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Trade CEO gives first-hand account of Trump meeting
Posted Date: Friday, April 21, 2017
Independent Community Bankers of America President and CEO Cam Fine sat down with Dodd Frank Update during ICBA Live to talk about some of the ins and outs of the meeting between several community bankers and President Donald Trump at the White House, which raised some eyebrows and made a significant impression on the attendees.
Fine has attended similar meetings with President George W. Bush and President Barack Obama and recalled there always being a set script. Everyone involved knew what to expect during those previous meetings.
At first, the meeting with Trump, Treasury Secretary Steven Mnuchin and National Economic Council Chairman Gary Cohn felt relatively familiar.
But, as Fine alluded to during his speech at the ICBA’s 2017 national convention in San Antonio, the meeting with Trump was unconventional.
Read on to learn more.
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MBA outlines plan for GSE privatization
Posted Date: Friday, April 21, 2017
The Mortgage Bankers Association has released its second white paper offering recommendations for reforming the government-sponsored enterprises (GSE) into privately-owned guarantors while allowing new institutions to apply to become chartered guarantors in the secondary mortgage market as well.
Read on to find out what steps the association is proposing to make GSE privatization a reality.
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Future Trump appointments, impacts on industry
Posted Date: Friday, April 21, 2017
Financial experts pondered which appointments President Donald Trump has yet to make will prove most critical for bankers during a general session discussion at the 2017 Consumer Bankers Association’s 2017 national convention, CBA Live, in Texas. Read on to learn what they had to say.
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FTC ‘moving aggressively’ to cut costs
Posted Date: Friday, April 21, 2017
In response to President Donald Trump’s executive memorandum directing federal agencies to explore ways to cut costs, regulations and processes, the Federal Trade Commission said it is “moving aggressively” under the leadership of Acting Chairman Maureen K. Ohlhausen to comply. Read on to learn more about what steps the agency is taking.
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FSR to DOL: Do more homework on fiduciary rule
Posted Date: Thursday, April 20, 2017
In a letter urging the Department of Labor (DOL) to postpone implementation of its fiduciary rule, the Financial Services Roundtable (FSR) simultaneously expressed support for the rule’s basic principle while encouraging the DOL to spend more time studying its potential “adverse impacts.” Read on to find out what specific reasons the FSR noted in its letter.
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QuickInsured integrates with Ellie Mae’s Encompass
Posted Date: Thursday, April 20, 2017
QuickInsured, an independent insurance agency specializing in the mortgage industry, announced that its homeowners insurance quote service is now available through Ellie Mae’s Encompass all-in-one mortgage management solution. Read on to learn more.
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SEC uses satellite imaging to uncover sales fraud
Posted Date: Thursday, April 20, 2017
The Securities and Exchange Commission recently used satellite imaging to help reveal an accounting scheme in which a homebuilding company fraudulently reported thousands more home sales than actually occurred. Read on to find out more details about the matter.
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Ellie Mae announces Encompass 17.2, tailored for HMDA changes
Posted Date: Thursday, April 20, 2017
Ellie Mae, a provider of innovative on-demand software solutions and services for the residential mortgage industry, recently announced that it has launched a new major release of Encompass, its all-in-one mortgage management solution. Read on to learn more.
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The finer points of CFPB’s HMDA proposal
Posted Date: Tuesday, April 18, 2017
In an attempt to facilitate compliance with changes to the Consumer Financial Protection Bureau’s Home Mortgage Disclosure Act (HMDA) regulation, the bureau has proposed several modifications to the final rule, finalized in October 2015, set to take effect in January 2018.
Although most of the proposals are minor changes and clarifications, the bureau did provide some insights as to what it hopes to gain from HMDA submissions within its clarifications.
Read on to find out what the bureau is proposing.
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Industry insiders discuss putting CFPB under appropriations
Posted Date: Tuesday, April 18, 2017
A panel of industry insiders discussed the concept of subjecting the Consumer Financial Protection Bureau to congressional appropriations during a general session at the 2017 Consumer Bankers Association’s national convention. Read on to find out their respective opinions on the matter.
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CFPB sues firm over debt collection practices
Posted Date: Tuesday, April 18, 2017
Alleging the law firm misrepresented key information in millions of collection letters and calls, the Consumer Financial Protection Bureau filed a lawsuit against Weltman, Weinberg & Reis in the U.S. District Court of Northern Ohio.
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FSR names new president of housing policy council
Posted Date: Tuesday, April 18, 2017
The Financial Services Roundtable (FSR) has appointed a new president for the FSR Housing Policy Council, who will take office on June 1. Read on to find out more details about who is moving into the role and who they will be replacing.
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Trump proposes to repeal, replace Dodd-Frank
Posted Date: Friday, April 14, 2017
In much the same fashion that President Donald Trump proposed to repeal and replace the Affordable Care Act, he has now proposed to attempt a similar approach with the Dodd-Frank Act, with hopes of a different outcome. Read on to find out what he had to say about his plans in recent remarks to a group of executives.
