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Dodd Frank Update November 2024

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Dodd Frank Update November 2024
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Industry insider expects CFPB data privacy rule to withstand legal challenges
Posted Date: Tuesday, October 29, 2024
The latest lawsuit against the Consumer Financial Protection Bureau reflected a familiar theme, according to Garris Horn Senior Partner John Levonick, who sat down with Dodd Frank Update for an exclusive interview.

 
Goldman Sachs, Apple agree to $89 million settlement for misleading credit card customers
Posted Date: Tuesday, October 29, 2024
Apple and Goldman Sachs agreed to pay more than $89 million to settle charges levied by the Consumer Financial Protection Bureau (CFPB), alleging illegal mishandling of credit card customer disputes and misleading marketing practices. The CFPB issued separate consent orders for each company describing violations of the Truth in Lending Act and Regulation Z.

 
FTC refunds consumers deceived by online lender
Posted Date: Tuesday, October 29, 2024
The Federal Trade Commission announced plans to distribute $2.6 million to consumers harmed by an online lender’s false promises about offering “free money” to people struggling to make ends meet. The lender was charged with deceiving consumers and discriminating against certain people who applied for cash advances earlier this year.

 
FDIC extends compliance date for signage regulation
Posted Date: Tuesday, October 29, 2024
The Federal Deposit Insurance Corp. will provide financial institutions additional time to account for a new rule governing signage and advertising representing the agency. The compliance date for certain provisions of the rule is being extended to give banks more time for implementation.

 
Bipartisan bill aims to protect consumers against credit repair scams
Posted Date: Tuesday, October 29, 2024

A newly introduced piece of bipartisan legislation seeks to crack down on deceptive practices by credit repair organizations and help consumers distinguish legitimate credit assistance providers from fraudulent schemes.


 
Regulatory Roundup: FTC appeals non-compete rule decision, NCUA considers FOM updates
Posted Date: Tuesday, October 29, 2024

Amid potentially ground-breaking actions related to data privacy and technological innovations in the financial sector, multiple federal agencies are also analyzing other regulatory matters, including those pertaining to non-compete agreements and fair lending standards. Learn about these recent developments and more in this roundup.


 
LIVE: Dodd Frank Update at MBA Annual 24
Posted Date: Friday, October 25, 2024
The Mile High City is the site of MBA Annual 24, where Dodd Frank Update is reporting live alongside more than 2,500 mortgage professionals engaged in educational sessions about the state of the economy, the housing market, and the regulatory landscape. For real-time coverage of the Mortgage Bankers Association’s premiere event, follow Dodd Frank Update on X (@DoddFrankUpdate) live from Denver.

 
CFPB data privacy rule faces legal challenge over liability, security concerns
Posted Date: Friday, October 25, 2024
Within a day of issuing a final rule implementing Sec. 1033 of the Dodd-Frank Act, the Consumer Financial Protection Bureau was hit with a lawsuit challenging the legality of the freshly finalized data privacy regulations. The suit claims the rule, which is meant to give consumers more control over their personal financial data, would open the door to increased risk of fraud due to a lack of requirements for third-party oversight.

 
Credit union redlining case could reignite debate over fair lending supervision
Posted Date: Friday, October 25, 2024
The Department of Justice’s first settlement with a credit union over redlining charges could fan the flames of arguments for subjecting the tax-exempt institutions to the same Community Reinvestment Act requirements as banks.

 
Trades reject CFPB overdraft circular, launch debt relief education program
Posted Date: Friday, October 25, 2024
The Consumer Financial Protection Bureau is accustomed to criticism from the financial sector. The day before its newly released data privacy rule became the subject of a lawsuit, the bureau received a letter from multiple trade organizations asserting its September guidance on overdraft fees should be rescinded. Learn more about this matter and other developments in this roundup.

 
MBA reports uptick in September mortgage applications
Posted Date: Friday, October 25, 2024
Mortgage applications were up 10.8 percent in September compared with the previous year, based on data included in the Mortgage Bankers Association Builder Application Survey. This is encouraging following a decrease in August applications and a notable decline in credit availability in September, although the change does not account for typical seasonal patterns.

