Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

News By Edition


Dodd Frank Update January 2025

Dodd Frank Update Monthly Edition
Dodd Frank Update January 2025
Already a subscriber? Login to read this edition.
User Name:
Password:
Forgot your password?


 
Could CFPB proposed rule shine light on shadow data brokers?
Posted Date: Tuesday, December 17, 2024
One of the main critiques of the Consumer Financial Protection Bureau’s efforts to address data privacy issues has been the perceived lack of third-party oversight measures. The bureau’s newly proposed rule to redefine what companies would be considered data brokers subject to Fair Credit Reporting Act standards could help address this issue. Garris Horn Senior Partner John Levonick spoke with Dodd Frank Update about what the bureau’s proposal could mean for companies downstream of financial institutions and other traditional credit reporting agencies if implemented.

 
Congress averts government shutdown, passes bipartisan FARM Act
Posted Date: Friday, December 27, 2024
The Senate voted 85-11 to extend current government funding levels to avoid a government shutdown and to implement a one-year extension to the 2018 Farm Bill, which includes a $10 billion farm aid package in the year-end continuing resolution.

 
CFPB sues three banks, Zelle for lack of fraud protections
Posted Date: Friday, December 20, 2024

The Consumer Financial Protection Bureau (CFPB) filed suit against JP Morgan Chase, Bank of America and Wells Fargo, as well as the operator of the Zelle payment network, for failing to safeguard the Zelle network from fraud. Customers of the three banks lost more than $870 million over Zelle's seven-year existence due to these failures, according to the CFPB.


 
Fed lowers rates for third time this year
Posted Date: Wednesday, December 18, 2024
As many economists anticipated, the Federal Reserve voted to lower the federal funds rate one last time before the end of the year following the December meeting of the Federal Open Markets Committee. The committee agreed to lower rates by 25 basis points to 4-1/4 to 4-1/2 percent, marking the third rate reduction of the year.

 
CFPB bans student lender over fee harvesting
Posted Date: Tuesday, December 17, 2024
The practice of charging illegal upfront fees has cropped up in several enforcement actions issued by the Consumer Financial Protection Bureau over the past year. The bureau recently banned Student Loan Pro and its owner from offering or providing consumer financial products over this practice.

 
CFPB’s Ombudsman’s Office releases annual report
Posted Date: Tuesday, December 17, 2024
The Ombudsman’s Office (OMB) of the Consumer Financial Protection Bureau released its fiscal year 2024 annual report to the director. The OMB assisted in resolving CFPB process issues, offering feedback and suggestions on draft CFPB materials.

 
Canadian bank increases KeyCorp stake with strategic investment
Posted Date: Tuesday, December 17, 2024
KeyCorp and the Bank of Nova Scotia (Scotiabank) received approval from federal regulators to complete a strategic minority investment through which Scotiabank will increase its share holdings in KeyCorp.

 
Regulatory Roundup: FDIC approves 2025 budget, FFIEC releases small business lending data
Posted Date: Tuesday, December 17, 2024
As the end of the year inches closer, federal agencies continue to publish in-depth analysis of their activities and data collected over the past 12 months. Learn about one banking regulator’s budgetary plans for 2025 and what information federal regulators had to share about small business lending, among other insights, in this regulatory roundup.

 
NCUA warns credit unions about overdraft, NSF fee practices
Posted Date: Tuesday, December 17, 2024
The National Credit Union Administration issued a warning to credit unions about overdraft and non-sufficient funds fee practices that may violate consumer protection laws. The agency described practices that create reputational, compliance, and legal risks for institutions and potential unavailable harm for consumers.

 
CFPB finalizes overdraft rule amid industry backlash
Posted Date: Thursday, December 12, 2024
The Consumer Financial Protection Bureau issued its long-awaited final rule to bring overdraft services under the umbrella of existing lending laws. The rule is controversial among financial industry advocates who have argued such a rule would limit consumer access to overdraft services, causing them to turn to risky alternatives to cover unexpected expenses.

