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  FSOC rescinds last nonbank SIFI designationFriday, October 19, 2018 The Financial Stability Oversight Council (FSOC) has rescinded its 2013 decision to designate Prudential Financial, Inc., the largest life insurance company in the country, as a systemically-important financial institution (SIFI) under Section 113 of the Dodd-Frank Act. The lifting of Prudential’s SIFI designation leaves FSOC absent any nonbank entities to treat as systemically important. |
 CFPB shelves required 1071 rulemakingFriday, October 19, 2018 Whereas rulemaking activity has been scarce since Mick Mulvaney took up interim director duties at the bureau, 2019 promises to be more eventful on that front, based on the agency’s Fall 2018 Unified Agenda for rulemaking. Many of the rulemakings have been in the works since before Mulvaney came to the bureau, and others would reconsider aspects of rules that took effect under Richard Cordray’s tenure. The most noteworthy part, however, was the shelving of Dodd Frank-mandated 1071 rulemaking concerning small business lending data collection. |
 Broeksmit highlights policy priorities in MBA Annual addressFriday, October 19, 2018 Newly elected Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit touched on advocacy priorities he looks forward to spearheading during his first opening general session address at the 2018 MBA Annual Convention and Expo in Washington, D.C. Broeksmit noted that his motivation behind wanting to step into the head executive role at MBA was to work on the industry’s behalf, and that is what he told the search committee before landing the job. |
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MBA announces board, awards at conventionFriday, October 19, 2018 The Mortgage Bankers Association presented its new board of directors and announced a host of awards and designations at its annual convention in Washington D.C. The board will be chaired by CMG Financial President and CEO Chris George and brings six new members to the 38-person board. Read on for more details about the board, the awards handed out by MBA, the Open Doors Foundation and MBA education, as well as the new CMB designees. |
 MBA chairman priorities GSEs, innovationFriday, October 19, 2018 In his first address to members as the Mortgage Bankers Association chairman, CMG Financial President and CEO Chris George made one thing clear about the association’s policy toward reform of Fannie Mae and Freddie Mac: The push would be inclusive. “We are going to talk and work through the system until we get our agencies out of conservatorship,” he told MBA convention attendees in prepared remarks at the annual show in Washington D.C.
 Navy Federal gets new CEOFriday, October 19, 2018 The world’s largest credit union will be under new leadership in 2019, after Navy Federal Credit Union announced that Mary McDuffie would become the new president and CEO of the company. McDuffie will succeed Cutler Dawson, who is retiring after 14 years of service with the credit union, which has more than 8 million members, 18,000 employees and more than $95 billion in assets.
 Rule detailing ‘abusive’ prong in the worksMonday, October 15, 2018 There weren’t broad pronouncements or condemnation of technology service providers as Richard Cordray doled out three years ago, but Consumer Financial Protection Bureau acting director Mick Mulvaney did have some news for attendees of the Mortgage Bankers Association (MBA) annual convention. Sitting with new MBA CEO Robert Broeksmit, Mulvaney told the audience that there was some clarity on the way for the bureau’s authority over unfair, deceptive and abusive acts and practices (UDAAP).
 CFPB: Delayed payment forwarding led to consumer harmMonday, October 15, 2018 The Consumer Financial Protection Bureau recently settled claims of unfair acts and practices levied against an online retailer charged with failing to timely forward consumer payments on debts that had been sold. The delays resulted in misleading collection activity and negative impacts to consumer credit ratings.
 CFPB implements FCRA disclosure changesMonday, October 15, 2018 To reflect Fair Credit Reporting Act (FCRA) changes initiated by S. 2155, the Consumer Financial Protection Bureau (CFPB) recently issued an interim final rule updating two model disclosures. To assist businesses with compliance, the rule updated the bureau’s model forms, incorporating the new requirements.
 Dollar Bank reorganizes to avoid increased oversightMonday, October 15, 2018 Dollar Bank recently approved a plan reorganize from a mutual savings bank to a mutual holding company, which would share it from incurring a host of new federal regulatory standards. The decision came in light of the fact that, at $8.5 billion in total consolidated assets, the bank quickly is approaching the $10 billion asset threshold, which incurs increased regulatory oversight under the Dodd-Frank Act.
 CUNA reveals industry CMS platformMonday, October 15, 2018 To offer its members a new comprehensive, integrated compliance solution, the Credit Union National Association (CUNA) recently tapped Quantivate to develop a compliance management system platform designed to account for compliance burdens felt by credit unions. CUNA staff, state credit union leagues and compliance advisory groups provided guidance throughout the developmental process.
 Breaking down quandary of formal, informal guidanceFriday, October 12, 2018 The financial industry has shown support for the prudential regulators’ recent joint statement detailing plans to more clearly distinguish between regulatory guidance and rules, but some experts see a quandary in that fact. Garris Horn Managing Member Richard Horn told Dodd Frank Update that the industry’s support for the idea of ensuring that guidance does not have the force and effect of a rule could prove to be a double-edged sword.
 Dodd Frank Update on site at MBA AnnualFriday, October 12, 2018 The Mortgage Bankers Association’s 2018 Annual Convention & Expo will feature many of the most influential figures in the industry in one place – the Walter E. Washington Convention Center in Washington D.C. Dodd Frank Update will be cataloguing insight shared from the stage and conducting one-on-one interviews with a multitude of industry insiders to offer high-level perspectives on a myriad of matters involving regulation and what awaits lenders in the near future and on the horizon.
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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