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Summit session preview: Voice of the Independent Agent
Posted Date: Friday, April 27, 2012
The speakers for the 2012 National Settlement Services and Compliance Summit are working diligently on their presentation preparations. We caught up with the members of the Voice of the Independent Agent panel to see what is on their minds for discussion. Read on for the details.
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CFPB to study pre-dispute arbitration clauses
Posted Date: Friday, April 27, 2012
The Consumer Financial Protection Bureau launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. The agency is preparing to conduct a Dodd-Frank mandated study of pre-dispute arbitration clauses that will advise potential new regulations. Read on for the details.
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CFPB scrutinizes payday lending industry
Posted Date: Friday, April 27, 2012
Early this year, the Consumer Financial Protection Bureau announced it is gathering intelligence on the payday lending industry, and it asked the public to weigh in. By all accounts, the agency is getting an earful. Read on for an in-depth look at the debate surrounding this controversial industry.
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House approves ‘swap dealer’ small lender exemptions
Posted Date: Friday, April 27, 2012
The U.S. House approved a measure that would amend the exemptions under Dodd-Frank’s “swap dealer” definition and make other changes intended to limit the impact of new regulations on community lenders and small businesses. Read on for the details.
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CFTC CPO rule faces legal challenge
Posted Date: Friday, April 27, 2012
Two industry groups told a federal court that the Commodity Futures Trading Commission failed to perform an adequate cost-benefit analysis before the agency finalized rules requiring certain advisers to register as commodity pool operators. The groups asked the court to vacate the new rule. Read on to learn about the case and the debate over the CFTC’s rule.
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Meet the new FDIC board
Posted Date: Friday, April 27, 2012
“You can’t tell the players without a scorecard today,” quipped Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp. board, at the start of the panel’s April 23 open meeting. Thanks to a recent spurt of Senate confirmations, there are a number of new faces in new places on the FDIC board. Read on for an update.
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House proposal would subject investment advisers to SRO oversight
Posted Date: Friday, April 27, 2012
Bipartisan legislation introduced into the U.S. House would authorize the creation of one or more self-regulatory organizations to aid the Securities and Exchange Commission in supervising the retail investment adviser industry. Read on to learn about the legislation and the debate surrounding potential SRO oversight.
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CFPB wants more info on overdraft programs
Posted Date: Friday, April 27, 2012
The Consumer Financial Protection Bureau is giving the public more time to provide the agency with information on bank overdraft programs and how consumers utilize them. The agency said it already received a “tremendous number of responses” to a February Federal Register notice. Read on to learn what one trade group said about the bureau’s study and how it could ultimately impact community banks.
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Industry groups speak out on potential CFPB RESPA, TILA revisions
Posted Date: Tuesday, April 24, 2012
A group of industry associations sounded off on the Consumer Financial Protection Bureau’s plan to amend mortgage disclosure rules under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Read on for the details.
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Fed clarifies Volcker Rule compliance deadline
Posted Date: Tuesday, April 24, 2012
Banks will have until 2014 to comply with provisions of the Dodd-Frank Act’s Volcker Rule, according to the Federal Reserve. The clarification came after industry participants requested advice regarding the period of time a banking entity would have to conform its activities and investments to the requirements of Dodd-Frank Section 619. Read on to learn what the Fed said covered companies should do during the conformance period.
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CFTC finalizes MSP, ECP definitions
Posted Date: Tuesday, April 24, 2012
Two agencies charged under the Dodd-Frank Act with regulating the nation’s massive derivatives marketplace finalized long-awaited rules defining the range of swaps participants. The key rules that define which entities will face new requirements under the act have been the subject of heated debate. In the second part of this three-part report, Dodd Frank Update examines the CFTC’s new “major swap participant” and “eligible contract participant” definitions.
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Gruenberg: FDIC making ‘slow and steady’ progress on DIF rebuild
Posted Date: Tuesday, April 24, 2012
The Federal Deposit Insurance Corp. said it’s on track to meet Dodd-Frank’s targets for the Deposit Insurance Fund. Read on to learn what FDIC acting Chairman Martin Gruenberg had to say about calls to lower DIF assessments.