 
McHenry calls CFPB data privacy rule ‘a promising step forward’
Posted Date: Friday, October 25, 2024
House Financial Services Chair Patrick McHenry (R-N.C.) reacted favorably to the Consumer Financial Protection Bureau’s announcement finalizing its rule implementing Sec. 1033 of the Dodd-Frank Act. The lawmaker compared the rule to previous legislative efforts aimed at protecting consumers’ personal information in a statement the same day as the rule’s release.

 
CFPB sued over data privacy rule
Posted Date: Wednesday, October 23, 2024
The Consumer Financial Protection Bureau is facing a lawsuit over its newly finalized data privacy rule, implementing Section 1033 of the Dodd-Frank Act. The suit claims the rule, which is meant to give consumers more control over their personal financial data, would open the door to increased risk of fraud due to a lack of requirements for third-party oversight.

 
CFPB issues data privacy rule expected to spur move toward ‘open banking’ framework
Posted Date: Tuesday, October 22, 2024

The Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1033 of the Dodd-Frank Act designed to give consumers greater control over their personal financial data. A key component of the rule is the requirement data providers develop and maintain secure online interfaces where consumers can access and share their data free of charge.

The CFPB and many industry insiders have stated this rule will move the U.S. financial sector closer to establishing a safe and competitive “open banking” system that will incentivize financial institutions to improve their product offerings to attract new customers and retain existing ones.


 
CFPB, DOJ settle with Fairway over redlining allegations
Posted Date: Tuesday, October 22, 2024
Fairway Independent Mortgage Corp. is facing redlining allegations levied in a complaint filed by the Consumer Financial Protection Bureau and the Justice Department, along with a proposed settlement against the Birmingham, Ala.-based lender for discriminatory marketing and sales tactics. Dodd Frank Update’s sister publication contacted an industry expert for their insight into why real estate finance professionals should be paying attention.

 
MBA offers insight into mortgage credit availability in September
Posted Date: Tuesday, October 22, 2024
The Mortgage Bankers Association (MBA) released a comprehensive report indicating a slight decrease in mortgage credit availability in September, indicating tightening lending standards. MBA’s Mortgage Credit Availability Index reflected the drop based on an analysis of data provided by ICE Mortgage Technology.

 
Regulatory Roundup: Agencies offer banks hurricane assistance, CFPB sues student lender
Posted Date: Tuesday, October 22, 2024
As southern states work to recover from the second of two significant hurricanes in short succession, federal banking regulators again responded with guidance providing supervisory relief and details about available assistance for affected institutions. This guidance and information about recent enforcement actions and a new fraud report are included in this regulatory roundup.

 
FDIC selects former FAA official to oversee new office of professional conduct
Posted Date: Tuesday, October 22, 2024
The Federal Deposit Insurance Corp. announced the selection of a director to oversee its newly established office of professional conduct, created as part of its ongoing efforts to address allegations of workplace misconduct.

 
CFPB finalizes data privacy rule, implementing Sec. 1033 of Dodd-Frank
Posted Date: Tuesday, October 22, 2024
The Consumer Financial Protection Bureau issued a much anticipated final rule implementing Section 1033 of the Dodd-Frank Act designed to give consumers greater control over their financial data. The rule stipulates data providers must create and maintain developer interfaces through which third parties can access data only with a consumer’s authorization.

 
First redlining settlement with a credit union requires $6.5M investment in underserved communities
Posted Date: Tuesday, October 15, 2024
The Department of Justice entered into the first redlining settlement with a credit union after finding the institution’s lending practices failed to provide equal access to credit for majority-minority neighborhoods in its service area.

 
OCC lays out FY 2025 supervisory priorities so banks can prepare
Posted Date: Tuesday, October 15, 2024
The Office of the Comptroller of the Currency (OCC) detailed its supervisory priorities for financial, operational, and compliance matters in its operating plan for fiscal year 2025. The plan noted the OCC’s intention to pay special attention to issues facing borrowers of modest means with respect to current market conditions.

