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Mortgage industry leaders testify against Basel IIISubscriber Access OnlyMortgage industry leaders testify against Basel III
Tuesday, September 19, 2023
A recent hearing on the Federal Reserve’s proposed rulemaking to implement the remaining provisions of the international Basel III agreement offered industry leaders a chance to testify in front of lawmakers regarding the measure, which the Fed voted to advance at its July 27 meeting. 
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FDIC reviews supervision of failed First Republic BankSubscriber Access OnlyFDIC reviews supervision of failed First Republic Bank
Tuesday, September 19, 2023
An internal review of the Federal Deposit Insurance Corp.’s supervision of First Republic Bank highlights vulnerabilities in the company’s business model and management strategies related to interest rate changes from 2018 until its failure in May. The report indicates a link between First Republic’s failure and that of two other banks in March. 
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MBA examines variances in mortgage revenues, costs, profitabilitySubscriber Access OnlyMBA examines variances in mortgage revenues, costs, profitability
Tuesday, September 19, 2023
The Mortgage Bankers Association released a whitepaper for financial professions navigating the ever-changing mortgage lending landscape through the peaks and valleys in revenues and costs, as well as the ever-winding regulatory river through the mortgage marketplace. 
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Federal Reserve swears in three board members
Tuesday, September 19, 2023
Federal Reserve Chairman Jerome Powell recently swore in three board members – one who is entering a second term, one who is getting a new title and one who is brand new to the Board of Governors. 
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MISMO releases updated reference guide
Tuesday, September 19, 2023
The Mortgage Industry Standards Maintenance Organization recently published its new refence guide, which incorporates updates required for the Version 3.6 XML Reference Model.
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MISMO seeks nominations for governance committees
Tuesday, September 19, 2023
The real estate finance industry’s standards organization, MISMO, is seeking nominations for qualified industry professionals to serve on either of the two MISMO Standards Governance Committees – the Residential Standards Governance Committee or the Commercial Standards Governance Committee.
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CFPB butts heads with banks over small business lending ruleSubscriber Access OnlyCFPB butts heads with banks over small business lending rule
Friday, September 15, 2023
The Consumer Financial Protection Bureau’s small-business lending rule, finalized in March, is the subject of a back-and-forth legal battle between the bureau and seven Kentucky state-chartered banks, one national bank operating in Kentucky and the Kentucky Bankers Association arguing the rule contains too many new data collection requirements and the bureau overstepped what Congress envisioned for such a rule when it approved the Dodd-Frank Act.  
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FHFA seeks input on new GSE credit scoring modelSubscriber Access OnlyFHFA seeks input on new GSE credit scoring model
Friday, September 15, 2023
The Federal Housing Finance Agency announced it will hold additional stakeholder forums and listening sessions to gather public feedback on the agency’s plan to transition to a new credit scoring model for the government-sponsored enterprises – Fannie Mae and Freddie Mac. 
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SEC charges nine for advertising ‘hypothetical performance’Subscriber Access OnlySEC charges nine for advertising ‘hypothetical performance’
Friday, September 15, 2023
Weeks after announcing its first action against a company for violating the agency’s new marketing rule, the Securities and Exchange Commission released details about nine more organizations that elicited similar charges of using hypothetical performance metrics in advertisements.
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FDIC: Banking industry ‘resilient’ in second quarter
Friday, September 15, 2023
Despite three failed bank acquisitions, the Federal Deposit Insurance Corp.’s second-quarter banking profile included some high notes. There were improvements in loan balances and community bank net income compared to the previous quarter and one year prior, based on financial data collected from 4,645 federally insured commercial banks and savings institutions.
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Mortgage credit availability ticked up in August
Friday, September 15, 2023
Mortgage lenders saw an increase in credit availability in August, according to the Mortgage Credit Availability Index, a report in which the Mortgage Bankers Association provides analysis of data compiled using ICE Mortgage Technology.
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Court rules against CFPB in UDAAP lawsuitSubscriber Access OnlyCourt rules against CFPB in UDAAP lawsuit
Tuesday, September 12, 2023
The District Court for the Eastern District of Texas ruled in favor of the banking industry in a lawsuit challenging the legality of the Consumer Financial Protection Bureau’s updates to its unfair, deceptive, or abusive acts or practices examination manual.
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Lengthy CFPB discrimination case ends with $6 million settlementSubscriber Access OnlyLengthy CFPB discrimination case ends with $6 million settlement
Tuesday, September 12, 2023
Five years after being named the defendant in a class-action discrimination lawsuit, the Consumer Financial Protection Bureau recently agreed to a proposed $6 million settlement with 85 employees who claim the bureau showed preferential treatment toward white and male employees to the detriment of their coworkers who are minorities and/or women. 
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Monthly Newsletter

Dodd Frank Update September 2023

Cover Story:

Section 1071 data collection rule blocked by federal judge in Texas


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