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Dodd Frank Update November 2020

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Dodd Frank Update November 2020
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FHFA’s Calabria announces new rule, talks COVID-19 response
Posted Date: Thursday, October 22, 2020
Federal Housing Finance Agency’s (FHFA) Director Mark Calabria spoke about the agency’s current priorities at the Mortgage Bankers Association (MBA) Annual Convention and announced a new proposed rule.

While detailing the FHFA’s response to COVID-19, Calabria praised MBA members for their hand in helping homeowners and renters alike. He also spoke  about FHFA’s ongoing  actions to continue assisting in the housing market recovery.  

Read on for details.


 
Kraninger talks QM rule, LO compensation
Posted Date: Friday, October 23, 2020
The Consumer Financial Protection Bureau’s (CFPB) Director Kathy Kraninger joined MBA Chairman Susan Stewart on the virtual stage at the annual MBA Live convention.

The two discussed the bureau’s proposed Qualified Mortgage rule, how the CFPB is helping homeowners during the pandemic, and the loan originator compensation rule.

To see what Kraninger had to say, read on.


 
Freddie Mac: Housing market continues rebound
Posted Date: Friday, October 23, 2020
Freddie Mac’s quarterly forecast showed an increase in total mortgage originations as homeowners took advantage of the historically low mortgage rates. The year will likely end strong for the housing market.

“Refinance activity is solid and homebuyer demand continues, resulting in increased sales and an acceleration in house price growth,” Sam Khater, Freddie Mac’s chief economist, said in a release.

Read on for details.


 
Cybersecurity crucial for CUs, banks engaging in remote work
Posted Date: Friday, October 23, 2020
It is no secret that one of the many effects of the COVID-19 pandemic has been an increase in employees working from home. While companies have seen some unintended benefits of switching to remote work, it has also introduced a new challenge in cybersecurity.

Cybersecurity is especially crucial for credit unions, banks, and other members of the industry handling sensitive information outside of their normal places of business.

For tips from cybersecurity professionals, read on.


 
Patent awarded to FormFree for financial data analysis software
Posted Date: Friday, October 23, 2020
FormFree recently announced its proprietary financial data analysis software has been granted a patent by the United States Patent and Trademark Office.

Read on for more details.


 
Rocket Mortgage, Mint introduces new refinance tech
Posted Date: Friday, October 23, 2020
Rocket Mortgage and Mint by Intuit, Inc. have joined forces to offer a new system they say provides a fast, simplified experience for mortgage refinance applications.

Read on for more details.


 
House bill would help de novo community banks
Posted Date: Friday, October 23, 2020
The House of Representatives introduced a bill that, if passed, would aid in the creation of de novo community banks, hopefully providing help to underbanked communities.

Read on for details.


 
NAFCU, trades to Congress: BSA/AML reforms needed
Posted Date: Thursday, October 22, 2020
In a letter to Senate and House Armed Services committee leaders, the National Association of Federally-Insured Credit Unions joined other trade organizations urging legislators to include reforms to the Bank Secrecy Act/anti-money laundering regulations and ownership reform language in the National Defense Authorization Act for fiscal year 2021.

Over 30 organizations signed the letter in hopes of influencing lawmakers.

Read on for details.

 
CFPB looks to settle suit against debt collector/buyer group
Posted Date: Thursday, October 22, 2020
The Consumer Financial Protection Bureau filed a proposed stipulated final judgment and order to settle its lawsuit against a group of companies that comprise the largest debt collector and debt buyer in the U.S.

If the U.S. District Court of the Southern District of California accepts the settlement, the companies will be required to pay consumer redress and a civil money penalty.

Read on for details.


 
Rocket Mortgage introduces new tech platform
Posted Date: Thursday, October 22, 2020
Rocket Mortgage launched a new technology platform, providing a new tool for the mortgage process to help real estate agents better serve their clients.

Read on for details.

 
Primary Residential Mortgage hires new executive
Posted Date: Thursday, October 22, 2020
Primary Residential Mortgage has hired a new senior vice president of servicing.

Read on for details.

 
Survey shows increase in new home purchase mortgage applications
Posted Date: Thursday, October 22, 2020
The Mortgage Bankers Association’s most recent Builder Application Survey showed a 38.2 percent increase for new home purchases in a year-over-year analysis.

