedness and lack of consistency may be two of the greatest obstacles facing the financial industry today.
In a 1-on-1 sitdown with Dodd Frank Update at CBA LIVE 2019 in Washington D.C., Consumer Bankers Association President and CEO Richard Hunt detailed his views on the need for cooperation among federal regulators.
Read on for all the details from our interview with Hunt.
|
|
|
CFPB to make CID process more specific, transparent
Posted Date: Friday, April 26, 2019
The Consumer Financial Protection Bureau (CFPB) announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.
Various trade organizations reacted favorably to the announcement, noting that they have called for the bureau to more specific with regard to its CID processes.
Find out what the industry is saying about the announcement.
|
|
|
Expert: Despite Kraninger speech, don’t sleep on enforcement
Posted Date: Friday, April 26, 2019
The financial industry largely responded positively to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s recent speech at the Bipartisan Policy Center in which she said, among other things, that the bureau should focus more on consumer education than on enforcement.
Despite certain implications of that approach, Garris Horn Managing Attorney Richard Horn told Dodd Frank Update the industry should not misconstrue her words as a signal that enforcement will slow significantly.
Find out more details about what Horn and industry organizations had to say.
|
|
|
CFPB issues RFI on remittance rule
Posted Date: Friday, April 26, 2019
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on its remittance rule.
The RFI requests feedback on matters discussed in the bureau’s assessment of the rule, which examined if the rule had been effective in achieving its goals.
Find out more information about the type of feedback the bureau is seeking.
|
|
|
FASB clarifies CECL amendments in guidance
Posted Date: Friday, April 26, 2019
In an effort to clarify certain aspects of its Current Expected Credit Loss requirements, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU) to offer improved guidance on the applicability to credit losses, hedging and recognition and measurement.
Independent Community Bankers of America First Vice President, Accounting and Capital Policy James Kendrick told Dodd Frank Update the ASU’s issuance is a welcome development for the financial industry.
Find out more details about what is addressed in the guidance.
|
|
|
MBA reports drop in loan profits, productivity
Posted Date: Friday, April 26, 2019
A “perfect storm” of adverse developments led independent mortgage banks and mortgage subsidiaries to their lowest average loan profits since the financial crisis last year, the Mortgage Bankers Association (MBA) said in reference to the results of its annual Mortgage Bankers Performance Report.
One variable that made a noticeable difference for independent mortgage lenders in terms of profitability was the ownership of mortgage servicing rights.
Find out more details about the report’s findings.
|
|
|
CFPB advisory committee applications due May 5
Posted Date: Thursday, April 25, 2019
Industry stakeholders interested in participating in the Consumer Financial Protection Bureau’s advisory committee program have until May 5 to get their completed applications to the bureau for consideration.
Find out how to apply to become a member of the CFPB’s Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council and Credit Union Advisory Council.
Read on to learn more about the application requirements.
|
|
|
Kraninger wants more education, less enforcement
Posted Date: Friday, April 19, 2019
The Consumer Financial Protection Bureau (CFPB) has four tools at its disposal to accomplish its main objective of preventing consumer harm, Kathy Kraninger said during her first public presentation since becoming director.
She also announced plans for a new series to facilitate dialogue with stakeholders, starting with a discussion about how to define “abusive” in Section 1031 of the Dodd-Frank Act.
Find out what specifics she offered as to how the bureau can achieve its objectives.
|
|
|
CFPB budget estimates reduced education, supervision spending
Posted Date: Friday, April 19, 2019
Given Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s expressed intent to focus the bureau on preventing consumer harm with an emphasis on consumer education and industry-friendly supervision, certain estimated spending reductions in the agency’s annual performance plan for fiscal year 2019 stand out.
The performance plan estimates reductions in spending in many categories related to consumer education and supervision.
Find out details about the reductions and the bureau’s behind the numbers.
|
|
|
NS3 Preview: Separating fact from fiction with eClosings
Posted Date: Friday, April 19, 2019
There is plenty of inaccurate information circulating about eClosings, which could make many professionals understandably tentative to take the leap in the all-digital marketplace.
Fortunately for attendees at the 2019 National Settlement Services Summit (NS3) June 18-20, Equity National Title President and attorney James K. O’Donnell and Shane Hartzler, director – eMortgage strategy and operations for Fannie Mae, will be bringing their experience with all manner of eClosings to the stage during the NS3 session “eClosing: Just do it."
Read on to learn more.
|
|
|
FTC dissents call out ‘regulation by enforcement’
Posted Date: Friday, April 19, 2019
Regulation by enforcement has not been a major concern for the financial industry since former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s departure in November 2017.
However, the term was broached regarding a recent settlement by another federal agency – the Federal Trade Commission (FTC).
Find out why commissioners dissented from two charges levied against an online lender as a result of “regulatory overreach.”
|
|
|
NCUA seeks feedback on LO Comp rule
Posted Date: Friday, April 19, 2019
The National Credit Union Administration (NCUA) unanimously approved an advance notice of proposed rulemaking (ANPR) requesting public comment on modernizing the agency’s regulation on compensation related to loans and lines of credit to members.
NCUA’s loan origination compensation (LO Comp) regulation covers direct or indirect commissions, fees or other compensation by credit union officials, employees or their family members in connection with loans made by the credit union.
Learn what specific feedback the agency is seeking from stakeholders.
|
|
|
CFPB to convene symposia series, address ‘abusive’ prong
Posted Date: Friday, April 19, 2019
In an effort to facilitate proactive and transparent dialogue about topics affecting the financial marketplace, the Consumer Financial Protection Bureau (CFPB) will be hosting a symposia series featuring panels made up of an assortment of industry stakeholders.
The series is conceived as a means to help the CFPB with its policy development process, including possible future rulemakings.
Find out more details about the series.
|
|
|
Land Gorilla integrates with Calyx Path
Posted Date: Friday, April 19, 2019
Calyx Software, a leading provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers, wholesale and correspondent lenders and brokers, announced today that Path, its cloud-based mortgage loan origination software (LOS), has been integrated with Land Gorilla, the leading construction loan management software provider.
|
|
|
NS3 Preview: Learning practical applications of Blockchain
Posted Date: Tuesday, April 16, 2019
During the National Settlement Services Summit (NS3) June 18-20 in Phoenix, SafeChain co-founder and CEO Tony Franco and Fidelity National Financial’s Jason Nadeau will discuss the practical applications of Blockchain.
Read on to learn what session attendees can expect to learn.
|
|
|
Bill proposes to reinstate Glass-Steagall restrictions
Posted Date: Tuesday, April 16, 2019
In a move that may reinvigorate discussion about the separation between commercial and investment banking, Rep. Marcy Kaptur (D-Ohio) and 25 of her Democratic colleagues recently introduced legislation to reinstate and expand provisions of the Glass-Steagall Act of 1933.
The bill proposes to restrict affiliations between commercial and investment banks, in a manner described in the Banking Act of 1933. It also would make technical and conforming revisions to the Gramm-Leach-Bliley Act, which repealed key provisions of Glass-Steagall in 1999.
Find out more details about the legislation.
|
|
|
Bill would exempt servicemember loans from MBL cap
Posted Date: Tuesday, April 16, 2019
Credit unions have thrown support behind bipartisan legislation that would exempt loans made to veterans from counting against credit union’s member business lending (MBL) cap.
The Veterans Member Business Loan Act would exclude extensions of credit made to veterans from the definition of a member business loan. The legislation was introduced by Reps. Vicente Gonzalez (D-Texas), Tulsi Gabbard (D-Hawaii), Paul Cook (R-Calif.) and Don Young (R-Ark.).
Learn more information about the newly proposed legislation.
|
|
|
Trades ask CFPB to extend remittance rule exception
Posted Date: Tuesday, April 16, 2019
Numerous financial trade associations have urged the Consumer Financial Protection Bureau (CFPB) to extend a temporary exception from Regulation E remittance disclosure requirements extended to insured depository institutions.
In a letter addressed to CFPB Director Kathy Kraninger, the trade groups noted that their contention about the feasibility of providing exact remittance pricing information is supported by a CFPB remittance rule assessment published in October 2018.
Find out more details about the points raised by the trades.
|
|
|
Navy Federal named most reputable in U.S. RepTrak 100
Posted Date: Tuesday, April 16, 2019
Navy Federal Credit Union has been named the most reputable company in financial services by Reputation Institute’s 2019 US RepTrak 100. In its 12th year, the study measures the public perception of companies throughout the country using seven key elements of reputation to evaluate companies: products/services; workplace; citizenship; performance; innovation; governance; and leadership.
|
|
|
Mid America hires Kerry Webb as business development director
Posted Date: Monday, April 15, 2019
Mid America Mortgage, Inc. (Mid America) recently hired Kerry Webb as its executive managing director of business development, meaning he will be responsible for recruiting, managing and motivating teams of mortgage professionals to meet and exceed productions goals that align with the overall company’s strategic volume growth and profitability goals.
|
|
|
CFPB deputy director: Regulation should be market-reinforcing
Posted Date: Friday, April 12, 2019
Citing some of the historic difficulties that have plagued federal banking agencies, Consumer Financial Protection Bureau (CFPB) acting deputy director Brian Johnson suggested that the best regulator for the financial industry may be the marketplace itself during a recent speaking engagement.
Johnson’s philosophy stands in stark contrast to the approach championed by one of his predecessors from the Richard Cordray era at the bureau.
Find out more details about Johnson’s views and how they compare to the bureau’s previous philosophies.
|
|
|
McWilliams, Otting address concerns over fintech charters
Posted Date: Friday, April 12, 2019
As fintech companies increase their presence in the banking industry through partnerships and other methods, the financial industry has been home to some mixed reactions.
Federal Deposit Insurance Corp. (FDIC) Chairwoman Jelena McWilliams and Comptroller of the Currency (OCC) Joseph Otting touched on the dynamic between fintechs and banks with Consumer Bankers Association (CBA) President and CEO Richard Hunt during the closing general session at CBA Live 2019.
Find out what the regulators had to say on the topic.
|
|
|
Senators echo community banks on leverage ratio
Posted Date: Friday, April 12, 2019
It wasn’t long after the federal banking agencies announced its intent to set the minimum leverage ratio for community banks at 9 percent that industry advocates began voicing their disapproval.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) and fellow committee member Sen. Jerry Moran (R-Kan.) have urged the agencies to set the ratio at 8 percent, as community banks have advocated.
Find out more details about their reasoning.
|
|
|
Fed proposes major reduction in living wills
Posted Date: Friday, April 12, 2019
The Federal Reserve recently proposed several changes to its resolution planning framework for large banking companies that would reduce the frequency with which certain banks would be required to submit “living wills.” Institutions now required to file full living wills every year would have to do so only once every four or six years under the proposal.
The Fed also has proposed new regulatory capital requirements for U.S. subsidiaries of foreign banking organizations.
Find out more details about the proposal.
|
|
|
Fed seeks Community Advisory Council members
Posted Date: Friday, April 12, 2019
The Federal Reserve Board recently began receiving applications from parties interested in serving on its Community Advisory Council (CAC).
Since its establishment in 2015, the committee has advised the Fed on issues facing consumers and communities, according to a press release.
Find out more information about the council and the selection criteria.
|
|
|
Public rates banks high for data security, customer service
Posted Date: Friday, April 12, 2019
Public perception has not always been kind to the banking industry in recent years but that appears to be changing, according to recent Morning Consult poll results revealed during the American Bankers Association’s recent summit in Washington D.C.
A majority of respondents indicated they trust banks with their sensitive information than other businesses and are happy with the customer service their bank provides.
Read on to get more insight.
|
|
|
Expert: CECL ‘pretty much set in stone’
Posted Date: Tuesday, April 9, 2019
Despite proposed relief measures submitted by banking and credit union advocates, the Federal Accounting Standards Board (FASB) recently voted not to make recommended alterations to its current expected credit loss (CECL) standard.
Dodd Frank Update spoke with James Kendrick, vice president of accounting and capital policy at the Independent Community Bankers of America, about what FASB’s decision means for the financial industry, specifically with regard to lending activity.
Find out what insight Kendrick had to offer on the matter.
|
|
|
NS3 Preview: Working together improves efficiency
Posted Date: Tuesday, April 9, 2019
At the 2019 National Settlement Services Summit (NS3), Christopher Gulotta, a founding principal of the Gulotta Grabiner Law Group, PLLC, will serve as the lead panelist of “Partners Working Together.”
Specific pain points will be discussed as they relate to the lender, Realtor and builder perspective.
Read on to get a small preview of what this session will bring to the audience.
|
|
|
Hood named NCUA chairman
Posted Date: Tuesday, April 9, 2019
As his last official action as chairman of the National Credit Union Administration (NCUA) Board, J. Mark McWatters administered the oath of office to Rodney Hood on Monday. President Donald Trump tapped Hood to be the board’s 11th chairman.
The Senate confirmed Hood, along with Todd Harper, as the board’s newest members in March with support from the credit union industry.
Learn more details about what this means for Hood.
|
|
|
First modified LAR data published per HMDA rule
Posted Date: Tuesday, April 9, 2019
The Consumer Financial Protection Bureau (CFPB) recently announced the publication of the first set of modified Loan Application Registers (LARs) mandated by the 2015 Home Mortgage Disclosure Act (HMDA) rule.
Per the rule, much of the detailed information included in the LARs has been modified in a way designed to protect sensitive borrower information.
Find out more details about the published data.
|
|
|
Bills push envelope on marijuana laws
Posted Date: Tuesday, April 9, 2019
The financial industry is welcoming a recent influx of legislative traction in the push to prevent legitimate marijuana-related businesses and the institutions that finance them from being negatively impacted by federal laws in states where cannabis is legal in one form or another.
One week after the House Financial Services Committee (FSC) advanced a bipartisan bill proposing a safe harbor for firms that provide financial services to cannabis businesses, the Senate introduced its own bipartisan bill that would prevent federal laws from preempting state laws with regard to marijuana legalization.
Find out more about both proposals.
|
|
|
Calabria confirmed as FHFA director
Posted Date: Friday, April 5, 2019
The Senate voted 52-44 to confirm Mark Calabria as the next director of the Federal Housing Finance Agency (FHFA) hours after Senate Majority Leader Mitch McConnell’s (R-Ky.) motion for cloture was approved.
The financial industry has expressed strong support for many of his views on reshaping the secondary mortgage market, including ending the conservatorship of Fannie Mae and Freddie Mac, but he’s faced criticism for his past comments on FHFA, affordable housing goals and the conservatorship.
Learn what the industry had to say about his confirmation.
|
|
|
CBA Live analysts, regulators talk CRA reform, relationships
Posted Date: Friday, April 5, 2019
Top of mind for a large portion of attendees at the Consumer Bankers Association’s (CBA) 2019 annual conference in Washington D.C. was if and when federal regulators will take action to modernize Community Reinvestment Act (CRA) requirements, as well as the importance of investing in technology and how to open lines of communication between regulators and banks.
Attendees heard from industry insiders about their views on pertinent issues ahead of interviews with Comptroller of the Currency Joseph Otting and Federal Deposit Insurance Corp. Chairwoman Jelena McWilliams, both of whom have power to act on many of the topics discussed.
Get a detailed account of key insights revealed about those issues.
|
|
|
Kraninger first CFPB director to chair FFIEC
Posted Date: Friday, April 5, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has been chosen to serve a two-year term as chairwoman of the Federal Financial Institutions Examination Council (FFIEC).
The FFIEC chairmanship rotates among the prudential regulators and the CFPB every two years along a set schedule, affording Kraninger the opportunity to become the first CFPB director to chair the council despite only being three months into her five-year term leading the bureau.
Read on to get more details about Kraninger’s appointment.
|
|
|
CFPB spares defendants $75 million in fines, redress
Posted Date: Friday, April 5, 2019
The proprietors of a debt relief service accused of charging customers illegal fees have settled for disgorging only a fraction of their resulting ill-gotten gains and paying virtually nothing in civil money penalties in a deal with the Consumer Financial Protection Bureau (CFPB).
The defendants provided financial records which the CFPB deemed sufficient to suspend and substantially reduce the fines and redress they would be obligated to pay.
Find out more details about the operation and the bureau’s settlement requirements.
|
|
|
Trump nominates Carranz as SBA administrator
Posted Date: Friday, April 5, 2019
President Donald Trump announced Friday that he intends to nominate U.S. Treasurer Jovita Carranz to be the next leader of the Small Business Administration (SBA).
The announcement came days after SBA Administrator Linda McMahon announced that she would be stepping down to enter the private sector.
Find out more about the circumstances of McMahon’s departure.
|
|
|
CBA honors Woodforest Bank with 2019 Joe Belew Award
Posted Date: Friday, April 5, 2019
During the trade group’s 2019 annual conference, the Consumer Bankers Association (CBA) presented the ninth annual Joe Belew Award to Woodforest National Bank for its Woodforest Foundry program in recognition of its community development efforts.
The program was established as tool, created by entrepreneurs, to help their peers to enhance local entrepreneurial ecosystems to revitalize underserved communities and help grow businesses.
Read on to learn more details about the program and the award.
|
|