Two of President Donald Trump’s nominees to serve on the Federal Reserve Board recently testified before the Senate Banking Committee. Both nominees stated their support for a tailored regulatory approach, and one received adamant support from community bankers before the hearing. 

Two Securities and Exchange Commission (SEC) enforcement officials recently testified that a June 2017 Supreme Court decision inhibits the agency’s ability to recover ill-gotten gains for investors by time-barring disgorgements. Stephanie Avakian and Steven Peiken, co-directors of the SEC’s Division of Enforcement, detailed their position on the matter during a hearing before a House Financial Services Committee subcommittee. Find out more details about the impact the high court’s decision will have on federal regulators’ enforcement abilities going forward.

Financial trade advocates are urging the House Appropriations Committee to reject the Trump administration’s request to rescind $15.4 billion in previously approved funds. The administration’s proposal includes rescinding millions of unspent dollars allocated to programs affiliated with the Community Development Financial Institutions Fund.

Freddie Mac’s compliance team will be under new leadership with the hiring of John Krenitsky, who recently joined the government-sponsored enterprise as senior vice president and chief compliance officer. Krenitsky, who comes to Freddie Mac from Discover Financial Services, will oversee and manage Freddie Mac’s compliance with legal and regulatory requirements, as well as related controls that govern the company’s business activities.

With the deadline to repeal the Consumer Financial Protection Bureau’s (CFPB) payday lending rule now in the rearview mirror, covered parties may feel inclined to review plans for compliance with the controversial regulation. However, as the rule’s future remains far from certain, many financial industry participants may understandably take more of a wait-and-see approach.  Consumer Bankers Association (CBA) Associate General Counsel and Vice President David Pommerehn spoke with Dodd Frank Update about what likely lies ahead for the rule, and the potential industry implications.  

Blockchain technology is expected to revolutionize the real estate industry as it becomes better understood and more widely implemented. It seems only fitting to have the 2018 National Settlement Services Summit (NS3) close with a lively discussion of this topic.   During the session titled “Blockchain, Bitcoin and You,” three industry insiders will discuss how the growth of Blockchain and cryptocurrency stands to benefit title agents, lenders, Realtors and borrowers.

The Consumer Financial Protection Bureau’s (CFPB) Spring 2018 rulemaking agenda indicated that a mere three rules are in the final stages of the process, one of which already has been finalized. Multiple rules have been switched to “inactive” status, including the bureau’s proposed rule regarding overdraft services, a move which some industry participants are celebrating.

After multiple applicability delays and a federal court ruling, the Department of Labor’s (DOL) rule requiring financial professionals who offer retirement investment advice to abide by a fiduciary standard recently encountered possibly its most significant setback yet. This prompted the DOL to publish a temporary enforcement policy defining who is considered to be a “fiduciary,” indicating relief for some financial advisors.

Flagstar Bank President and CEO Alessandro DiNello truly embodies the phrase “What doesn’t kill you makes you stronger,” given the challenges his company faced in the wake of the Great Recession. Having navigated that tumultuous period and helped build Flagstar into the fifth-largest mortgage bank in the country, as well as one of the few to grow its servicing business in subsequent years, DiNello will bring an expansive knowledge base to the stage as the keynote speaker at the 2018 National Settlement Services Summit (NS3) in Detroit.