News By Edition

For loan originators and mortgage servicers, the Consumer Financial Protection Bureau’s (CFPB) Unified Agenda for Spring 2026 could be particularly impactful in the months ahead. Dodd Frank Update spoke with a pair of former CFPB attorneys about what would be best for the industry and consumers when considering the bureau’s rulemaking priorities.

More than a year after the U.S. Supreme Court’s unanimous decision vacating and remanding an appellate court’s finding in Cantero v. Bank of America, Dodd Frank Update consulted two industry insiders about the U.S. First Circuit Court of Appeals’ ruling upholding a key preemption standard codified in the Dodd-Frank Act.

The Consumer Financial Protection Bureau’s final rule, entitled “Procedures for Supervisory Designation Proceedings,” rescinded amendments it adopted in April 2022, November 2022 and April 2024 concerning nonbank covered persons.

The topic of industrial loan company (ILC) charters has been a source of contentious debate among traditional banks and consumer advocates for years. The Federal Deposit Insurance Corp.’s request for information on its approach to ILC charter applications has garnered strong opinions.

As the Federal Deposit Insurance Corp. considers updating requirements governing how banks may use its name and logo, banking industry advocates are urging the agency to stay the pending compliance dates for the revised rules.

Bank of America announced key senior leadership changes as the country’s second-largest bank by asset-size looks to strengthen its global capabilities and enhance support for clients, shareholders and communities.

Lawmakers reintroduced “The Mortgage Insurance Freedom Act” on Sept. 19, with the aim to allow borrowers to stop paying Federal Housing Administration (FHA) mortgage insurance premiums once they have built up a certain amount of equity in their home.

Land Gorilla, a construction loan management software provider, announced was named a Premier Partner of the American Bankers Association in recognition of its long-term commitment to the banking industry, according to a company press release.

The Mortgage Bankers Association’s (MBA) Compliance and Risk Management Conference is set to take place Sept. 28-30 in Washington, D.C. Dodd Frank Update will be there, listening and learning as some of the real estate finance industry’s top experts discussing range of relevant topics.

The Senate Banking Committee met to discuss bipartisan legislation proposing reforms to the federal framework around the Deposit Insurance Fund, including the potential trade-offs entailed with calls to raise deposit limits with respect to financial institutions, small businesses and taxpayers.

U.S. District Court Judge Gordon Gallagher ruled an appraisal bias lawsuit filed against Rocket Mortgage, Solidifi and an appraiser may proceed, denying a motion to dismiss.

The U.S. Department of Housing and Urban Development’s shift in its approach to enforcement of fair housing and civil rights laws, combined with deep staff cuts, has raised concerns internally. Sen. Elizabeth Warren (D-Mass.) has urged HUD’s inspector general to investigate whistleblower claims that the agency leadership is undermining its statutory mission.

The House Financial Services Committee voted to advance five legislative pieces supported by community banking advocates prior to a Sept. 16 markup session. Some of the measures passed with strong bipartisan support while others proved more contentious.

In the Countdown to Compliance: FinCEN’s Residential Rule Explained webinar, guest speakers dive into the new residential real estate reporting rule taking effect in December, as well as provide clarity on compliance guidelines, discuss the key role title agents will play in identifying risk and more.

Federal Housing Finance Agency Director Bill Pulte announced the agency would withdraw from the Network of Central Banks and Supervisors for Greening the Financial System on Sept. 19.

The Federal Open Market Committee voted to lower the federal funds target range by 1/4 percentage during the committee’s Sept. 16-17 meeting and projected two more rate cuts before the end of the year. The committee cited weakening labor numbers, as well as uncertainty over inflation and the economy, as reasons for its first rate cut since December of last year.

As the Trump administration is looking to bring its fight to remove a member of the Federal Reserve Board to the Supreme Court over allegations of mortgage fraud, evidence has emerged suggesting the contradictory mortgage pledges central to the case are not uncommon, including among other government officials. Dodd Frank Update asked David Friend, owner of David Friend Mortgage Consulting, what industry professionals and borrowers can learn from these allegations and if there is anything that can be done to safeguard against potentially unwarranted fraud claims.

Financial Crimes Enforcement Network Director Andrea Gacki detailed her organization’s efforts to counter cartel and terrorist financial activity, as well as changes to beneficial ownership information reporting while testifying before the House Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions.

