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Regulatory compliance expert shares initial take on CRA rule changes
Posted Date: Friday, October 27, 2023
Nearly a half century has passed since the enactment of the
Community Reinvestment Act. Given the major evolutions within the financial
services industry since then, the updates contained in the nearly 1,500-page final
rule recently issued by the Federal Reserve, Federal Deposit Insurance Corp.,
and Office of the Comptroller of the Currency came with a great deal of
anticipation.
With such a large regulatory package, Dodd Frank Update
sought insight from an expert with 35 years of federal regulatory experience
and 12 years’ experience as a regulatory consultant – Wolters Kluwer Senior
Advisor Timothy Burniston.
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STRATMOR report highlights 2023 lessons to take into 2024
Posted Date: Wednesday, December 20, 2023
STRATMOR Group advisors revisited past InFocus articles published in 2023 and pulled together the most relevant advice for mortgage industry leaders heading into the new year, according to a company press release. The lessons learned are captured in the “The Moral of the 2023 Mortgage Industry Story,” which are available in this month’s STRATMOR Insights Report.
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Banking industry veteran joins The Clearing House
Posted Date: Thursday, December 14, 2023
The Clearing House (TCH), an innovator and operator of U.S. payments networks, recently announced the hiring of Sal Karakaplan as the organization’s chief strategy officer.
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FormFree appoints Solvent CEO DIVINE as head of culture
Posted Date: Friday, December 8, 2023
FormFree recently appointed former hip-hop/rap recording
artist-turned-techpreneur Victor D. Lombard, professionally known as DIVINE, to
be the company’s head of culture, according to a company press release.
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Bank of America fined $12 million for falsified HMDA data
Posted Date: Friday, December 1, 2023
Bank of America learned a $12 million lesson about the
importance of reporting accurate mortgage data after the Consumer Financial
Protection Bureau ordered the nation’s second-largest bank to pay for four
years of misreported borrower information.
Hundreds of loan officers at Bank of America violated the
Home Mortgage Disclosure Act and Regulation C by allegedly failing to report
demographic information for mortgage applicants.
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FHFA finalizes GSE capital framework rule, increases 2024 loan limits
Posted Date: Friday, December 1, 2023
The
Federal Housing Finance Agency’s newly published final rule amends various
provisions of the Enterprise Regulatory Capital Framework utilized by Fannie
Mae and Freddie Mac with one notable exception. The final rule does not include
the bi-merge credit score calculation requirement, which was included in the
original proposal.
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CFPB, 11 states sue for $30 million over deceptive, abusive debt collection practices
Posted Date: Friday, December 1, 2023
The
Consumer Financial Protection Bureau (CFPB) recently cited deceptive and
abusive debt collection practices in an enforcement action against a company
which misled borrowers about repayment terms of “income share” loans used to
finance its job training program. The CFPB partnered with 11 states in a
lawsuit worth more than $30 million in redress and penalties against the
now-defunct company.
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Banking agencies extend long-term debt rule comment period
Posted Date: Friday, December 1, 2023
Federal bank regulatory agencies announced the comment
period for their proposed rule on long-term debt has been extended until
Jan. 16, 2024. The proposal is intended to improve the resolvability of large
banks and enhance financial stability and was created with input from the
Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the
Comptroller of the Currency.
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FDIC to undergo external review of workplace culture
Posted Date: Friday, December 1, 2023
Following
reports of alleged harassment and a toxic work environment, the Federal Deposit
Insurance Corp. Board of Directors unanimously approved the formation of a
special committee to oversee an external review of the agency’s workplace
culture.
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Binance forced to withdraw from U.S. market over BSA violations
Posted Date: Friday, December 1, 2023
Binance
Holdings Ltd., the world’s largest cryptocurrency exchange, is being ordered to
pay a record $3.4 billion fine and withdraw its U.S. operations for deliberate
breaches of the Bank Secrecy Act uncovered by the U.S. Treasury’s Financial
Crimes Enforcement Network. Binance was found to have violated anti-money
laundering rules and multiple sanctions programs.
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STRATMOR advisors share takeaways from a down cycle
Posted Date: Wednesday, November 29, 2023
Advisors from STRATMOR Group
recently reflected on what they identified to be the most important lessons
learned during the past year, with their insights published in the November
InFocus article titled “Lessons Learned in a Down Mortgage Market” in its
November Insights Report.