 
MBA projects strong purchase market, minimal rate reduction in 2025
Posted Date: Thursday, December 12, 2024
Three top economists for the Mortgage Bankers Association offered a detailed account of how economic conditions are likely to shape the housing market in the foreseeable future. Citing a wealth of supporting data and meticulous analysis of current conditions affecting rates and lending institutions, MBA Chief Economist Mike Fratantoni, MBA Vice President of Industry Analysis Marina Walsh and MBA Deput Chief Economist Joel Kan took turns covering virtually every angle the packed house of mortgage professionals might have been curious to know more about.

 
Rocket Mortgage files lawsuit against HUD
Posted Date: Thursday, December 12, 2024
Rocket Mortgage filed a lawsuit against the U. S. Department of Housing and Urban Development in federal court alleging conflicts between the government’s regulations requiring appraiser independence and its enforcement actions seeking to hold lenders liable for the conduct of independent licensed appraisers.

 
CFPB separates divisions of enforcement, supervision
Posted Date: Thursday, December 12, 2024
The Consumer Financial Protection Bureau plans to make limited amendments to five rules to reflect a recent organizational restructuring within the agency. The reorganization will include splitting the bureau’s enforcement arm and its supervision arm into separate divisions.

 
MBA proposes new security for Ginnie Mae issuers
Posted Date: Thursday, December 12, 2024
To help the organization attract more private capital liquidity sources in the event of a severe market downturn, the Mortgage Bankers Association proposed Ginnie Mae develop a new early-buyout securitization option designed to help withstand such an event.

 
SEC obtained record $8.2 billion in financial remedies for FY 2024
Posted Date: Thursday, December 12, 2024
The Securities and Exchange Commission obtained a record $8.2 billion in financial remedies for fiscal year (FY) 2024 despite issuing fewer enforcement actions than the previous year, according to the agency’s annual report detailing the results of its enforcement activity.

 
Google contests CFPB supervisory designation, asserting ‘numerous legal defects’
Posted Date: Tuesday, December 10, 2024
Days after the Consumer Financial Protection Bureau (CFPB) issued an order establishing supervisory authority over Google Payment Corp. (GPC), the Google LLC subsidiary filed suit against the CFPB in the U.S. District Court for the District of Columbia. The tech company claimed the bureau attempted to coerce GPC into not contesting the designation with the threat of negative publicity.

 
CFPB cites risks to consumers in Google supervision notice
Posted Date: Tuesday, December 10, 2024
As part of its effort to better utilize its supervisory authority over nonbank entities that pose risks to consumers, the Consumer Financial Protection Bureau issued an order establishing supervisory authority over Google Payment Corp. It is the second designation order issued by the bureau invoking its previously dormant authority to supervise nonbank entities under the Dodd-Frank Act.

 
CFPB seeks input on FCRA rulemaking to help abuse survivors
Posted Date: Tuesday, December 10, 2024
Citing studies on the substantial, long-lasting harm of inaccurate credit reporting on abuse survivors, the Consumer Financial Protection Bureau announced an advance notice of proposed rulemaking to gather public input on potential amendments to the Fair Credit Reporting Act to help those impacted.

 
Regulatory Roundup: Agencies issue joint statement on elder financial abuse
Posted Date: Tuesday, December 10, 2024
Regulatory agencies have increased their attention on the impact certain types of financial abuse can negatively impact not only people’s credit scores but their quality of life. Learn what several regulatory bodies have to say about one common form of financial abuse, and how one agency reimbursed consumers harmed by misuse of their personal credit information in this roundup.

 
Fed cites Illinois bank for operational oversight deficiencies
Posted Date: Tuesday, December 10, 2024
The Federal Reserve issued a consent order against First of Murphysboro Corp. (FMC) citing the bank holding company for operational deficiencies related to its oversight of the First Bank and Trust Company of Murphysboro.