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Executive action proposes to reorganize agencies
Posted Date: Friday, April 14, 2017
President Donald Trump signed an executive order lifting the federal hiring freeze that was implemented Jan. 23 as his administration announced a plan that could dramatically alter various federal agencies tied to the executive branch of government.
Read on to find out what implications this means for affected agencies.
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Panelists discuss opposition to CFPB, Dodd-Frank
Posted Date: Friday, April 14, 2017
A panel of industry insiders at the 2017 Consumer Bankers Association’s national convention, CBA Live, discussed the impact future legislative and executive actions could have on the Consumer Financial Protection Bureau (CFPB). The topics discussed included PHH Corp. v. CFPB, the likelihood of CFPB Director Richard Cordray leaving office early, the Durbin Amendment and the impact the Congressional Review Act will have on the bureau’s activities.
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CFPB proposes ‘minor changes’ to HMDA
Posted Date: Friday, April 14, 2017
The Consumer Financial Protection Bureau (CFPB) recently announced a proposal containing multiple clarifications, technical corrections and “minor changes” to its Home Mortgage Disclosure Act (HMDA) regulation, set to take effect in January 2018.
The clarifications and technical corrections mirror similar proposals issued for the TILA-RESPA Integrated Disclosure rule last year.
Read on to learn more about what the bureau hopes these changes will accomplish.
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CFTC names chief market intelligence officer
Posted Date: Friday, April 14, 2017
The Commodity Futures Trading Commission has named a chief market intelligence officer to head up its newly created Market Intelligence Unit. Read on to learn more about the appointment.
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FHFA details progress in credit risk transfer program
Posted Date: Friday, April 14, 2017
A progress report on the Federal Housing Finance Agency's credit risk transfer program included information about the status and volume of credit risk transfer transactions through the end of 2016. Read on to learn more about the program.
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Tolstedt bears brunt of blame, Wells report finds
Posted Date: Monday, April 10, 2017
Seven months after beginning an independent investigation into fraudulent sales practices at the company, Wells Fargo announced the results in a 113-page report that laid blame at the feet of multiple divisions across the company, but primarily targeted at former head of community banking Carrie Tolstedt.
Wells Fargo’s board of directors has ordered former CEO John Stumpf and Tolstedt to forfeit a combined $75 million for their respective roles in improper sales practices within the company, dating back several more years than previously reported.
Read on to find out what roles denial and misplaced trust on Stumpf’s part may have played in allowing issues to escalate and persist.
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Cordray defends relationship between CFPB, FSOC
Posted Date: Monday, April 10, 2017
The Consumer Financial Protection Bureau’s accountability has been challenged since its inception, and it came under fire again during Director Richard Cordray’s recent hearing before the House Financial Services Committee. Read on to find out what points were argued pertaining to the bureau’s oversight by the Financial Stability Oversight Council.
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CFPB focuses on credit cards in February complaint snapshot
Posted Date: Monday, April 10, 2017
The Consumer Financial Protection Bureau used its monthly complaint snapshot for February to highlight consumer complaints about credit cards, including problems experienced when trying to dispute charges. Read on to find out what financial products and services saw significant increases in complaint volume from last year, and what services noticed a complaint decrease.
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CFTC appoints new head of enforcement
Posted Date: Monday, April 10, 2017
The Commodity Futures Trading Commission (CFTC) recently announced that it has appointed a new director of the agency’s Enforcement Division to take over for Acting Director of Enforcement Vince McGonagle.
Read on to learn more about the new enforcement director at the CFTC.
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Home Depot agrees to settle over data breach
Posted Date: Monday, April 10, 2017
More than two years after the fact, financial institutions that levied a class action lawsuit against Home Depot over a data breach that cost millions of dollars in reissued credit and debit cards saw the company agree to pay $25 million to settle the matter.
Read on to learn more about the terms of the settlement.
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Reps accuse Cordray of neglecting duty, malfeasance
Posted Date: Friday, April 7, 2017
Republicans attempted to make multiple cases that Consumer Financial Protection Bureau Director Richard Cordray should be removed for cause during his recent hearing in front of the House Financial Services Committee. Read on to find out what evidence they cited when making their cases against the director.
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Largest bank CEO: Too Big to Fail solved
Posted Date: Friday, April 7, 2017
JPMorgan Chase CEO Jamie Dimon, in his annual letter to shareholders, discussed a number of areas regarding regulatory oversight of the financial industry, mortgage markets, and regulation by enforcement.
But it’s one area in particular where Dimon noted progress since enactment of the Dodd-Frank Act.
Too Big to Fail has been solved, he said. Read on for more details.
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CFPB official offers tips for avoiding debt collection enforcement
Posted Date: Friday, April 7, 2017
The Consumer Financial Protection Bureau’s John McNamara had some recommended reading for compliance managers during the 2017 Consumer Bankers Association’s (CBA) national convention, CBA Live, at the Gaylord Texan Hotel and Resort in Grapevine, Texas. Read on to find out what he had to say about helping banks avoid enforcement actions when collecting debt.
