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  Payday rule survives CRA, faces further rulemaking, litigationFriday, May 18, 2018 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. |
 Spring agenda keeps debt collection, leaves overdraft behindThursday, May 17, 2018 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. |
 NS3 Preview: Blockchain, Bitcoin and YouThursday, May 17, 2018 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. |
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MBA launches mPower Moments video seriesFriday, May 18, 2018 The Mortgage Bankers Association’s (MBA) mPower, or MBA Promoting Opportunities for Women to Extend their Reach, recently launched mPower Moments, a new monthly MBA video series to help promote topics being explored by the organization. Each episode in the series features MBA Chief Operating Officer Marcia M. Davies, the founder of mPower, along with a guest discussing issues important to the mPower community. |
 DOL issues temporary fiduciary enforcement policyThursday, May 17, 2018 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.
 NS3 Keynote: Surviving, thriving in new regulatory worldTuesday, May 15, 2018 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.
 Mulvaney reorganizes offices, appoints new staffersTuesday, May 15, 2018 Although the agency’s leadership structure is intact for the time-being, the Consumer Financial Protection Bureau will undergo a major reorganization at the behest of acting director Mick Mulvaney. He announced during a recent staff meeting that there would be a various changes to certain offices and staff roles, intended to improve the agency’s efficiency, effectiveness and accountability.
 House advances bill to help small businessesTuesday, May 15, 2018 A bipartisan measure proposing to help small businesses has had strong support from the industry and now has the House’s approval as well. The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) recently passed the House by a voice vote, and will move on to the Senate.
 FTC charges mortgage relief servicers over false claimsTuesday, May 15, 2018 Alleging that the defendants made false claims and provided misleading information to distressed homeowners, the Federal Trade Commission recently charged a mortgage relief operation with eight counts of violating federal law. The agency filed a complaint in federal court alleging charges against three companies and multiple individuals for deceiving consumers with false promises to make their mortgages more affordable and prevent foreclosure.
 HUD seeks feedback on disparate impact regTuesday, May 15, 2018 The Department of Housing and Urban Development (HUD) recently is seeking public feedback regarding whether its 2013 Disparate Impact Regulation is consistent with the 2015 U.S. Supreme Court ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc . The regulation details a framework for establishing legal liability for facially neutral practices – those that do not discriminate against a particular group of people – that that do not adhere to the Fair Housing Act.
 House green lights rollback of auto lending guidanceThursday, May 10, 2018 The House approved a resolution to nullify the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending Tuesday by a 234-175 vote, bringing Congress one presidential signature away from its first repeal of an informal federal policy via the Congressional Review Act. Proponents of invalidating the bulletin argue that it blatantly violates the Dodd-Frank Act, as well as the Administrative Procedures Act. The guidance’s supporters argue that it is crucial to eradicating disparate treatment of minority auto loan applicants.
 Why the CFPB payday rule may not be repealedThursday, May 10, 2018 As the days tick by, the Senate’s window to repeal the Consumer Financial Protection Bureau’s rule restricting the payday lending industry has all but shut. Although several Republicans oppose the rule and more than a month has passed since Sen. Lindsey Graham (R-S.C.) introduced a resolution to nullify its effects via the Congressional Review Act, industry insiders, such as Ballard Spahr Partner Alan Kaplinsky, have speculated as to a number of reasons why legislators will not act further to stop the rule’s implementation at this time.
 Ryan says S. 2155 vote is on the horizonThursday, May 10, 2018 House Speaker Paul Ryan (R-Wis.) recently said the House will vote on S. 2155 within a matter of weeks, indicating that representatives have reached an agreement with the Senate regarding other, separate regulatory relief measures. Following Ryan’s announcement, a coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America sent a letter to House leaders, urging them to pass S. 2155 as quickly as possible.
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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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