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How effective can CRA process be?
Posted Date: Tuesday, August 29, 2017
Despite Congress’ limited experience with Congressional Review Act (CRA) repeals before 2017, the act remains an effective tool for legislators wanting to prevent certain rules from taking effect that they believe would be problematic in some way.
Credit Union National Association’s Ryan Donovan, Independent Community Bankers of America’s Viveca Ware and Pillsbury Winthrop Shaw Pittman’s Craig Saperstein spoke with Dodd Frank Update about the CRA’s power to make regulatory agencies think twice about their rulemaking activities.
Stay in the loop on how Congress may use its CRA authority going forward.
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House votes to repeal CFPB arbitration rule
Posted Date: Wednesday, July 26, 2017
The House of Representatives voted to disapprove the Consumer Financial Protection Bureau’s final rule prohibiting financial companies from issuing arbitration agreements that disallow their customers from joining class action lawsuits against them. Read on to find out what the financial industry is saying in response to the vote and what it means for the future of the rule.
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CFPB shares overdraft status with public
Posted Date: Friday, August 4, 2017
The Consumer Financial Protection Bureau (CFPB) recently announced it was releasing examples of model disclosure forms, which banks and credit unions could use to describe their overdraft practices to customers.
The CFPB also released a study tracking the habits of frequent account overdrafters, showing they average more than $450 in annual fees higher than less frequent overdrafters.
The bureau did not, however, release a timeline for future progress on the issue, or detail whether it would pursue rulemaking in the area – despite having worked on pre-rule overdraft activities for nearly five years. So what does the announcement mean? Read on for the details.
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CFPB fines JPMorgan Chase for inadequate reporting policies
Posted Date: Thursday, August 10, 2017
The Consumer Financial Protection Bureau recently announced an enforcement action against JPMorgan Chase Bank, N.A., alleging that the company did not have proper reporting processes in place for checking account screenings, and that it failed to provide customers results from such screenings. Read on to find out more details about the enforcement action.
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CFPB issues bulletin on pay-by-phone fees
Posted Date: Wednesday, August 2, 2017
The Consumer Financial Protection Bureau has issued a bulletin advising companies about potential violations of the Dodd-Frank Act’s prohibition against unfair, deceptive or abusive acts or practices and the Fair Debt Collection Practices Act when assessing pay-by-phone fees. Read on to learn how companies can avoid legal pitfalls.
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CFPB report focuses on complaint responsiveness
Posted Date: Tuesday, August 15, 2017
The Consumer Financial Protection Bureau’s monthly complaint report for July 2017 focused on how well companies have done providing timely responses to consumer complaints.
It also detailed trends in complaint volumes from 2014 to 2016.
Companies to which the CFPB channels complaints issued timely responses at a rate of 97 percent as of March 31, 2017, according to the report. Read on to learn more details.
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Fannie, Freddie fail most severe stress tests
Posted Date: Friday, August 11, 2017
Stress test results for Fannie Mae and Freddie Mac indicate that the government-sponsored enterprises could need more than $100 billion in assistance in the event of an economic downturn comparable to the 2008 financial crisis. It is noteworthy that the enterprises were not tested against any scenario other than the most severe one. Read on to learn more about the results.
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Bank regulators propose appraisal threshold increase
Posted Date: Thursday, August 10, 2017
Federal banking regulators have issued a notice of proposed rulemaking that would significantly raise the threshold for commercial real estate transactions requiring an appraisal. Financial trade organizations have called for relief from the current appraisal threshold. Read on to learn more.
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DOL proposes extension for fiduciary compliance
Posted Date: Tuesday, August 15, 2017
Certain exemptions to the Department of Labor’s final rule redefining the term “fiduciary” could be put on hold with the department’s filing of a notice of administrative action that would delay their applicability.
Specifically, the delay would mean an extension to the compliance deadline for three of the rule’s exemptions pertaining to best interest contracts (BICs), principal transactions and prohibited transactions.
Read on to find out what those exemptions are and how much longer financial institutions would have to comply.