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Survey shows cybersecurity knowledge lacking among consumers
Posted Date: Friday, April 7, 2017
Cybersecurity knowledge is lacking among consumers, according to survey results recently published by the Pew Research Center. The results indicate that many consumers lack familiarity with certain terms and concepts related to technical internet security questions, such as how to identify secure websites and avoid phishing schemes.
Read on to learn what consumers do not know about protecting their information from cyberattacks.
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Richmond Fed president resigns over leak
Posted Date: Wednesday, April 5, 2017
Richmond Federal Reserve President Jeffrey Lacker handed in his immediate resignation Tuesday after admitting his role in an investigation dating back to 2012.
Lacker had announced plans to retire in 2017, and the Richmond Fed already had launched a search committee to find a new president.
“I apologize to my colleagues and to the public I have been privileged to serve. I have always strived to maintain the appropriate balance between transparency and confidentiality,” Lacker said in a statement.
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DOJ amicus details new stance on CFPB structure
Posted Date: Wednesday, April 5, 2017
The Department of Justice (DOJ) recently issued an amicus brief in which it reversed its position on the constitutionality question surrounding the Consumer Financial Protection Bureau’s structure.
Read on for an in-depth look into the multiple considerations that went into the DOJ’s change of opinion regarding the original ruling in PHH Corp. v. CFPB.
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CBA Live polls reveal new priorities
Posted Date: Tuesday, April 4, 2017
During the opening general sessions of the Consumer Bankers Association’s (CBA) 2017 national convention, CBA President and CEO Richard Hunt said what the “it” in the convention’s tagline “Where [it] Begins” represents.
Attendees voted in a variety of polls during the general sessions, giving their take on updated industry priorities and what the future holds.
Read on to find out more from our live coverage of the CBA Live convention.
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MBA exec to House: Time to review, adjust mortgage rules
Posted Date: Tuesday, April 4, 2017
Mortgage Bankers Association (MBA) Chairman-Elect Dave Motley testified before the House Committee on Financial Services’ Subcommittee on Financial Institutions and Consumer Credit that there is need to review and adjust laws Dodd-Frank mortgage laws that are harmful to lenders and borrowers.
Read on to find out what laws he recommends Congress look at the closest during such a review process.
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ICBA will not appeal MBL court decision
Posted Date: Tuesday, April 4, 2017
The Independent Community Bankers of America (ICBA) recently decided against filing an appeal in its lawsuit against the National Credit Union Administration over the regulator’s member business lending rule.
Read on to find out what ICBA and the Credit Union National Association had to say about the decision.
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ICBA chair to Congress: Deregulation equals economic growth
Posted Date: Tuesday, April 4, 2017
Independent Community Bankers of America Chairman R. Scott Heitkamp was joined by other advocates representing financial institutions and small businesses in testifying before Congress that the economy would benefit from increased credit access and decreased regulation. Read on to learn more about what arguments were made.
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PHH Corp. announces major leadership changes
Posted Date: Tuesday, April 4, 2017
As PHH Corporation remains in the thick of an on-going legal saga with major implications for the future of leadership at the Consumer Financial Protection Bureau, the company has announced pending leadership changes within its own ranks as part of a cost reduction plan.
Read on to find out which executives are moving up and which ones are moving on.
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ABA survey highlights banks’ mortgage lending concerns
Posted Date: Tuesday, April 4, 2017
A vast majority of respondents to the American Bankers Association’s 24th annual Real Estate Lending Survey indicated that they believe regulation has a negative impact on business production and consumer credit availability.
Read on to learn what news, good and bad, the survey uncovered about the current mortgage market.
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ICBA exec stresses power of stories, principles
Posted Date: Thursday, March 30, 2017
In her last speech as chairman of the Independent Community Bankers of America (ICBA), Rebeca Romero Rainey took inspiration from the story of the Alamo and used it to motivate attendees at the 2017 ICBA Live national convention in San Antonio to take pride in telling the story of community banks and the principles they represent. Read on to learn more about what she had to say.
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CFPB fines Experian over deceptive marketing
Posted Date: Thursday, March 30, 2017
The Consumer Financial Protection Bureau recently fined Experian and its subsidiaries for allegedly deceptive marketing activities pertaining to the credit scores the company provided. Read on to find out what the bureau deemed deceptive and how much the company is being ordered to pay.
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CFPB proposes increased flexibility in data collection
Posted Date: Tuesday, March 28, 2017
The Consumer Financial Protection Bureau has proposed a rule that would make complying with data collection requirements easier for individual mortgage lenders by affording them more flexibility during the process. Read on to learn specifics about what the bureau is proposing to do.
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FHFA updates progress on CSP implementation
Posted Date: Tuesday, March 28, 2017
The Federal Housing Finance Agency recently published An Update on Implementation of the Single Security and the Common Securitization Platform which includes a timeframe for Release 2 of the Common Securitization Platform, and other information detailing actions and costs associated with its implementation.
Read on to find out what milestones have been reached, and what steps are being taken to address stakeholder concerns.
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