 
Regulators extend RFI on financial stability risk of uninsured deposits
Posted Date: Tuesday, October 15, 2024
To better assess the potential financial stability risks associated with deposits not subject to certain federal reporting requirements, the Federal Deposit Insurance Corp. will give financial institutions 60 additional days to provide feedback on the agency’s request for information on such transactions.

 
River Run Bancorp touts mutual community banking in merger announcement
Posted Date: Tuesday, October 15, 2024
Rollstone Bank & Trust will become the third community bank operated by River Run Bancorp following the consummation of a merger agreement. The strategic partnership is part of River Run’s effort to adapt to the changing financial services landscape through its mutual community banking model.

 
Regulatory Roundup: CSBS finds sunnier outlook among community bankers
Posted Date: Tuesday, October 15, 2024
Various state and federal regulators released new regulatory announcements, as well as insight about the general sentiment among community bankers. Multiple developments have implications for lenders and financial institutions serving rural communities, while others have a broader scope of influence.

 
FHFA updates market price index to include new housing category
Posted Date: Tuesday, October 15, 2024
For the first time in its history, the Federal Housing Finance Agency’s house price index will include data on manufactured homes, following its latest revision to the index.

 
TD Bank agrees to pay $3B over BSA/AML violations in historic settlement
Posted Date: Friday, October 11, 2024
TD Bank pleaded guilty to felony charges and agreed to pay $3 billion in penalties to settle anti-money laundering (AML) violations levied by federal regulators and law enforcement agencies. In light of the detrimental impact to the U.S. financial system and the widespread illicit activity enabled by the bank’s negligence, federal officials coordinated the largest AML settlement in U.S. history.

 
FOMC minutes indicate confidence regarding inflation, optimism for housing
Posted Date: Friday, October 11, 2024
Newly released minutes from the Federal Open Market Committee’s meeting held Sept. 17-18 offer further insight into the Federal Reserve’s decision to reduce the federal funds rate by 50 basis points to a range of 4 ¾ to 5 percent.

 
Annaly taps Rocket Mortgage in loan serving agreement
Posted Date: Friday, October 11, 2024
When Annaly Capital Management’s new subservicing agreement takes effect, the largest mortgage lender in the country and the largest residential mortgage real estate investment trust will be testing artificial intelligence’s mortgage servicing potential on a much larger scale.

 
Trades prepare for data privacy rule, comment on AML proposal
Posted Date: Friday, October 11, 2024
Data privacy and anti-money laundering (AML) safeguards are at the forefront of regulatory discussions within the financial sector. Coincidentally, news of the historic enforcement action against TD Bank for AML deficiencies broke just after the deadline for comments on proposed updates to federal regulations dealing with such obligations.

 
Policymakers mourn passing of former Senate Banking Committee leader
Posted Date: Friday, October 11, 2024
Former chair of the Senate Banking, Housing and Urban Affairs Committee Tim Johnson (D-S.D.) passed away at the age of 77, following declining health after a stroke. Legislators released statements expressing condolences for the former senator who spent 36 years in state and federal politics before retiring in 2015.

 
TD Bank agrees to pay $3 billion over AML deficiencies
Posted Date: Thursday, October 10, 2024
TD Bank agreed to pay $3 billion to settle anti-money laundering (AML) violations alleged by federal regulators, who have imposed an asset cap on the bank’s ability to take in new deposits. This represents the largest AML settlement in history brought by U.S. agencies.

 
Aduvo launches new marketing platform
Posted Date: Wednesday, October 9, 2024
Aduvo announced the launch of its new “set-it-and-forget-it” automated marketing platform designed to help busy mortgage professionals and increase sales with minimal effort, compared to other marketing systems.

 
Bowman’s views on community banking align with industry advocacy
Posted Date: Tuesday, October 8, 2024
Defining the intrinsic characteristics of what constitutes a community bank and the corresponding regulatory framework were the focal points of Federal Reserve Gov. Michelle Bowman’s speech during the 2024 Community Banking Research Conference. For an industry perspective, Dodd Frank Update reached out to Community Bankers Association of Ohio President and CEO Aza Bittinger Jr., who was encouraged by her remarks.

