Banking

Federal Reserve Chair Jerome Powell appointed a new leader of the Fed Office of Inspector General, who will have oversight of the Consumer Financial Protection Bureau as well. Days later, the Fed announced its intent to investigate efforts to make massive staff cuts at the bureau ahead of his arrival. Read on »

The results of the Federal Reserve’s latest Senior Financial Officer Survey results indicated most bankers expect their balance sheets to remain unchanged over the next six months and plan to prioritize retention rather than growth strategies, with some exceptions. Read on »

The month of June began in similar fashion to the previous two months – with a double-digit jump in mortgage application volume, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Read on »

The Consumer Financial Protection Bureau singled out rulemakings pertaining to its Loan Originator Compensation (LO Comp) rule and mortgage servicing rules for review by the Office of Management and Budget. The inclusion of the word “rescission” in the official title listed for the LO Comp rulemaking has raised questions among legal experts. Read on »

The Consumer Financial Protection Bureau asked a federal court to vacate the agency’s data privacy rule, implementing Sec. 1033 of the Dodd Frank Act. The bureau’s arguments against its own rule paralleled those expressed by its most ardent detractors. Read on »

Acting comptroller of the currency Rodney Hood defended federal preemption regulations employed by the Office of the Comptroller of the Currency in a letter to the Conference of State Bank Supervisors, saying the regulations are consistent with Dodd-Frank. Read on »

The Independent Community Bankers of America has expressed conditional support for several of Nacha’s proposed amendments to the Automated Clearing House operating rules, emphasizing the need for balanced implementation while considering operational risks and fraud prevention. Read on »

A myriad of trade advocates emphasized their support for legislation seeking to impose a widely supported prohibition on “trigger leads,” sold by credit agencies when consumers apply for residential mortgage loans, in letters to House committee leaders. Read on »

The Senate voted to confirm Michelle “Miki” Bowman to serve at the Federal Reserve’s vice chair for supervision. The financial services industry, which has expressed strong support for Bowman since her nomination in March, reacted favorably to her confirmation. Read on »

The Federal Deposit Insurance Corp. released the results of its quarterly banking profile, summarizing financial data collected from 4,462 insured commercial banks and savings institutions for the first quarter. Read on »