 
Banking agencies request comments on reducing regulatory burdens
Posted Date: Tuesday, December 10, 2024
For the third time this year, the federal bank regulatory agencies announced a notice requesting comment on their statutorily required efforts to reduce regulatory burdens on the financial services system. The latest notice was focused on gathering comments about three categories of regulations: rules of procedure, safety and soundness, and securities.

 
Google sues CFPB for establishing supervisory authority
Posted Date: Monday, December 9, 2024
Days after the Consumer Financial Protection Bureau (CFPB) issued an order establishing supervisory authority over Google Payment Corp. (GPC), citing reason to believe its products and services posed a possible risk to consumers, the Google LLC subsidiary filed suit against the CFPB in the U.S. District Court for the District of Columbia.

 
CFPB sues Comerica Bank for failing elderly, disabled cardholders
Posted Date: Friday, December 6, 2024
The Consumer Financial Protection Bureau sued Comerica Bank for impeding federal benefit payments to elderly consumers and people with disabilities by deliberately disconnecting customer service calls, charging illegal fees, and mishandling fraud complaints.

 
CFPB commits to record $1.8 billion distribution from victims relief fund
Posted Date: Friday, December 6, 2024
In what amounts to the largest distribution from its victims relief fund since the agency’s inception, the Consumer Financial Protection Bureau plans to distribute $1.8 billion to consumers harmed by deceptive and illegal practices by a conglomerate of credit repair companies. The bureau will reimburse 4.3 million people who were charged illegal advance fees or subjected to deceptive “bait-and-switch” tactics.

 
Banking trades urge court to set aside CFPB 1071 small business lending rule
Posted Date: Friday, December 6, 2024
A coalition of industry trade groups argued against the legality of the Consumer Financial Protection Bureau’s small business lending rule, implementing Sec. 1071 of the Dodd-Frank Act, in an appellate brief filed in the Fifth Circuit Court of Appeals.

 
CFPB, DOJ issue reminder about servicemember interest rate protections
Posted Date: Friday, December 6, 2024
The U.S. Department of Justice and the Consumer Financial Protection Bureau issued a joint letter intended to remind financial services providers of their responsibility to honor interest rate protections for servicemembers, recent veterans and their spouses as stipulated in the Servicemembers Civil Relief Act.

 
Mortgage applications rise again, ICBA comments on petition to shorten check hold times
Posted Date: Friday, December 6, 2024
Entering the home-stretch of the year, mortgage applications are trending in a positive direction and the financial industry remains busy making sure regulators know where banks and credit unions stand on a number of issues. Learn more about these matters in this roundup.

 
House members urge FDIC to withdraw brokered deposits rule
Posted Date: Friday, December 6, 2024
Twenty House Republicans called for the Federal Deposit Insurance Corp. (FDIC) to withdraw its proposed rule to expand the definition of brokered deposits in a letter to FDIC Chair Martin Gruenberg. They claimed that expanding the rule would result in capturing many deposits that do not pose major liquidity or other risks.

 
CFPB to distribute $1.8 billion to consumers charged illegal ‘junk fees’
Posted Date: Thursday, December 5, 2024
The Consumer Financial Protection Bureau (CFPB) announced it intends to reimburse 4.3 million people who were charged illegal advance fees or victimized by deceptive advertising practices. The bureau said it plans to distribute $1.8 billion from its victims relief fund – the largest such distribution in the agency’s history.

 
U.S. Chamber challenges CFPB over data broker rule
Posted Date: Wednesday, December 4, 2024
The Consumer Financial Protection Bureau (CFPB) is being challenged over its newly proposed rule governing data brokers. U.S. Chamber of Commerce claimed the bureau exceeded its statutory authority with the rulemaking by basing the proposed rule on an overly broad interpretation of the Fair Credit Reporting Act.