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Final rule caps what FDIC can spend on an orderly liquidation
Posted Date: Tuesday, April 24, 2012
The Federal Deposit Insurance Corp. approved a final rule that will determine the maximum amount the agency can spend while carrying out an orderly liquidation under the Dodd-Frank Act. The final rule comes as U.S. House Republicans seek to repeal Dodd-Frank’s orderly liquidation provisions. Read on for the details.
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FDIC final rule: Mutual insurance holding company resolution
Posted Date: Tuesday, April 24, 2012
Mutual insurance holding companies may be subject to state insolvency regimes for the purposes of Dodd-Frank’s orderly resolution provisions under final rules adopted by the Federal Deposit Insurance Corp. Board on April 23.
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CFPB provides guidance on SAFE Act licensing provisions
Posted Date: Monday, April 23, 2012
A bulletin from the Consumer Financial Protection Bureau clarifies states may provide a transitional license to a licensed loan originator who holds a valid license from another state. Read on for the details.
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CFPB reaffirms Reg. B disparate impact doctrine
Posted Date: Monday, April 23, 2012
The Consumer Financial Protection Bureau said it will use all “available legal avenues” to pursue discriminatory lenders. The CFPB recently released information intended to help borrowers identify credit discrimination. The agency also affirmed its intention to seek instances where a lender’s practices may have disproportionate negative effects. Read on for the details.
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Industry groups back proposed CFPB privileged info regulations
Posted Date: Monday, April 23, 2012
A group of industry associations signaled support for a proposed rule that would ensure that privileged information provided to the Consumer Financial Protection Bureau as part of the supervisory process would remain protected. Read on to learn why the groups said the CFPB should also support legislation that would provide the same protections.
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NAFCU speaks out on CFPB mortgage disclosure merger
Posted Date: Monday, April 23, 2012
The leader of the National Association of Federal Credit Unions said the Consumer Financial Protection Bureau’s attempt to merge the various disclosures required by two federal statutes is a step in the right direction, yet issues remain. Read on to learn about his concerns.
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CFTC finalizes highly-anticipated ‘swap dealer’ definition
Posted Date: Monday, April 23, 2012
Two agencies charged under the Dodd-Frank Act with regulating the nation’s massive derivatives marketplace finalized long-awaited rules defining the range of swaps participants. The key rules that define which entities will face new requirements under the act have been the subject of heated debate. In the first part of this three-part report, Dodd Frank Update examines the CFTC’s new “swap dealer” definition. We also learn why one commissioner said he could not support the rulemaking.
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House committee approves Dodd-Frank busting deficit plan
Posted Date: Monday, April 23, 2012
The Republican-controlled House Financial Services Committee took aim at one of Dodd-Frank’s central provisions — the FDIC’s authority to wind down a systemically important financial institution should the firm become troubled. Deficit legislation approved by the committee on April 18 would also abolish the new Office of Financial Research and change the way the government funds the Consumer Financial Protection Bureau.
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Senators defend CFTC position limits rule
Posted Date: Tuesday, April 17, 2012
A group of 19 U.S. Senators filed a court brief defending a Dodd-Frank final rule intended to limit the effects of speculation on the price of oil and other physical commodities. Two industry groups want a federal court to vacate the regulations, arguing that the Commodity Futures Trading Commission adopted the rule without determining whether it was actually required under Dodd-Frank. Read on to learn why the Senators said the rulemaking was mandated by the act.
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Associations: Cost benefit-analysis is CFTC Volcker proposal’s ‘fatal flaw’
Posted Date: Tuesday, April 17, 2012
Issues related to regulatory coordination and cost-benefit analysis were among several concerns industry groups cited in a recent comment letter critiquing the Commodity Futures Trading Commission’s effort to implement the Dodd-Frank Act’s Volcker Rule. Read on to learn why the groups said the rule should be re-proposed.
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CFPB: Institutions responsible for service providers’ actions
Posted Date: Tuesday, April 17, 2012
Financial institutions supervised by the Consumer Financial Protection Bureau can be held responsible for the actions of third party service providers, according to a recent CFPB bulletin. Read on to learn what steps the bureau said institutions should take to ensure that service providers do not put consumers at risk.
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Coalition calls for broad QM definition
Posted Date: Tuesday, April 17, 2012
More than 30 major trade groups and other organizations representing investors, real estate and mortgage professionals, and consumer advocates joined forces to ask the Consumer Financial Protection Bureau to ensure that a “broadly-defined qualified mortgage” is part of the agency’s impending ability-to-repay rule. Read on to learn why the coalition said a narrow QM definition would drive up the price of credit for families least able to afford it.