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CMG Financial adds Shamrock Home Loans to expand presence
Posted Date: Monday, November 27, 2023
CMG Financial recently
announced the addition of Shamrock Home Loans, expanding its presence across
the Northeast. The well-capitalized and privately held mortgage banking firm,
based in San Ramon, Calif., revealed the integration of Shamrock Home Loans’
origination team, according to a company press release. The sales and support
professionals will be branded as Shamrock, Powered by CMG Home Loans.
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How new special assessment fits in FDIC Restoration Plan
Posted Date: Wednesday, November 22, 2023
The recent establishment of a special
assessment for certain federally insured depository institutions by the
Federal Deposit Insurance Corp. (FDIC) is more than just a means of
replenishing funds drained from the Deposit Insurance Fund by the most recent
bank failures.
It marks the second move in as many years deemed necessary to stay
on track for meeting the FDIC’s goal to restore the fund’s reserve ratio to its
statutorily required, pre-pandemic level by Sept. 30, 2028.
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Toyota Motor Credit hit with $60M CFPB penalty for CFPA, FCRA violations
Posted Date: Wednesday, November 22, 2023
The Consumer Financial Protection Bureau ordered Toyota
Motor Credit Corp. to pay $60 million in penalties and consumer redress for violating
the Consumer Financial Protection Act and the Fair Credit Reporting Act.
The bureau accused Toyota’s lending arm of an illegal scheme
that prevented borrowers from canceling product bundles that increased their
monthly car loan payments and damaged their credit reports with false
information.
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Senate Banking Committee hosts hearing on regulatory, supervisory changes
Posted Date: Wednesday, November 22, 2023
Federal
regulators answered questions from lawmakers regarding new regulatory proposals
to put tighter capital restrictions on the nation’s largest and most complex banks,
among other proposed changes, during the Senate Banking Committee’s recent
hearing with officials representing the Federal Reserve, Federal Deposit
Insurance Corp., the Office of the Comptroller of the Currency and the National
Credit Union Administration.
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California DFPI joins states in action targeting crypto fraud scheme
Posted Date: Wednesday, November 22, 2023
The California Department of Financial Protection and
Innovation issued a cease and desist order against a purported cryptocurrency
investment platform for violating the state’s securities laws. The enforcement
action was part of a coordinated effort with other states’ regulators.
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New home mortgage applications up nearly 40 percent year-over-year
Posted Date: Wednesday, November 22, 2023
Homebuyers are applying for mortgages on new home purchases
at a notably higher rate than they were a year ago, according to data reported
in the Mortgage Bankers Association’s latest Builder Application Survey.
The survey shows new home purchase applications in October
were up significantly compared with the same month last year and have increased
since September as well.
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Petition reignites debate over CFPB ‘forced arbitration’ rulemaking
Posted Date: Wednesday, November 22, 2023
Since
Congress voted in 2017 by a slim 51-50 margin to disapprove the Consumer
Financial Protection Bureau’s rule to prohibit mandatory arbitration agreements
in financial contracts via the Congressional Review Act, with a tie-breaking
vote cast by then-Vice President Mike Pence, consumer advocates have continued
to contest the decision.
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CV3 Financial Services appoints two key executives
Posted Date: Tuesday, November 21, 2023
Private money lender CV3 Financial Services, LLC, recently appointed two
new executives to key positions on the company’s team – Robert Callaway as chief financial officer and Ken Jacobson as Senior Vice President, Capital
Markets. On the heels of the company’s recent launch, the company explained the
move as a strategic one intended to reflect its commitment to bolstering its
financial leadership in the industry and drive sustainable growth, according to
a press release.
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Exploring the potential of open banking in lending
Posted Date: Tuesday, November 21, 2023
Open banking is a topic getting more attention as consumers
grow increasingly aware of the importance of monitoring their personal
financial data. The Consumer Financial Protection Bureau’s (CFPB) “Personal
Financial Data Rights” rulemaking, implementing Sec. 1033 of the Dodd-Frank
Act, is viewed by many experts as a potential catalyst for a large-scale shift in
favor of open banking, also known as open finance.
Speaking to Dodd Frank Update during the 2023
Mortgage Bankers Association’s Annual Conference in Philadelphia, Truv CEO and
co-founder Kirill Klokov and Truv Vice President of Product, Analytics and
Design Darshana Shetty offered insight as to how open banking systems can be
beneficial in verifying lender data.
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FDIC rule requires banks to pay assessments on ‘uninsured’ deposits
Posted Date: Tuesday, November 21, 2023
The collapse of Silicon Valley Bank and Signature Bank in
March shed light on a statutory mechanism meant to shield “uninsured”
depositors from harm when their bank fails. The mechanism is called the
Systemic Risk Exception and it is the subject of a new final rule recently
approved by the Federal Deposit Insurance Corp.
