Following in the footsteps of its regulatory counterparts, the Federal Deposit Insurance Corp. (FDIC) is moving forward with its plans to form the agency’s own Office of Innovation.   FDIC Chairwoman Jelena McWilliams offered details on what the office will look like during an event at the Federal Reserve Bank of Philadelphia.

The Federal Deposit Insurance Corp. (FDIC) announced it is seeking information about small-dollar lending among entities it supervises. Specifically, commenters are being asked about the supply and demand of small-dollar lending products provided by banks, information about challenges banks face in offering small-dollar credit products and what role technology and other means can play in helping banks meet consumer demand in that area.

Consumer experience is becoming a greater priority than perhaps ever before in the mortgage industry and there is no shortage of opinions on the best approaches to improving how lenders interact with the people they serve.  Total Expert CEO Joe Welu founded the company in 2012 with the idea that consumer relationship management systems had room for improvement in that regard, which led him to develop a marketing operating system, designed to deliver a modernized, personalized experience for consumers.

One of two contested Senate races saw a concession roughly a week following Election Night. That's not including a run-off for the Mississippi senate seat set for the end of the month. On the House side, Democrats flipped several seats on Election Night and there are other races that have yet to be decided with some headed for recount. 

Policymakers and mortgage industry participants may benefit from the first public release of loan-level data collected by the Consumer Financial Protection Bureau and the Federal Housing Finance Agency.   The information includes insights about borrower experiences when getting a residential mortgage compiled quarterly in the agencies’ National Survey of Mortgage Originations.

Streamlined call reports will become a reality for many more banks with the implementation of a new rule proposed by the federal banking agencies, as directed by S. 2155. The proposal immediately met with criticism from the Independent Community Bankers of America, which argued that the agencies failed to fulfill the intent of Congress in lessening condition reporting burdens.

A company’s failure to improve its anti-fraud and anti-money laundering (AML) program in accordance with a 2012 deferred prosecution agreement (DPA) led to a $125 million penalty ordered by the Department of Justice. The company also agreed to pay the same sum to settle similar contempt allegations filed in 2009 by the Federal Trade Commission.

Ellie Mae President and CEO Jonathan Corr told Dodd Frank Update that the key to the company’s success is continually identifying ways to apply the latest advancements in technology to help lenders stay on top of shifting regulatory standards and close mortgages with greater efficiency, in terms of time and money, during the Mortgage Bankers Association’s annual conference.

A federal court has ordered that a stay of the compliance date for the Consumer Financial Protection Bureau’s (CFPB) payday lending rule pending further notice. The ruling comes following the bureau’s recent announcement that it will proceed with plans to revisit its rule regulating short-term, small-dollar loans.