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House deficit reduction plan targets FDIC orderly liquidation powers, CFPB budget
Posted Date: Tuesday, April 17, 2012
The Republican-controlled U.S. House Financial Services Committee is expected to consider deficit reduction legislation that would strip the Federal Deposit Insurance Corp. of new powers to wind down troubled financial firms. The measure would also subject the Consumer Financial Protection Bureau’s budget to the appropriations process.
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Curry sworn in at OCC
Posted Date: Friday, April 13, 2012
There’s a new leader at the Office of the Comptroller of the Currency. Thomas Curry took office as the 30th comptroller of the currency following his recent confirmation by the U.S. Senate.
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Tarullo: Fed stress-testing is a work in progress
Posted Date: Friday, April 13, 2012
While the financial crisis made famous the terms “stress-testing” and “capital planning,” a Federal Reserve governor recently reminded industry participants that these are relatively new supervisory tools. Daniel Tarullo told an audience in Chicago that the Fed will learn from its 2012 stress test and capital review as it continues to improve its supervisory processes. Read on for more on the stress test and what Tarullo said about smaller banks.
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Swap entity rulemaking back on CFTC calendar
Posted Date: Friday, April 13, 2012
The Commodity Futures Trading Commission is expected to consider key rules defining swaps entities such as “swap dealers” and “major swap participants.” The rulemaking was previously delayed after some industry participants voiced concern about the rules’ impact on derivatives end users.
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Energy-related ownership rights becoming big issue for title industry
Posted Date: Friday, April 13, 2012
The recent movement for clean energy and onshore drilling is making it more and more difficult for title insurance professionals, who need to adapt both in the way they search for ownership on property and the way they insure that ownership. Read on for details about an educational event that will provide instruction on how to conduct better transactions with these unique and, many times, difficult properties.
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Trade groups critique CFPB remittance transfer proposal
Posted Date: Friday, April 13, 2012
A group of organizations representing community banks, credit unions and other financial services providers said the Consumer Financial Protection Bureau’s proposed rule regarding international remittance transfers would likely make it impossible for many institutions to continue providing such services. Read on to learn what changes the organizations would like the bureau to make to its proposal.
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CUNA to regulators: Minimize Dodd-Frank diversity reporting burden
Posted Date: Friday, April 13, 2012
The Credit Union National Association asked regulators to minimize the burdens credit unions will face as rule makers develop procedures for addressing institutions’ diversity policies and practices as required under the Dodd-Frank Act. CUNA believes diversity assessment standards developed under Section 342 of the Dodd-Frank Act should only apply to credit unions that must already report employee-related data.
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Dodd Frank Update open house!
Posted Date: Friday, April 13, 2012
Tired of being locked out of subscriber content from Dodd Frank Update? For the next two weeks this month, that will not be a problem! That’s right –– we’re giving FREE ACCESS to all readers to show off our new website.
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CFPB unveils outline for new mortgage servicing rules
Posted Date: Wednesday, April 11, 2012
The Consumer Financial Protection Bureau said new mortgage servicing rules it is considering would “put the ‘service’ back in mortgage servicing.” On April 10, the agency outlined rules it said would help protect mortgage borrowers from “costly surprises or getting the runaround from their mortgage servicer.” Read on for the details.
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Report: Dodd-Frank responsibilities slow SEC overhaul
Posted Date: Wednesday, April 11, 2012
Increased responsibilities under the Dodd-Frank Act and limited financial and personnel resources are likely to slow efforts to rehab the Securities and Exchange Commission, according to a report recently released by the regulator. Read on for an in-depth look at SEC’s efforts rebuild itself.
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Fed final rule: Fedwire transfers still governed by Reg. J
Posted Date: Wednesday, April 11, 2012
The Federal Reserve approved final amendments to Regulation J, clarifying that the regulation still applies to funds transferred over the Federal Reserve Banks’ Fedwire Funds Service despite Dodd-Frank’s changes to the Electronic Fund Transfer Act. Read on for the details.