Read on for details.


 
CFPB extends GSE patch
Posted Date: Tuesday, October 20, 2020
In her general session at the MBA Annual Conference, Consumer Financial Protection Bureau Director Kathy Kraninger announced the bureau has issued a final rule to extend the Government-Sponsored Enterprise (GSE) patch.

The patch is extended until the mandatory compliance date of a final rule amending the General Qualified Mortgage loan definition in Regulation Z.

Read on for details.


 
NAFCU collects comments on CFPB outline for data collection reqs
Posted Date: Thursday, October 15, 2020
The Consumer Financial Protection Bureau (CFPB) released an outline detailing how it plans to fulfill its mandated duty to collect certain small-business lending data, and what information should be included in the financial institutions’ reports.

The National Association of Federally-Insured Credit Unions has been comments and thoughts on CFPB’s outline ahead of the official notice-and-comment period.

Read on for details.


 
MBA, CUNA comment on FHFA’s Enterprise Housing Goals
Posted Date: Thursday, October 15, 2020
The Mortgage Bankers Association, the Credit Union National Association, and other stakeholders submitted comments to the Federal Housing Finance Agency (FHFA) on its proposed rule regarding the housing goals for Fannie Mae and Freddie Mac for 2021.

FHFA specifically requested feedback on what factors it should consider should one of the housing enterprises fail to meet a feasible housing goal.

Read on for details.


 
ICBA comments on proposed domestic hemp rule
Posted Date: Thursday, October 15, 2020
The Independent Community Bankers of America issued a comment on the United States Department of Agriculture’s rule regarding the establishment of a domestic hemp program authorized under the 2018 farm bill.

Read on for more details.


 
Fannie Mae Survey: Consumers optimistic about housing industry
Posted Date: Thursday, October 15, 2020
In its latest Home Purchase Sentiment Index survey, Fannie Mae said consumers reported a more optimistic view of home-selling conditions.

Read on for more details. 


 
FHFA, GSE’s add new languages to mortgage translations
Posted Date: Thursday, October 15, 2020
The Federal Housing Finance Agency, Fannie Mae, and Freddie Mac announced the addition of three new language resources to the Mortgage Translations clearinghouse.

Read more for details.


 
Payday lenders allege CFPB loan rules illegal
Posted Date: Tuesday, October 13, 2020
The Consumer Financial Services Association of America and a Texas trade group are asking a federal judge to invalidate the Consumer Financial Protection Bureau’s payday loan rule, citing a recent U.S. Supreme Court case, the Administrative Procedures Act, and other precedents.

The payday loan rule has been controversial since its enactment in 2017.

Read on for details.


 
Enforcement actions against Citigroup, Citibank issued
Posted Date: Tuesday, October 13, 2020
The Federal Reserve issued an enforcement action against Citigroup, Inc. The action was taken in conjunction with one brought by the Office of the Comptroller of the Currency against Citibank, N.A., of Sioux Falls, South Dakota, a subsidiary of Citigroup.

These actions included cease and desist orders, a $400 million civil money penalty, and consent orders.

Read on for details.


 
SBA, treasury reveals PPP forgiveness application
Posted Date: Tuesday, October 13, 2020
The U.S. Small Business Administration (SBA), with assistance from the Treasury Department, released an interim final rule making it easier for the smallest businesses with Paycheck Protection Program loans to file forgiveness applications.

The administrator of the SBA and the secretary of the Treasury determined this new rule satisfies the need for a simpler forgiveness process while also protecting the integrity of the program and ensuring taxpayer funds are safeguarded.

Read on for more details. 

 
Promontory MortgagePath hires new managing director
Posted Date: Tuesday, October 13, 2020
Promontory MortgagePath LLC has hired a new managing director for its national mortgage operations.

Read on for more details.

 
Enforcement action issued against Atlantic Community Bankers Bank
Posted Date: Tuesday, October 13, 2020
The Federal Reserve Board recently issued an enforcement action against the Atlantic Community Bankers Bank, citing deficiencies in the bank’s compliance with anti-money laundering regulations.

Read on for details.

 
NCUA to host MDI, financial inclusion webinar
Posted Date: Tuesday, October 13, 2020
The National Credit Union Administration will host a webinar on Minority Deposit Institutions and financial inclusion on Oct. 21.

Read on for more details


 
Community banks step up during Covid-19
Posted Date: Thursday, October 8, 2020
At a virtual research conference titled Community Banking in the 21st Century, Federal Reserve Governor Michelle Bowman commended community banks for their efforts during the COVID-19 crisis to serve their customers.

In unprecedented times such as a pandemic, these smaller banks were able to provide relief and assistance to many business owners and groups often overlooked by large organizations.

Read on for details.

 


 
Senator says Wells Fargo remains ‘broken’
Posted Date: Thursday, October 8, 2020
Sen. Elizabeth Warren (D-Mass.) and other members of Congress have shed more light on Wells Fargo’s practice of placing borrowers into forbearance without their consent. Wells Fargo customers in at least 14 states in July started to report that the bank had paused their mortgage payments under a program provided by the CARES Act, even though the customers had not asked and were not delinquent in their payments. Read on for details.

 
CFPB Rule assessment shows sizable implementation costs
Posted Date: Thursday, October 8, 2020
The Consumer Financial Protection Bureau recently released an assessment on the TILA-RESPA Integrated Disclosure Rule implementation and industry effects since its enactment in 2015. The assessment showed mixed results on its success.

The report addressed many topics, including initial implementation costs to companies and ongoing costs of maintaining rule compliance.

Read more for details.

 
ABA adds new vice president of diversity, equity and inclusion
Posted Date: Thursday, October 8, 2020
American Bankers Association hired a new vice president of internal diversity, equity, and inclusion. Read on for more details.

 


 
CFTC enforcement director resigns
Posted Date: Thursday, October 8, 2020
The Commodity Futures Trading Commission announced the departure of James McDonald, its enforcement director.

Read on for more details.

 


 
CFPB issues policy statement on early termination applications
Posted Date: Thursday, October 8, 2020
The Consumer Financial Protection Bureau issued a statement on Oct. 5 detailing the process and criteria for the early termination of consent orders.

Read on for details.

 


 
Survey shows voters support tougher Wall Street regulations
Posted Date: Monday, October 5, 2020

A new poll from Lake Research Partners (LRP) shows voters, regardless of political association, race, ethnicity, age and region, overwhelmingly support tighter regulations for the financial sector.

The survey also showed strong approval of the Consumer Financial Protection Bureau’s mission and the belief Wall Street and large corporations have received too much help from the government during the COVID-19 crisis.

Read on to learn more survey results.


 
Groups urge Congress to approve new PPP legislation
Posted Date: Monday, October 5, 2020

The National Association of Federally Insured Credit Unions, The Consumer Bankers Association, and other trade associations are encouraging Congress to approve proposed legislation providing a simplified process for Paycheck Protection Program loan forgiveness.

In a letter to congressional leadership, the trade associations cited an impending slowdown to the economic recovery if Congress failed to act.

Read on for more details.


 
SEC approves new whistleblower rules
Posted Date: Monday, October 5, 2020

The Securities and Exchange Commission (SEC) recently approved a final rule providing amendments to strengthen the whistleblower program created by Dodd-Frank.

The amendments proposed are designed to provide greater transparency and clarity to whistleblowers, to ensure whistleblowers were properly incentivized, and to properly award whistleblowers to the maximum extent appropriate and with maximum efficiency.

Read on for more information.


 
MISMO taxpayer consent language approved
Posted Date: Monday, October 5, 2020

The Mortgage Industry Standards Maintenance Organization announced Sept. 29 that its taxpayer consent language, used widely across the mortgage industry, has been approved as a new standard for compliance with the Taxpayer First Act.

Read on for more details.


 
CFPB announces 35 appointments to four advisory committees
Posted Date: Monday, October 5, 2020

The Consumer Financial Protection Bureau recently appointed 35 members to four different advisory bodies.

Read on for more details.


 
FTC to host fraud, data security workshops for small businesses
Posted Date: Monday, October 5, 2020

The Federal Trade Commission will host a virtual workshop on Oct. 29 business owners, advertising professionals, and attorneys.

Read on for more details.


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