 
17th credit union acquisition elicits ICBA response
Posted Date: Tuesday, October 8, 2024
The boards of directors for OneAZ Credit Union and Western Arizona Bancorp Inc. reached a unanimous agreement through which OneAZ will assume substantially all assets and liabilities of 1st Bank Yuma. The all-cash transaction marks the 17th bank acquisition by a credit union of 2024 – the most ever in a single year.

 
Lessons for lenders in October CFPB Supervisory Highlights
Posted Date: Tuesday, October 8, 2024
Mortgage originators may be pleased to learn the Consumer Financial Protection Bureau’s “Supervisory Highlights” report for October does not indicate widespread issues involving their end of the real estate transaction. However, there are lessons to be gleaned from disclosure issues identified among auto lenders reminiscent of those that contributed to the financial crisis.

 
CONVERGENCE Collaboration to expand efforts to increase minority homeownership
Posted Date: Tuesday, October 8, 2024
A joint initiative launched by more than a dozen industry trade groups and institutions is seeking to expand its network created to develop solutions to help reduce racial disparities in homeownership. Dubbed the CONVERGENCE Collaborative, the partnership was established in 2019 to create data-driven tools and strategies for industry stakeholders committed to better serving aspiring minority homeowners.

 
Regulatory Roundup: Agencies release new special appraisal thresholds, CRA exam list
Posted Date: Tuesday, October 8, 2024
Federal regulators released a host of information notable for lenders and other financial professionals, especially in the residential housing market. Get a sense of what some of these new developments could mean for your business in this regulatory roundup.

 
Federal Reserve offers new resource guides for FedNow payment service
Posted Date: Tuesday, October 8, 2024
The Federal Reserve released new resource guides for users of its FedNow Service, which enables instant payments for households and businesses anytime. The guides offer information on service readiness, onboarding, and additional guidance for institutions looking to join FedNow.

 
Technology issue causes Bank of America outage affecting 20,000 accounts
Posted Date: Friday, October 4, 2024
Due to what the country’s second-largest bank described as “an IT issue,” more than 20,000 Bank of America customers were startled to learn they could not access their account information. A bank spokesperson confirmed the issue has been resolved following an inquiry by Dodd Frank Update.

 
What lenders should know about CFPB actions on medical debt reporting
Posted Date: Friday, October 4, 2024
The Consumer Financial Protection Bureau issued new guidance and a consumer advisory opinion targeted at illegal medical debt collection practices as part of its broader effort to address the negative impact of erroneous medical debt on American consumers’ credit information. The bureau recognized most creditors, including lenders, do not question the accuracy of data included on credit reports.

 
Agencies offer guidance for financial institutions impacted by Hurricane Helene
Posted Date: Friday, October 4, 2024
Federal and state regulators are stepping in to help financial institutions recover from the effects of Hurricane Helene, offering guidance and regulatory flexibility in light of the challenges entities and borrowers are facing in the storm’s aftermath. Their approach is based on longstanding interagency guidance for supporting banks and credit unions during major disasters.

 
SEC enforcement director steps down
Posted Date: Friday, October 4, 2024
The Securities and Exchange Commission will see a changing of the guard in its enforcement division as its director for the past three years is set to depart the agency. The division’s deputy director will move into the position of acting director.

 
MBA reacts to latest jobs report, ICBA concerned about Swift digital asset pilot
Posted Date: Friday, October 4, 2024
All eyes are on the economy, and the most recent set of national employment data provided a pleasant surprise for the financial sector, among others. The news drew a reaction from the top economist at the country’s largest trade organization representing mortgage bankers. Learn more about this and other issues that are top of mind of mortgage lenders and other financial professionals in this roundup.

 
FDIC releases 2024 Small Business Lending Survey results
Posted Date: Friday, October 4, 2024
The Federal Deposit Insurance Corp. released its 2024 Small Business Lending Survey results, offering a comprehensive look at how U.S. banks serve the credit needs of small businesses. The survey covered the lending practices of more than a quarter of the nation’s banks, with a focus on competition, geographic reach, and the integration of financial technology.

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