When a person acts on inspiration, amazing things can happen. Jaime Johnson, director of WFG Agent 3.0, demonstrated this concept by founding WFG’s Women at the (Closing) Table group, which she discussed with October Research Chief Knowledge Officer Mary Schuster.

The PNC Financial Services Group, Inc. entered into a definitive agreement with FirstBank Holding Co. to acquire the organization and its banking subsidiary FirstBank.

The U.S. Treasury Department announced it is seeking public comment related to an advance notice of proposed rulemaking regarding its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act.

The U.S. Department of Justice asked the Supreme Court to stay a preliminary injunction imposed by the U.S. District Court for the District of Columbia to allow Federal Reserve Gov. Lisa Cook to remain in her seat on the Fed Board.

The Federal Open Market Committee voted to lower the federal funds target range by 1/4 percentage point to 4 to 4 1/4 percent. The committee cited weakening employment numbers and sustained uncertainty concerning inflation and the economy as reasons for approving its first rate cut since December of last year.

When it comes to data privacy rights and larger financial market participants, the Consumer Financial Protection Bureau’s (CFPB) latest Unified Agenda has some major implications. For a deep-dive into the CFPB’s efforts to revise its Personal Financial Data Rights final rule, implementing Sec. 1033 of the Dodd-Frank Act, and its rules related to larger market participants, Dodd Frank Update consulted Mike G. Silver, who spent more than 12 years as one of the CFPB’s top regulatory attorneys.

Everyone appreciates when a real estate transaction goes smoothly, whether you are a lender, a title agent or a homebuyer. A key to making that happen is solid collaboration between all parties involved. That is why October Research invited four industry experts representing both the title and lending sectors to take part in a panel discussion on “Optimizing Bank-Title Partnerships for Seamless Closings” at the 2025 National Settlement Services Summit (NS3) in Pittsburgh.

The Senate narrowly confirmed President Donald Trump’s chief economist, by a 48-47 margin, to join the Federal Reserve Board on Sept. 15. His confirmation came only two days ahead of the Federal Open Market Committee’s vote on the federal funds rate.

The mortgage market has seen a stark divergence between purchase and refinance activity, according to Optimal Blue’s August Market Advantage report.

MISMO published a host of updates to its Consumer-Facing Charge and Fee Naming Guide to aid mortgage lenders when interfacing with borrowers and industry professionals.

A coalition of 28 trade organizations representing the mortgage industry and affordable housing advocates sent a letter to lawmakers, urging them to bring the bipartisan ROAD to Housing Act to the floor for full consideration.

A federal judge ruled that Lisa Cook should remain in her seat on the Federal Reserve Board after finding “many serious questions” about President Donald Trump’s attempt to remove her “for cause” amid allegations of mortgage fraud. The Trump administration has asked an appeals court to rule on the matter prior to the Fed’s next interest rate vote.

Among the Consumer Financial Protection Bureau’s Spring 2025 Unified Agenda priorities is one aimed at revising rules tied to a statute designed to prohibit creditors from denying loan applications for potentially discriminatory reasons. Dodd Frank Update spoke with Garris Horn LLP Managing Partner Rich Horn about the implications.

In an effort to streamline the mortgage application process and enhance the consumer experience, PennyMac Financial Services and Vesta Innovations have entered into a strategic partnership.

Property rights can be a contentious issue. But what happens when one of the parties claiming ownership of a piece of real estate is the federal government? This is the saga George Foote, Esq., long-time general counsel at the U.S. Institute of Peace, discussed with October Research Chief Knowledge Officer Mary Schuster during an episode of the Keys to Real Estate podcast.

A recent uptick in adjustable-rate mortgage products helped boost mortgage credit availability overall in August, according to a report published by the Mortgage Bankers Association (MBA). MBA Deputy Chief Economist Joel Kan said industry lending capacity appears to have stabilized after significant declines in recent years.

The House passed its version of the Fiscal Year National Defense Authorization Act by a vote of 231-196. The bill did not include certain amendments supported by community banking and credit unions advocates.

A federal judge ruled that Lisa Cook must be allowed to remain in her seat on the Federal Reserve Board after President Donald Trump’s attempt to remove her “for cause” amid allegations of mortgage fraud.

The Office of the Comptroller of the Currency issued two bulletins implementing President Donald Trump’s executive order warning banks against engaging in debanking practices against customers over political beliefs or engagement in lawful but “disfavored” business activities.

The Treasury Department proposed requiring Community Development Financial Institutions (CDFI) Fund applicants to disclose whether requested funds would be used for purposes related to diversity, equity and inclusion or climate issues. Credit union advocates indicated concerns about the bill’s potential impact despite support for increased transparency around CDFI funding.

Mortgage Bankers Association Chief Economist Mike Fratantoni expects the disappointing Sept. 5 jobs report from the U.S. Bureau of Labor Statistics to have a silver lining in the form of a long-anticipated reduction in interest rates.

The Securities and Exchange Commission has formed a task force to strengthen and enhance its efforts to identify and combat cross-border fraud harming U.S. investors, with an initial focus on investigating potential U.S. federal securities law violations related to foreign-based companies.

Many financial services trade organizations celebrated the long-awaited enactment of the Homebuyers Privacy Protection Act on Sept. 5. The measure will ban “trigger leads,” which derive from credit reporting agencies selling consumers’ contact information when they apply for a residential mortgage.

The Consumer Financial Protection Bureau released its Spring 2025 Unified Agenda, outlining 24 line items of planned rulemaking activities with the potential to reshape various aspects of the regulatory ecosystem for covered financial institutions. More than half of the CFPB’s rulemaking plans involve rescinding or reconsidering portions of numerous rules and regulations implemented by the bureau over the course of its existence.

The Consumer Financial Protection Bureau announced a proposed rule intended to set a clear standard for utilizing its statutory authority to designate nonbank financial institutions as covered entities for the purposes of regulatory supervision. The agency is seeking feedback from interested stakeholders about the proposal.

Federal Reserve Gov. Lisa Cook remains in her position on the Fed Board while wrapped up in a legal battle with the Trump administration as it seeks to remove her “for cause.” As Cook’s legal team defends her in court, they will also have to address new criminal charges filed by the Department of Justice for alleged mortgage fraud.

The Securities and Exchange Commission and the Commodity Futures Trading Commission outlined a plan for harmonizing regulatory approaches to other novel or innovative financial products, including cryptocurrencies.

Mr. Cooper Group Inc. shareholders voted to adopt the company’s merger agreement with Rocket Companies, Inc. at a special meeting held Sept. 3. Voting shareholders were divided on the proposed non-binding terms for merger-related compensation.

As the Consumer Financial Protection Bureau continues to push forward with plans to revise its Personal Financial Data Rights rule, a legal battle between one trade group representing fintechs and others advocating for traditional banks has continued to escalate over the rule’s implementation in its existing form.

The Consumer Financial Protection Bureau filed a complaint against Synapse Financial Technologies, Inc., accusing the fintech company of record-keeping failures, resulting in approximately $60 million-90 million in missing customer funds.

The Federal Reserve Board published a final rule to update its method for determining individual capital requirements for the nation’s largest, most complex banking institutions. If finalized, banks’ capital needs will be based on their average stress test results over two consecutive years.

The Consumer Financial Protection Bureau announced its decision to drop an investigation into Credova Financial, a buy-now-pay-later company with ties to Donald Trump Jr., the oldest son of President Donald Trump. The bureau asserted the investigation was “politically motivated.”

The U.S. Treasury announced that the federal government will stop issuing paper checks for most federal payments on Sept. 30. Anyone who receives federal benefit checks will have to switch to an electronic payment method, according to the agency.

MISMO, the mortgage industry’s standards organization, recently announced the release of the Automated Valuation Model (AVM) Common Confidence Score Standard and Guidance for lenders.

The Federal Housing Finance Agency allowed both government-sponsored entities to approve Rocket Companies’ proposed acquisition of Mr. Cooper Group, subject to conditions intended to ensure the ongoing safety and soundness of the GSEs.

The Mortgage Bankers Association (MBA) announced the nomination of John Hedlund to serve as MBA’s vice chairman for the 2026 membership year. Hedlund currently serves as vice chairman of ICE Mortgage Technology.

Construction loan management software platform Land Gorilla announced it is now a preferred partner with The Mortgage Collaborative, the nation’s largest independent cooperative network serving the mortgage industry, according to a press release.