The rule requires covered entities to pay a special
quarterly assessment based on their estimated uninsured deposits to recoup
losses from the recent bank failures.
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Fed issues supervision, regulation report for November 2023
Posted Date: Tuesday, November 21, 2023
The Federal Reserve recently published its November 2023
Supervision and Regulation Report, detailing key policy actions and supervisory
developments, as well updating the overall health of the stability of the
financial system.
Although banks remain largely well capitalized, Fed
examiners remain intent on monitoring the impact of high interest rates and other
factors which could negatively impact liquidity over time.
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Agencies release annual TILA threshold adjustments
Posted Date: Tuesday, November 21, 2023
Federal regulatory agencies recently announced annual
threshold adjustments for determining appraisal requirements for
“higher-priced” mortgage loans. Such mortgages are deemed to be associated with
higher risks than others by the Truth in Lending Act and Regulation Z.
The Consumer Financial Protection Bureau, the Federal
Reserve and the Office of the Comptroller of the Currency included details
about the adjustments in a joint press release.
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Fed releases payment service pricing schedules for 2024
Posted Date: Tuesday, November 21, 2023
The
Federal Reserve announced pricing for payment services offered to credit unions
by Federal Reserve Banks, effective Jan. 2, 2024. These services include the
clearing of checks and automated clearing house transactions, as well as wholesale
payment and settlement services.
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NCUA rule adds veterans’ organizations to ‘qualified charity’ definition
Posted Date: Tuesday, November 21, 2023
Shortly after Veterans Day, the National Credit Union
Administration Board unanimously approved a final rule adding “war veterans’
organizations” to the definition of a “qualified charity,” which federal credit
unions are permitted to contribute to via a charitable donation account.
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CFPB fines Enova $15 million for repeat offenses, orders exec compensation reforms
Posted Date: Friday, November 17, 2023
Repeat offenders have become a common theme in enforcement
actions issued by the Consumer Financial Protection Bureau. For the second time
in four years, the bureau has ordered Enova International Inc. to cease ongoing
illegal conduct and pay a multi-million-dollar penalty to redress affected consumers.
The bureau’s latest action against Enova calls for the
online lender to pay a $15 million civil money penalty for actions which
violated the Consumer Financial Protection Act.
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Fannie Mae announces changes in leadership
Posted Date: Friday, November 17, 2023
Fannie
Mae recently announced a series of leadership changes as two longtime executive
leaders prepare to retire – President David Benson and Chief Administrative
Officer Jeffery Hayward. Priscilla Almodovar, who was named CEO of Fannie Mae
last year, will succeed Benson as president of the nation’s largest government-sponsored
enterprise.
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Biden AI directive outlines guidance for agencies, businesses
Posted Date: Friday, November 17, 2023
The Biden-Harris administration recently issued an executive
order intended to address both the potential benefits and risks associated with
artificial intelligence (AI), including those applicable to federal agencies
and competition within the business community.
The aim of the executive order is to position the U.S. as a
frontrunner in harnessing the potential of and mitigating the risks associated
with AI.
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First Financial to purchase Tennessee bank in $73.4 million deal
Posted Date: Friday, November 17, 2023
Terre
Haute, Ind.-based First Financial Corp. plans to acquire a 13-branch Tennessee
bank for $73.4 million. Pending regulatory and stockholder approval, the
transaction is expected to close in the second quarter of 2024.
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ICBA Bancard rebrands to ICBA Payments
Posted Date: Friday, November 17, 2023
ICBA Bancard, the payments
subsidiary of the Independent Community Bankers of America (ICBA), recently announced
its decision to rebrand as ICBA Payments. The name change is intended to
reflect its expanded offerings beyond card services and a broader focus on the
larger payments ecosystem, according to an ICBA press release.
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Advisory firm president charged for defrauding investors
Posted Date: Friday, November 17, 2023
The
Securities and Exchange Commission charged the president and chief compliance
officer of an investment advisory firm for defrauding investors out of hundreds
of millions of dollars. He also pleaded guilty in U.S. District Court in New
Jersey to conspiracy to commit securities fraud.
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FHFA report analyzes Federal Home Loan Bank System
Posted Date: Friday, November 17, 2023
A
year’s worth of listening sessions, roundtables, written comments and other
public engagement about the Federal Home Loan Bank (FHLBank) System culminated
in the Federal Housing Finance Agency’s report, “FHLBank System at 100:
Focusing on the Future.” The report was compiled in anticipation of the
system’s centennial in 2032.
