FDIC

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. 

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the agencies announced that the revised policy statement covering interagency coordination dated Feb. 20, 1997 has been rescinded.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.

The five federal regulators have proposed numerous changes to the Volcker Rule intended to reduce compliance burdens for financial entities.

By eliminating or modifying requirements the agencies believe are unnecessary to effectively implement the rule’s provisions, regulators hope to streamline it without diminishing the safety and soundness of banking entities.

Find out details about what the regulators are proposing to change and what impact the proposal could have on the industry.

Net income among the nation’s federally-insured banks hit a record high of $56 billion in the first quarter of 2018.

The Federal Deposit Insurance Corp.’s quarterly report showing the positive fiscal news for the banking sector was published the same day that the House voted to approve S. 2155, providing long-advocated regulatory relief for the financial industry.

Learn more details about the report.

The Senate voted to confirm Jelena McWilliams to replace Martin Gruenberg as chair of the Federal Deposit Insurance Corp. (FDIC). McWilliams fills the final key bank regulator seat for President Donald Trump’s administration.

McWilliams has garnered strong support from the industry she now will be regulating, both for her experience as a bank executive and working within the government.

Find out more about why the industry is excited that she will be leading the FDIC.

Federal Deposit Insurance Corp. (FDIC) Board Vice Chairman Thomas M. Hoenig recently announced that he would be stepping down upon completion of the sixth and final year of his term.

Hoenig has expressed support for certain provisions of S. 2155 that benefit community and regional banks, but noted concerns about its proposal to roll back heightened restrictions placed on the country’s largest financial entities.

Find out more about Hoenig and his retirement from the board.

The frequency of cyberattacks is causing many financial entities to consider ways of effectively insuring their assets against the risk of such an event.

That is why the Federal Financial Institutions Examination Council members recently issued a joint statement to describe matters that financial institutions should be mindful of when considering using cyberinsurance as a component of their risk management programs.

Find out what the council recommends companies keep in mind when considering obtaining cyberinsurance.

Responding, in part, to concerns from the financial industry that the current threshold for commercial real estate transactions requiring an appraisal has not kept pace with price appreciation, the federal banking agencies have finalized a rule doubling it.

The Federal Reserve Board of Governors, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency proposed to raise the threshold in July 2017, and pumped up their initial proposed increase by $100,000 in the final rule.

Find out more details about why the industry supports the threshold increase.

As part of its continuing effort to shift toward more risk-based supervisory standards and utilize technology to improve oversight efficiency, the Federal Financial Institutions Examination Council (FFIEC) recently announced steps it is taking to update its Examination Modernization Project. 

The FFIEC’s Examination Modernization Project was initiated as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act.

Read on to learn more about how the council plans to focus its efforts moving forward.

Industry and consumer advocates did not hold back during a recent hearing about securing consumer financial information held by the House Financial Services Committee.

Attendees also discussed two bills geared toward increasing accountability standards for companies that gather and store consumer information, which have gained industry support.

Find out more about what was discussed during the hearing and what is included in the bills.