As financial technology and digital assets remain ever-growing factors in the financial services industry, trade organizations continue to increase efforts to advocate for new policies to help their members remain competitive.
Read about some of the latest developments with respect to this topic and more in this roundup:
MISMO seeks comment on iGuide changes
The Mortgage Bankers Association (MBA) announced that MISMO, the real estate finance industry's standards organization, is seeking public stakeholder feedback on revisions to its previously published Mortgage Insurance (MI) Activation API Implementation Guide (iGuide) and sample files. The 30-day public comment period runs through June 5. The planned changes to the MI Activation API iGuide and samples files include corrections to typographical errors, updates to comments, conditionality, and the addition of two object references, according to the organization. Learn more here.
MBA comments on FHA loss mitigation safeguards
In response to new loss mitigation safeguards announced by the Federal Housing Administration (FHA), Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit released a statement commending the agency for adopting a framework, “which will help evaluate performance and ensure the protection of the Mutual Mortgage Insurance (MMI) fund.” Broeksmit said MBA specifically appreciates FHA’s efforts to “reinstate a cap on the number of times a borrower can utilize a home-retention program and require the successful completion of trial payments to demonstrate long-term affordability.” Read more about the new safeguards and MBA’s perspective here.
Trades urge banking regulators to reduce restrictions on digital assets
Several financial services trade organizations wrote to federal banking regulators to urge them to implement policies allowing institutions to more freely engage in activities involving digital assets. In a joint letter, the associations noted their appreciation for recent actions to rescind policies and guidance regarding banks’ involvement with cryptocurrencies and other digital tokens while recommending additional steps that the banking agencies can take to advance bank innovation further. Find out what those steps include here.
ICBA urges OCC to encourage bank-fintech partnerships
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey wrote to acting Comptroller of the Currency Rodney Hood to stress the potential benefits of policies that facilitate collaboration between banks and fintechs. Such policies, she said, should also address emerging risks in a thoughtful and proportionate manner. Romero Rainey encouraged Hood to consider taking decisive steps to modernize the regulatory architecture in a way that balances innovation, inclusion, and oversight. Read the letter here.