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CFPB pursues rulemaking to supervise Big Tech financial products
Posted Date: Tuesday, November 14, 2023
Large technology firms offering digital wallets and payment
apps could eventually find themselves under the jurisdiction of the Consumer
Financial Protection Bureau (CFPB) via the agency’s latest rulemaking
proposition.
The CFPB recently introduced a proposal to extend its
supervisory reach to larger nonbank companies which offer certain types of
financial products to consumers, noting the sizable role such products play in
the country’s financial infrastructure.
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LIVE: Dodd Frank Update at The Clearing House Annual Conference
Posted Date: Tuesday, November 14, 2023
Follow
Dodd Frank Update for live coverage from The Clearing House’s 11th
Annual Conference in New York City, Nov. 16-17. More than 500 executives representing
the nation’s leading financial institutions, regulatory agencies and
professional services firms are attending to hear from some of the most
influential and knowledgeable experts in the country.
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FSOC approves framework for financial stability designations, nonbank guidance
Posted Date: Tuesday, November 14, 2023
To shed light on the process for determining the level of
risk a financial entity may pose to the U.S. economy, the Financial Stability
Oversight Council (FSOC) unanimously approved final versions of a new analytic
framework for making such determinations, as well as updated guidance on the council’s
determination process tailored for nonbank financial entities.
The FSOC Analytic Framework details the vulnerabilities and
transmission channels which most frequently contribute to financial stability
risks, whether these activities stem from widely conducted activities or
individual firms.
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SBA grants first new SBLC licenses in over 40 years
Posted Date: Tuesday, November 14, 2023
Marking the first expansion of the Small Business
Administration’s program designed to facilitate growth in underserved markets
in more than 40 years, the Biden-Harris administration recently granted three
new Small Business Lending Company (SBLC) licenses.
SBLC licenses are intended to empower non-depository lenders
to leverage government guarantees when underwriting small business loans in
historically underserved markets.
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NCUA issues $400,000 in grants supporting innovative pilot projects
Posted Date: Tuesday, November 14, 2023
In
a move to advance innovative credit union pilot projects aimed at building
memberships and expanding the reach of certain institutions, the National
Credit Union Administration recently awarded $400,000 in Community Development
Revolving Loan Fund grants.
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Survey: Senior loan officers note tightening standards, weakened demand
Posted Date: Tuesday, November 14, 2023
The
Fed’s latest Senior Loan Officer Opinion Survey on Bank Lending Practices
provides a comprehensive snapshot of ongoing changes in lending dynamics over
the three months prior to its completion, mainly reflecting developments within
the third quarter. The survey results reflect a cautious lending landscape,
characterized by tightened standards across various loan categories.
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Fifth bank failure this year tied to heavy losses on trucking loans
Posted Date: Friday, November 10, 2023
Heavy loan losses linked to the trucking industry were
enough to cause a nearly 100-year-old Iowa bank to shut its doors this month,
according to information released by federal and state agencies, as well as
various media reports.
Citizens Bank, Sac City, Iowa, became the fifth U.S. bank to
fail this year, when the Iowa Division of Banking directed the institution,
which had served the area since 1929, to surrender all its assets.
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CFPB analyzes how states enforce CRA laws, regulations
Posted Date: Friday, November 10, 2023
The
Consumer Financial Protection Bureau released an extensive analysis of state
Community Reinvestment Act laws, shedding light on methods states are employing
to determine whether financial institutions’ lending, services and investments
align with the credit needs of the local communities they serve.
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CFPB sues Citibank for discrimination against Armenian credit applicants
Posted Date: Friday, November 10, 2023
Citing evidence of discrimination against Armenian
Americans, the Consumer Financial Protection Bureau ordered Citibank to pay
$25.9 million in fines and consumer redress. The bureau found the bank
intentionally discriminated against credit card applicants with surnames
suspected to indicate they were of Armenian origin from 2015 through 2021.
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Fed votes to maintain interest rates based on FOMC recommendations
Posted Date: Friday, November 10, 2023
Expressing
optimism about third-quarter expansion activity within the U.S. economy, the
Federal Reserve announced interest rates will remain at their current levels
for the time-being. The announcement came following the latest meeting of the
Federal Open Market Committee.
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MBA reports 49 percent drop in commercial and multifamily originations
Posted Date: Friday, November 10, 2023
In the third quarter, commercial and multifamily mortgage
loan originations plummeted 49 percent compared with the same period last year,
according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of
Commercial/Multifamily Mortgage Bankers Originations.
MBA Head of Commercial Real Estate Research Jamie Woodwell
noted the drop in originations was not limited to any one type of property. On
a quarterly basis, some loan types have shown signs of recovery.
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SEC chair highlights Treasury markets importance
Posted Date: Friday, November 10, 2023
Speaking before the Securities Industry and Financial
Markets Association, Securities and Exchange Commission Chair Gary Gensler
delved into recent reforms aimed at enhancing the efficiency and resilience of Treasury
markets.
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Chopra, Broeksmit discuss how financial stability, mortgage lending intertwine at MBA Annual
Posted Date: Tuesday, November 7, 2023
Perhaps one of the most
anticipated conversations during the Mortgage Bankers Association’s (MBA) 2023
convention occurred between Consumer Financial Protection Bureau (CFPB)
Director Rohit Chopra and MBA President and CEO Bob Broeksmit.
The relationship between banks and mortgage lending was the
primary topic of conversation. Chopra and Broeksmit discussed concerns over new
Basel III requirements, as well as the need for regulation in the nonbank
financial sector.
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FTC amends Safeguards Rule, strengthening data security breach requirements
Posted Date: Tuesday, November 7, 2023
In a move aimed at bolstering data security within the
financial sector, the Federal Trade Commission (FTC) greenlit an amendment to its
Safeguards Rule, requiring nonbank financial institutions to report data security
breaches to the agency.
The amendment also will lessen the number of affected
customers requiring a breach to be reported and impose a shortened time frame
for reporting such a breach to the FTC.
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SEC commissioner explains dissent in LBRY crypto case
Posted Date: Tuesday, November 7, 2023
Expressing concerns about the agency’s approach to
enforcement within the cryptocurrency marketplace, one Securities and Exchange
Commission (SEC) commissioner recently explained her dissent in a contentious
ruling against LBRY, Inc.
Commissioner Hester Pierce raised questions about the impact
of the SEC’s litigation regarding the demise of LBRY, a company which developed
a functional blockchain with real-world applications.
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SEC says proactive compliance could build public trust
Posted Date: Tuesday, November 7, 2023
Securities
and Exchange Commission Enforcement Director Gurbir Grewal spoke to the
importance of proactive compliance in building public trust in the nation’s
financial institutions in prepared remarks at the New York Bar Association
Compliance Institute.
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Report: Ginnie Mae support for IMBs crucial for industry stability
Posted Date: Tuesday, November 7, 2023
The landscape of the single-family mortgage origination and
servicing business has transformed significantly since the housing crisis.
Commercial banks are no longer the dominant players in the marketplace, with
many exiting the space, which has allowed independent mortgage banks (IMBs) to
take center stage.
A recent report by the Urban Institute’s Housing Policy
Center describes the transition, which has seen IMBs facilitate two
record-breaking origination years in 2020 and 2021, despite challenges presented
by the COVID-19 pandemic.
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FDIC launches campaign to raise deposit insurance awareness
Posted Date: Tuesday, November 7, 2023
In
an effort to raise awareness about deposit insurance and its ability to protect
consumers’ financial interests in the event of a bank failure, the Federal
Deposit Insurance Corp. recently launched a national campaign dubbed, “Know
Your Risk. Protect Your Money.”
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Top MBA experts provide economic, mortgage forecasts for 2024
Posted Date: Friday, November 3, 2023
The Mortgage Bankers Association (MBA) kicked off its 2023
annual conference with a general session filled with insightful analysis and
projections about what lies ahead for the U.S. economy and the mortgage
industry from three of MBA’s top subject matter experts. Although the overall
outlook for the coming year is not stellar, the speakers indicated it is not
all doom and gloom either.
The session began with an economic analysis from Mike
Fratantoni, MBA chief economist and senior vice president of research and
industry technology, followed by a mortgage industry outlook courtesy of Joel
Kan, MBA deputy chief economist and senior vice president, and then Marina
Walsh, MBA vice president of industry analysis, who broke down what it all
means.
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CFPB, DOJ jointly address credit denials based on immigration status
Posted Date: Friday, November 3, 2023
Citing
instances where consumers were denied credit over their immigration status, the
Consumer Financial Protection Bureau and the Department of Justice issued a
joint statement reminding financial institutions of legal statutes barring
discrimination against credit applicants based on their national origin, race
or any other characteristics protected by the Equal Credit Opportunity Act.
