Title VI

Among the most divisive topics in financial regulation is a law with the expressed purpose of setting dividers between what banks can and cannot do. 

Section 619 of the Dodd-Frank Act, more commonly known as the “Volcker Rule” has been a subject of debate since its implementation. 

Data Boiler Founder and President Kelvin To told Dodd Frank Update he sees something tantamount to harmony between the two sides of the issue, in some respects, which could be the doorway to finding a bipartisan solution.  

 

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The Mortgage Bankers Association announced its support for bipartisan bills introduced in the House and the Senate intended to allow mortgage loan originators to continue working while transitioning between companies.

Both legislative pieces would be especially beneficial to mortgage loan originators  making the jump from a bank to a non-bank entity, which has additional requirements under the current SAFE Act provisions.

Read on to learn more details about the bills and the next step in the legislative process.  Read on »

Bipartisan legislation introduced in the Senate proposes to enact a Financial Choice Act provision that would allow nonbank financial companies to charge the same interest rates on loans they purchase as national banks. Read on to learn more about the bill.  Read on »

Five federal financial regulatory agencies are considering ways to address concerns over potential unintended consequences impacting foreign investment funds not covered by section 619 of the Dodd-Frank Act, also known as the “Volcker Rule.” Read on to learn what those concerns are and what the agencies are doing in response.  Read on »

With Congress turning its attention toward tax reform, the Community Home Lenders Association is concerned large increases in the standard deduction could negatively affect   certain homeowners and is recommending provisions to mitigate those impacts. Read on to learn more.  Read on »

Speaking on behalf of small financial institutions, multiple trade representatives testified in favor of the Small Business Administration’s 7(a) Loan program during a recent hearing with the House Small Business Subcommittee on Investigations, Oversight and Regulations, asserting that it has been successful in spurring economic growth.

Among the association to speak on behalf of the program were the American Bankers Association, Independent Community Bankers of America and the National Association of Federally-Insured Credit Unions. Read on to see what points they made in their testimonies. 

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The U.S. Payments Forum recently highlighted progress U.S. merchants have made in the migration to EMV chip payments, but also stressed its belief that there is an urgent need to accelerate the process for the sake of further limiting counterfeit card fraud. The U.S. Payments Forum is a cross-industry body focused on deployment of new and emerging payments technologies in the U.S. It has provided guidance for EMV implementation since the migration began in 2012. Read on to learn more about the migration to EMV technology. 

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The Virginia State Senate recently voted in favor of a bill which would require online lenders who do business in Virginia to be licensed according to state regulations and follow the state’s interest rate limits. 

Currently, consumer finance loans in Virginia are subject to a limit on the amount of interest that can be charged, annually. Read on to learn more about the bill and other related legislation that has been proposed that could affect how some lenders do business in the state. 

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The Federal Reserve Board recently announced details regarding how financial institutions may obtain extensions to conform “illiquid funds” to the requirements of Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. 

Currently, banking entities must be in compliance with provisions of the Volcker Rule by July 21, 2017.

Read on to find out how banking entities may qualify for extensions and how long those extensions are for. 

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The National Credit Union Administration (NCUA) voted Oct. 27 to approve a new Field-of-Membership (FOM) rule that, if implemented, would allow federal credit unions more options and make credit unions more widely available to consumers.

NCUA made two key changes from the proposed rule, in response to comments received after the proposal. The regulator said it would defer action on those areas as part of an “incremental approach” to changes.

The Independent Community Bankers of America, which is suing NCUA over its member business lending rule and threatened legal action on the FOM rule, strongly opposed NCUA’s FOM changes. Read on for more details.

 

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