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SEC finalizes SBS registration, qualification exemptions for central counterparties
Posted Date: Wednesday, April 11, 2012
The Securities and Exchange Commission approved final rules setting forth registration and qualification exemptions for security-based swaps transactions in cases where those transactions harmonize with the intent of Dodd-Frank clearing requirements. The final rules provide exemptions for certain swaps under the Securities Act, Exchange Act and Trust Indenture Act. The regulator said failure to craft such exemptions for clearing agencies would likely frustrate the purposes of the Dodd-Frank Act. Read on for more.
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ABA report: Consumer delinquencies declined in Q4
Posted Date: Wednesday, April 11, 2012
Consumer delinquencies fell in all 11 loan categories tracked by the American Bankers Association, which released results from its fourth quarter 2011 Consumer Credit Delinquency Bulletin. Read on for the details.
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CFPB: 401(k) OK for loan originators
Posted Date: Wednesday, April 11, 2012
The Consumer Financial Protection Bureau said employers may contribute to loan originators’ 401(k) and other qualified profit sharing plans even when those contributions come from loan origination profits. The clarification comes amid confusion over how Federal Reserve rules regarding loan originator compensation impact such plans. Read on for the details.
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Consumer bureau raises maximum fee for credit reports
Posted Date: Wednesday, April 11, 2012
The Consumer Financial Protection Bureau revised the rate credit bureaus may charge when a consumer requests an additional copy of their credit report. Read on to learn where the CFPB set the new rate.
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House resolution questions Cordray appointment
Posted Date: Sunday, April 8, 2012
A House Republican sponsored a resolution expressing that Congress was not in adjournment when President Barack Obama used his recess appointment powers to install Richard Cordray as the director of the Consumer Financial Protection Bureau. Read on to learn about the resolution.
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Chicago Fed highlights Dodd-Frank diversity efforts
Posted Date: Sunday, April 8, 2012
The Federal Reserve Bank of Chicago touted its efforts to support diversity and inclusion under the Dodd-Frank Act. Read on to learn about the work of the Chicago Fed's Office of Minority and Women Inclusion.
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Republicans seek assurances on CFPB rulemaking process
Posted Date: Sunday, April 8, 2012
Two top U.S. House Republicans asked the director of the Consumer Financial Protection Bureau for assurances that the agency will conduct “rigorous, transparent cost-benefit analysis whenever it drafts a new rule.” Read on to learn about the lawmakers' concerns.
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Fed seeks to tweak proposed standard for FSOC designation
Posted Date: Sunday, April 8, 2012
The Federal Reserve is seeking to amend a notice of proposed rulemaking to establish requirements to determine whether a nonbank financial company is “predominantly engaged in financial activities” for the purposes of designating certain companies for Fed oversight under Dodd-Frank.
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Frank vows fight over derivatives bills
Posted Date: Sunday, April 8, 2012
Rep. Barney Frank, D-Mass., is warning that two derivatives measures backed by House Republicans would substantially weaken key provisions enacted as part of the bill that bears his name. Read on to learn about the bills and why Frank says they would “deregulate derivatives in a way that would again make them a threat to our economy.”
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FSOC finalizes rule for designating systemically significant nonbanks
Posted Date: Wednesday, April 4, 2012
The Financial Stability Oversight Council approved a final rule and guidance detailing the analysis and process the panel intends to use when determining which nonbank financial companies should be subject to enhanced Federal Reserve scrutiny under the Dodd-Frank Act. Read on for an in-depth look at the final rule.
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OFR paper: Risk managers should weigh impact of firms' groupthink
Posted Date: Tuesday, April 3, 2012
A new paper from the Office of Financial Research indicates that systemic financial issues may worsen when firms act similarly in the face of increased market volatility. The paper also sets forth several suggestions for improving firm-level risk management functions. Read on to learn why companies may want to expand their time horizons while crafting appropriate risk management strategies.
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House, Senate Agriculture leaders speak out on swap dealer definition
Posted Date: Monday, April 2, 2012
The leaders of the House and Senate Agriculture Committees asked the chairman of the Commodity Futures Trading Commission to ensure that his agency does not adopt an overly broad swap dealer definition. Read on to learn about the lawmakers' concerns.
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Gensler defends CFTC budget request
Posted Date: Monday, April 2, 2012
The Commodity Futures Trading Commission is seeking a nearly 50 percent budget increase for 2013 as the agency comes to grips with its new responsibilities under the Dodd-Frank Act. CFTC Chairman Gary Gensler recently defended his agency's budget request during a hearing before a U.S. Senate Appropriations subcommittee. Read on to learn why Gensler said the CFTC is a “good investment of taxpayer dollars.”