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FTC, Wisconsin cite auto dealer for ‘junk’ fees, discrimination
Posted Date: Friday, November 3, 2023
The Federal Trade Commission (FTC) and the state of
Wisconsin took action against an auto dealer group for allegedly charging
illegal hidden fees and discriminating against Native American customers. The
first charge aligns with the FTC’s recent joint statement with the Consumer
Financial Protection Bureau to root out practices involving illegal “junk” fees
charged to consumers.
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Industry supports Biden admin move to increase affordable housing
Posted Date: Friday, November 3, 2023
In a move aimed at increasing the nation’s housing supply
and improving housing affordability, the U.S. Department of Housing and Urban
Development and the Biden-Harris administration announced a partnership with
other federal agencies to make critical updates to applicable policies.
The development has gained support from the mortgage
industry’s largest trade organization, which has made expanding affordable
homeownership a top
priority for the next year.
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Banks push back on Fed interchange rate proposal
Posted Date: Friday, November 3, 2023
The Federal Reserve recently initiated a request for comment
on a proposal to reduce the maximum interchange fee receivable by large financial
institutions for debit card transactions. The proposal also aims to establish a
regular biennial process for updating the maximum fee amount in line with
changing issuer costs.
Interchange fees are set in accordance with the Electronic
Fund Transfer Act and its implementing regulation, commonly known as Regulation
II.
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CFPB enforcement director says bureau has ‘much more to do’
Posted Date: Friday, November 3, 2023
Consumer Financial Protection Bureau Enforcement Director
Eric Halperin highlighted the bureau’s recent achievements and ongoing efforts
to protect consumers in the financial industry, during a speech at the National
Compliance Law Center’s Consumer Rights Litigation Conference.
The director emphasized the importance of the agency’s
mission and the positive impact it has had on the consumer marketplace, despite
challenges to the agency’s statutory authority, constitutionality and funding
structure.
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Payment processor settles $2.3 billion error with state AGs
Posted Date: Friday, October 27, 2023
A
testing error by payment processor ACI Worldwide resulted in a $10 million
settlement with attorneys general from all 50 states. The error occurred in
April 2021, leading to the attempted unauthorized withdrawal of $2.3 billion
from 477,000 mortgage accounts across the country.
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Fed terminates enforcement action against Citigroup
Posted Date: Friday, October 27, 2023
The
Federal Reserve agreed to terminate an enforcement action against Citigroup, which
cited previous deficiencies and misconduct in the bank’s foreign exchange (FX)
activities spanning from 2008 to 2013. The action pointed to Citigroup’s alleged
failure to uphold proper risk management, compliance and audit procedures
within its FX operations and directed the bank to take specific remediation
actions.
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Fed approves merger of Banc of California, PacWest
Posted Date: Friday, October 27, 2023
The
Federal Reserve recently approved a merger between Banc of California, Inc. and
PacWest Bancorp and their respective bank subsidiaries, Banc of California,
N.A. and Pacific Western Bank, to create California’s third-largest bank. The California
Department of Financial Protection and Innovation approved Banc of California’s
acquisition of Pacific Western for $1.1 billion in early October.
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Fed extends comment period on Basel III proposal
Posted Date: Friday, October 27, 2023
The Federal Reserve recently announced it will extend the
comment period for its proposed Basel III Endgame capital proposal to Jan. 16,
2024.
The Fed stated the extended submission deadline is intended
to increase the amount of data gathered from banks affected by the agency’s new
capital proposal, which was announced earlier this year.
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CFPB reports over $1 trillion in outstanding consumer credit card debt
Posted Date: Friday, October 27, 2023
In its biennial report to
Congress, the Consumer Financial Protection Bureau data indicating outstanding
credit card debt in 2022 surpassed $1 trillion for the first time since the bureau
began tracking this data.
Credit card companies collected
more than $130 billion – $105 billion in interest and $25 billion in fees –
from consumers in 2022, the report states.
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MBA announces 2023 Diversity, Equity, and Inclusion Residential Leadership Award winners
Posted Date: Friday, October 20, 2023
The Mortgage Bankers
Association (MBA) announced at its 2023 Annual Convention & Expo that
five companies have been recognized as 2023 Diversity, Equity, and Inclusion
(DEI) Residential Leadership Award recipients. The annual awards recognize MBA
members for their leadership efforts in DEI in three award categories:
organizational DEI, market outreach strategies, and non-lender.
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