 
CFPB cracks down on data brokers with proposed rule
Posted Date: Tuesday, December 3, 2024
The Consumer Financial Protection Bureau took another step as part of the federal government’s broader initiative to protect consumers’ personal data by introducing a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act.

 
GSEs reveal three-year plans to expand affordable housing opportunities
Posted Date: Tuesday, December 3, 2024
The Federal Housing Finance Agency detailed its strategic plans to expand affordable housing opportunities for underserved communities through efforts to be undertaken by government-sponsored enterprises Fannie Mae and Freddie Mac over the next three years.

 
Fannie Mae expects inflation to hinder 2025 home sales
Posted Date: Tuesday, December 3, 2024
Home sales may not bounce back as much in 2025 as previously expected, according to the latest forecast by Fannie Mae’s Economic and Strategic Research Group. The group expects sales to increase less than predicted earlier.

 
Fed approves United Bankshares merger with bank
Posted Date: Tuesday, December 3, 2024
Upon receiving all necessary regulatory approvals, United Bankshares, Inc., can move forward with its merger with Piedmont Bancorp, increasing United’s presence in the Mid-Atlantic and Southeast regions.

 
Regulatory Roundup: Fed governor issues warning about inflation, FinCEN joins fraud task force
Posted Date: Tuesday, December 3, 2024
Inflation is certainly a topic that, despite recent reductions in interest rates and other positive economic factors, economists and financial professionals are unlikely to get away from anytime soon. Learn what one Federal Reserve governor had to say on the matter recently, along with other recent developments in this regulation roundup.

 
Community bankers support bipartisan FARM Act
Posted Date: Tuesday, December 3, 2024
The Farmer Assistance and Revenue Mitigation Act, legislation intended to provide targeted relief to farmers struggling from the impact of circumstances beyond their control, has received expressed support from the community banking sector. The bill includes language intended to support farmers who have suffered economic losses due to adverse weather conditions and low commodity prices.

 
CFPB proposes data broker rule
Posted Date: Tuesday, December 3, 2024
The Consumer Financial Protection Bureau introduced a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act.

Monthly Newsletter

Dodd Frank Update May 2025

Cover Story:

Wolters Kluwer experts analyze shifts in banker compliance concerns


News by Topic   News by Edition   News by Agency   News by Industry   In-depth Reports   Events
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update April 2025
Dodd Frank Update May 2025
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
2025 State of the Industry
CRA and Affordable Housing
2025 State of the Industry
Who's My Regulator?
Fair Lending
Mortgage Technology
Marketing Compliance for Lenders
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars

Library   About   Subscribe   Other Publications
Data Privacy Vault Court Actions
Keys to Real Estate podcast Enforcement Documents
Blog - Tuesdays with Mary Guidance Documents
1071 Compliance Guide White Papers
eClosing Solutions Showcase Position Papers
Executive Interview Series Legislation
Lender Associations Regulations
The Dodd-Frank Act Reports, Studies and Surveys
Dodd-Frank Summary & History Federal Register Notices
 
Dodd Frank Update
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2025 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
IN-DEPTH REPORTS
INDUSTRY
EVENTS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
Current Edition
April 2025
March 2025
February 2025
Archives
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
2025 State of the Industry
Real Estate Compliance Outlook
CRA and Affordable Housing report
Who's My Regulator?
Fair Lending
Marketing Compliance for Lenders
Archives
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
CFPB's Shake-Up & Its Impact on You
2025 Economic Outlook Series
Data Privacy Compliance
Fintech Partner Compliance
Strategies post-NAR settlement
Industry and Regulatory Outlook
Securing Your Cyber Network
Compliant Marketing Tactics
2024 Economic Forecast Series
Webinar Archives
Data Privacy Vault
Keys to Real Estate podcast
Blog - Tuesdays with Mary
1071 Compliance Guide
eClosing Solutions Showcase
Executive Interview Series
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement