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Flagstar CEO: Agents, lenders should be ‘better pals’
Posted Date: Friday, June 22, 2018
Bringing together professionals from all spokes of the real estate industry in one location always has been the focus of the National Settlement Services Summit (NS3).
For the 2018 installment, keynote speaker Alessandro DiNello, president and CEO of Flagstar Bank, brought to the podium the perspective of an industry leader who has worn a number of different hats throughout his career.
From a regulatory perspective to technology and all points in between, find out how DiNello and his company successfully navigated a gauntlet of obstacles and are now thriving.
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Amending Dodd-Frank: Adjusting policy, technology accordingly
Posted Date: Monday, June 4, 2018
Now that many of the industry-sought changes to the Dodd-Frank Act have been ratified, the financial industry must plan how it will go about implementing its various provisions from a policy and technology standpoint.
Ron Haynie of the Independent Community Bankers of America and Mark Mackey of IDS broke down some of the major adjustments financial entities and technology providers will have to make for the newly minted law while speaking with Dodd Frank Update.
Learn what provisions they believe will prove fairly straight-forward to implement and which ones may take a little more time.
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Industry welcomes imminent reg relief, unfazed by detractors
Posted Date: Monday, May 28, 2018
After years advocating for rollbacks to various Dodd-Frank Act provisions, financial industry leaders are getting at least a portion of what they asked for courtesy of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
The House voted 258-159 to pass the measure, sending it to President Donald Trump’s desk for final approval. Thirty-three Democrats submitted “Yea” votes and Rep. Walter Jones (R-N.C.) cast the only dissenting vote on the Republican side.
Find out what industry participants, congressional representatives (past and present) and consumer advocacy groups had to say about the heavily debated measure.
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CFPB drops case against PHH
Posted Date: Tuesday, June 12, 2018
The Consumer Financial Protection Bureau (CFPB) recently decided to dismiss its case against PHH Corp. over alleged violations of the Real Estate Settlement Procedures Act (RESPA). The dismissal was announced nearly six years to the day after the bureau first took action against the company.
CFPB acting director Mick Mulvaney wrote in his dismissal that he accepts the court’s ruling on the applicability of RESPA to PHH.
Find out more about why the bureau decided to drop its lawsuit.
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Judge’s ruling reignites CFPB constitutionality controversy
Posted Date: Thursday, June 21, 2018
A New York Southern District judge has rejected the January ruling by the D.C. Circuit Court of Appeals on the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure in a decision invalidating the bureau’s claims in a class action lawsuit alleging multiple violations of consumer protection laws.
Dodd Frank Update reached out to Goodwin Law Partners William Jay and Anthony Alexis to explain the series of events that would have to occur to attract a grant of certiorari from the Supreme Court, by which the higher court would review the lower courts’ decisions.
Learn what reasoning the judge relied on in making her decision.
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Trump reorganization plan would privatize secondary market
Posted Date: Tuesday, June 26, 2018
As part of an effort to reorganize federal agencies in a way to make them more efficient and accountable, President Donald Trump’s administration is proposing to end the conservatorship of the government-sponsored enterprises (GSEs) and allow other privately owned entities to enter the secondary market to increase competition.
The proposal has elicited responses from trade associations representing mortgage bankers and credit unions, noting their hopes for what can be done to improve on the current guarantor structure.
Learn more details about how the plan would impact the housing finance system and what the industry is saying about it.
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Industry discusses recommendations for improving CFPB accountability
Posted Date: Wednesday, June 20, 2018
During a hearing examining four requests submitted by acting director Mick Mulvaney in the Consumer Financial Protection Bureau’s 13th semi-annual report to Congress, the House Financial Institutions and Consumer Credit Subcommittee listened to multiple industry leaders’ thoughts on what changes they seek.
Among the ideas discussed were putting the agency under congressional appropriations; requiring legislative approval for major rules; making the director answer to the president before exercising executive authority; and establishing an independent inspector general at the bureau.
Find out what interested parties had to say during and before the hearing.
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Mulvaney dismisses Consumer Advisory Board members
Posted Date: Tuesday, June 12, 2018
A major overhaul is taking place involving the Consumer Financial Protection Bureau’s (CFPB) three committees that make up its Consumer Advisory Board.
CFPB acting director Mick Mulvaney recently relieved all 25 board members of their positions, sparking criticism from consumer advocates and Democrats, as well as now-former members.
Find out what reasons bureau officials cited for the move and how various groups and individuals have reacted.
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Mulvaney’s CFPB takes action against security firm
Posted Date: Wednesday, June 13, 2018
For only the second time since Mick Mulvaney took up acting director duties, the Consumer Financial Protection Bureau (CFPB) has used its enforcement authority to take action against a company, and tapped the Dodd-Frank Act provision outlawing unfair, deceptive or abusive acts or practices in doing so.
Although its $1 billion consent order issued to Wells Fargo for unfair auto and mortgage lending practices in April marked the first bureau enforcement action announced under Mulvaney, the one announced June 13 was the first one spearheaded on his watch.
Find out more details about what makes this enforcement action different from past ones.
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North American banks lag behind other global regions in digitalization
Posted Date: Saturday, June 2, 2018
The financial markets in North America are lagging behind other countries when it comes to prioritizing digitalization, according to a study by the Economist Intelligence Unit, commissioned by Temenos, a Switzerland-based banking software provider.
Banking executives surveyed from North America indicated that concerns about compliance costs and regulatory fines are keeping them from investing heavily in new technologies, such as artificial intelligence and Blockchain.
Learn more about how bank CEOs in other global regions are focusing their development efforts.
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Mortgage debt outstanding figures see notable uptick
Posted Date: Friday, July 6, 2018
The largest first-quarter increase in commercial and multifamily mortgage debt outstanding since before the financial crisis took place in the opening months of 2018, according to the Mortgage Bankers Association (MBA). An MBA analyst attributed the rise to an uptick in commercial mortgage-backed securities (CMBS).
The opening quarter of 2018 also marked the first time since 2007 that there have been three consecutive quarters of CMBS growth, according to MBA Vice President of Commercial Real Estate Research Jamie Woodwell.
Read on to learn more details about the figures.
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Loan Vision expands to support growing customer base
Posted Date: Wednesday, June 27, 2018
Loan Vision, a robust loan level accounting solution for the mortgage industry, recently expanded its consulting and support teams. The company announced the expansion as it approaches a company high for mortgage banks using its product.
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Banks pass stress tests despite adverse tax changes, rising card balances
Posted Date: Tuesday, June 26, 2018
All 35 participating bank holding companies passed the eighth round of Federal Reserve Board stress tests since 2009, the sixth to date required by the Dodd-Frank Act.
The results showed the participating firms to be well-capitalized despite negative effects of rising credit card balances and the loss of beneficial tax treatments under the Republican tax reform law enacted in December 2017.
Find out more details about the latest stress test results.
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NCUA approves FOM, voluntary mergers rules
Posted Date: Tuesday, June 26, 2018
The National Credit Union Administration has finalized one rule reforming field-of-membership (FOM) requirements, and approved another final rule on voluntary mergers containing changes from its original proposal.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions have been strong supporters of updating FOM standards as the banking industry has expressed consistent opposition.
Find out more about the rules and what the industry is saying about them.
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Community bankers oppose easing GSIB capital standards
Posted Date: Tuesday, June 26, 2018
A proposed rule that would ease capital requirements for global systemically-important banks (GSIBs) has run into staunch opposition from community bankers who argue that doing so would create greater risk of a financial crisis with far-reaching consequences.
The rule, proposed jointly by the Federal Reserve and the Office of the Comptroller of the Currency, would recalibrate the Fed board’s enhanced supplementary leverage ratio (eSLR) standards applicable to GSIBs and their insured depository institution subsidiaries.
Find out what the rule’s opponents are saying about rolling back standards introduced in 2013 to address the problem of too-big-to-fail financial institutions.
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Trump nominates new Export-Import Bank president
Posted Date: Tuesday, June 26, 2018
President Donald Trump has nominated Kimberly Reed of West Virginia to become the next president of the Export-Import Bank for a four-year term expiring Jan. 20, 2021.
Her nomination comes six months after the Senate Banking Committee voted 13-10 against approving Scott Garrett, a former Republican congressman from New Jersey, as the bank’s top official.
Find out more about the new nominee.
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Housing starts hit 11-year high in May
Posted Date: Friday, June 22, 2018
As record-low supply totals persist, there seldom has been a better time for an influx in housing starts and that is what has occurred in recent months, as far as the real estate industry is concerned.
Housing starts hit an 11-year high in May, increasing 5 percent from April rate and 20.3 percent compared to May of last year, according to the U.S. Chamber of Commerce.
Read on to find out more details.
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Trump nominates new OFR director
Posted Date: Wednesday, June 20, 2018
President Donald Trump has nominated a long-time economist to be the next director of the Treasury Department’s Office of Financial Research.
If confirmed by the Senate, the new director would serve for a term of six years and become the second permanent leader of the agency since its formation.
Read on to learn more about the nominee.
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Industry backs bill imposing CFPB guidance requirements
Posted Date: Tuesday, June 19, 2018
Legislation to require the Consumer Financial Protection Bureau (CFPB) to provide useful guidance in a timely fashion has gained a significant amount of industry supports as it awaits action by the House Financial Services Committee.
If enacted, H.R. 5534, known as the “Give Useful Information to Define Effective” (GUIDE) Compliance Act, would amend the Consumer Financial Protection Act to place certain guidance requirements on the bureau when it proposes a rule.
Find out more details about the measure, which has garnered a wealth of industry backing.
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Hood nominated to second NCUA stint
Posted Date: Tuesday, June 19, 2018
President Donald Trump has nominated Rodney Hood of North Carolina to serve as a member of the National Credit Union Administration (NCUA) for the remainder of a six-year term expiring Aug. 2, 2023. If confirmed, it would be his second stint working for the NCUA.
Multiple trade associations representing credit unions expressed support for the nomination.
Find out more about Hood and the experience he would bring to the agency.
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Banks, credit unions talk engagement in RFI responses
Posted Date: Tuesday, June 19, 2018
One of the Consumer Financial Protection Bureau’s stated reasons for dismissing all 25 members of its Consumer Advisory Board was because of feedback in response to its Request for Information (RFI) on its external engagement strategies.
Numerous trade associations representing banks and credit unions submitted a comment letter signed by dozens of state-level banking trade organizations offering a variety of recommendations in response to the RFI.
Find out what the organizations had to say about the matter.
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Committee pushes nine measures to House floor
Posted Date: Tuesday, June 19, 2018
The House Financial Services Committee has advanced nine bills during the past month, four of which received unanimous approval, bringing the total number of bills it has reported during this session of Congress to 108.
The committee approved three bills in late May and another six earlier this month, covering a broad spectrum of issues applicable to various corners of the financial marketplace.
Find out what each measure proposes to do and how much support and/or opposition lies ahead.
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Bank regulators revamp interagency coordination policy
Posted Date: Wednesday, June 13, 2018
The agencies comprising the Federal Financial Institutions Examination Council have replaced their 21-year-old revised policy statement on “Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies” with a new one designed to ensure ongoing coordination between the banking regulators.
Concurrently, the agencies announced that the revised policy statement covering interagency coordination dated Feb. 20, 1997 has been rescinded.
Read on to learn what this means for enforcement proceedings and more.
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MBA selects Robert Broeksmit as new president, CEO
Posted Date: Wednesday, June 13, 2018
The Mortgage Bankers Association (MBA) has selected a new president and CEO to fill David Stevens’ shoes when he retires in September. Robert Broeksmit will bring his 33 years of mortgage industry experience with him as he steps in to take on the task.
His selection is the culmination of an eight-month process that began shortly after Stevens announced his retirement plans at MBA’s 2017 Annual Convention in Denver.
Read on to learn more about the association’s new leader.
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CFPB releases first Complaint Snapshot under Mulvaney
Posted Date: Wednesday, June 13, 2018
The Consumer Financial Protection Bureau’s (CFPB) first Complaint Snapshot report since Mick Mulvaney assumed leadership duties focuses on consumer complaints about debt collection, but also reveals significant increases in complaints about other products and services.
Alterations to the CFPB’s complaint submission process in April 2017 enabled consumers to submit consumer reporting complaints about data furnishers that supply consumer information to consumer reporting companies, contributing to this increase in credit or consumer reporting complaints, the report stated.
Read on to find out more about the report’s findings.
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Survey shows how struggling consumers cover unexpected expenses
Posted Date: Wednesday, June 13, 2018
A report on the economic well-being of U.S. households in 2017 released by the Federal Reserve shows improved financial conditions among individuals of all education levels over the past five years. However, the report also indicates that approximately 40 percent of Americans were ill-equipped to cover an unexpected expense of $400 or more.
About 5 percent of consumers indicated that they would consider taking out a payday loan to cover such an expense, whereas 43 percent said they would put the debt on a credit card and 26 percent said they’d borrow from friends or family.
Find out more about the report’s findings, and how one association representing payday lenders interpreted the data.
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MISMO developing new eNote validation model
Posted Date: Wednesday, June 13, 2018
Mortgage industry participants are being invited to help with the development of a new decision model for validating eNotes.
The new MISMO group will be responsible for incorporating MISMO standards into the creation of a decision model which can be used to validate the underlying document structure and data of electronic notes.
Find out more about the new group and its mission.
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Policy advocates question credit union tax exemption
Posted Date: Tuesday, June 12, 2018
Numerous conservative public policy organizations have gotten increasingly more involved in the debate over the federal tax exemption for credit unions, taking up positions similar to those banks have argued for years.
Ten such groups recently wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) and other committee members, urging them to revisit the matter. Hatch is among various legislators who have weighed in on the topic.
Find out more about what arguments are being levied on both sides of the issue.
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Judge offering CFPB, law firm last chance before ruling
Posted Date: Tuesday, June 12, 2018
A federal judge recently decided to make the final call regarding the Consumer Financial Protection Bureau’s (CFPB) lawsuit against Weltman Weinberg & Reis regarding the law firm’s involvement in certain debt collection matters.
The judge will allow the CFPB to submit a brief further arguing its position then allow the law firm time to respond before issuing a final ruling.
Read on to find out more details.
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SEC charges bank employee with insider trading
Posted Date: Tuesday, June 12, 2018
Alleging that he repeatedly placed illegal trades using confidential information, the Securities and Exchange Commission recently charged an investment bank employee with engaging in insider trading.
The trades the employee made approximately $140,000 from trades he initiated in advance of deals for which the bank was providing investment advisory services.
Find out more about the charges and what is being required of the defendant.
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ABA seeks to combat financial exploitation of elderly
Posted Date: Tuesday, June 12, 2018
The American Bankers Association (ABA) Foundation recently commemorated World Elder Abuse Awareness Day by announcing the release of a free guide to help banking professionals quell the efforts of those seeking to exploit seniors financially.
The ABA Foundation and OrgWide Services consulted with government agencies, law enforcement agencies, banks of varying sizes and banking trade associations in developing the new guide.
Read on to learn more details about the guide.
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