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Consumer bureau prepares to test forthcoming mortgage disclosures
Posted Date: Monday, April 2, 2012
The Consumer Financial Protection Bureau asked the public to weigh in on the process the agency will use to test its impending mortgage disclosures. The bureau conducted extensive testing as it crafted the forms, but expects to test them again once they are proposed later this year. Read on to learn about the CFPB's plans.
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CFPB brief calls for loan rescission in TILA case
Posted Date: Monday, April 2, 2012
The Consumer Financial Protection Bureau filed briefs in a case involving a borrower who attempted to save her home from foreclosure by relying on TILA's three year right of rescission. Read on to learn why the bureau said the homeowner should be permitted to rescind her loan even though she filed her lawsuit more than three years after closing.
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Agencies clarify effective date for swaps ‘push out' provisions
Posted Date: Monday, April 2, 2012
Three federal agencies issued guidance clarifying the effective date of the Dodd-Frank Act's swaps push out provision. Read on to learn when the provision is scheduled to take effect and why the issue has caused confusion.
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Agencies propose leveraged lending guidance
Posted Date: Monday, April 2, 2012
Federal banking regulators proposed to revise their guidelines regarding lending to leveraged borrowers. The agencies said the changes come as leveraged lending is once again on the increase while “prudent underwriting practices have deteriorated.” Read on to learn about the guidance.
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Chamber report: Dodd-Frank regulators have not ‘gotten it right'
Posted Date: Monday, April 2, 2012
A recent report card from the U.S. Chamber of Commerce gave regulators and policymakers seeking to implement new financial reforms mediocre marks for their efforts. Read on to learn what steps the chamber said Congress and government agencies should take to improve their grades.
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CFPB to test consumer understanding, behavior
Posted Date: Monday, April 2, 2012
The Consumer Financial Protection Bureau is preparing to study consumer awareness and understanding of financial products and services. Read on to learn about the CFPB's efforts.
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CFTC addresses hedge transaction and positions
Posted Date: Monday, April 2, 2012
The Commodity Futures Trading Commission issued an advisory regarding the treatment of bona fide hedging transactions and positions under certain regulations as they existed prior to the adoption of a final rule addressing position limits for futures and swaps. Read on for the details.
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House passes swaps, CFPB privileged information legislation
Posted Date: Thursday, March 29, 2012
The U.S. House approved a trio of bipartisan Dodd-Frank-related bills on March 26. Two of the measures pertain to the act's swaps provisions, while the third is intended to ensure that financial institutions' privileged information remains protected when it is submitted to the Consumer Financial Protection Bureau as part of the supervisory process. Read on to learn about the measures.
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Senate approves FDIC, OCC nominations
Posted Date: Thursday, March 29, 2012
The U.S. Senate confirmed nominations to the Board of Directors of the Federal Deposit Insurance Corp. and approved a new leader for the Office of the Comptroller of the Currency. Read on for the details.
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Trade group floats ideas for SEC financial literacy study
Posted Date: Thursday, March 29, 2012
Industry participants presented their views on financial literacy as the Securities and Exchange Commission fulfills its Dodd-Frank mandate to study the issue. In a recent comment letter, the Securities Industry and Financial Markets Association urged the commission to consider the value of highlighting certain disclosures at key decision points for the investor. Read on to learn about SIFMA's suggestions.
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Cordray: CFPB will not define ‘abusive'
Posted Date: Thursday, March 29, 2012
Consumer Financial Protection Bureau Director Richard Cordray made another trip to Capitol Hill to discuss his agency's efforts in the first six months since it opened its doors. Republicans on the House Financial Services Committee took the opportunity to question the bureau's structure and oversight accountability. They also quizzed Cordray on how the bureau plans to approach Dodd-Frank's prohibition on abusive acts and practices in the consumer financial services sector.
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CFPB involved in foreclosure debt collection case
Posted Date: Wednesday, March 28, 2012
The Consumer Financial Protection Bureau involved itself in a federal case pertaining to the application of the Fair Debt Collection Practices Act in the foreclosure context ”“”“ an issue, the agency noted, that has divided the courts. Read on to learn about the case, the bureau's amicus brief and other FDCPA briefs the agency filed since it commenced operations.
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