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OCC seeks input on Volcker Rule revisions
Posted Date: Tuesday, August 8, 2017
The Office of the Comptroller of the Currency is seeking public comments on revising its final rule implementing section 619 of the Dodd–Frank Act, commonly known as the “Volcker Rule.”
The move comes after a recent Financial Stability Oversight Council meeting, in which financial regulators discussed potential changes that could be made to the Volcker Rule.
Read on to learn more and read reaction from the banking industry.
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CoreLogic supports launch of HOPE Disaster Fund
Posted Date: Thursday, September 7, 2017
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, recently announced that it has seeded Operation HOPE’s new Disaster Fund with $250,000.
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Home Point names new chief compliance officer
Posted Date: Thursday, September 7, 2017
Home Point Financial Corporation, a national, multi-channel mortgage originator and servicer, recently announced that it has named Ross Gloudeman as Chief Compliance Officer.
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FDIC revises ‘Affordable Mortgage Lending Guide, Part II’
Posted Date: Tuesday, August 29, 2017
In an effort to ensure that it contains the most up-to-date information, the Federal Deposit Insurance Corp. (FDIC) recently revised its “Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies.”
The guide is designed to provide details about mortgage programs offered through state housing finance agencies, offering community banks an overview of various products, as well as a means to compare different products and identify next steps to expand or initiate a mortgage lending program.
Make sure you are up-to-date with the updates, which apply to all FDIC-insured institutions.
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OCC promotes prudent lending to high LTV areas
Posted Date: Friday, August 25, 2017
In an effort to facilitate community revitalization, the Office of the Comptroller of the Currency recently issued a bulletin providing guidance on responsible mortgage lending in targeted areas with particularly high loan-to-value (LTV) ratios.
The bulletin interprets existing regulations and sets principles for managing risks that certain national banks and federal savings associations face when establishing programs for originating owner-occupied residential mortgage loans with LTV ratios that exceed 100 percent.
Make sure you are informed about what financial institutions should be cognizant of regarding this guidance.
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FHFA modifies new refi program, extends HARP
Posted Date: Friday, August 25, 2017
The Federal Housing Finance Agency (FHFA) recently announced that it will extend its Home Affordable Refinance Program (HARP) while also modifying its streamlined refinance program for borrowers with high loan-to-value (LTV) ratios.
Loans originated by Fannie Mae and Freddie Mac on or after Oct. 1, 2017, will be eligible for the FHFA’s “High LTV Streamlined Refinance” program.
When announced on Aug. 25, 2016, the new program was to have no eligibility cut-off dates. Get some insight why the FHFA decided to implement one as part of its modifications to the offering.
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Altisource hires new president of real estate marketplace
Posted Date: Tuesday, August 22, 2017
Altisource Portfolio Solutions S.A. (Altisource), a provider of mortgage, financial and technology services for the real estate industry, recently announced the appointment of Marcello Mastioni to the newly-created position of president of real estate marketplace.
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NS3: Forecasting market impacts of economic, consumer trends
Posted Date: Tuesday, August 22, 2017
When it comes to trends within the economy and among consumers and their effects on the country’s financial and housing markets, few people are as well-versed as Fannie Mae Deputy Chief Economist and Vice President Dr. Mark Palim.
Palim oversees forecasting functions for Fannie Mae’s economic and strategic research groups and manages multi-disciplinary partnerships.
He shared his insight during the 2017 National Settlement Services Summit in San Antonio. Read on to learn more.
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NCUA seeks comments on reg reform plan
Posted Date: Tuesday, August 22, 2017
The National Credit Union Administration (NCUA) is seeking comments from credit union stakeholders regarding regulatory reforms recommended by an internal agency task force.
The NCUA board approved posting the proposal in the Federal Register for a 90-day comment period. The agency formed its regulatory reform task force after it voluntarily chose to comply with the spirit of Executive Order 13777, issued earlier this year.
The order requires federal agencies to conduct regulatory reviews devise a plan for eliminating unnecessary or duplicative regulations and find ways to cut costs.
Read on to find out what reforms the agency is proposing.
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DOD denies request to delay MLA implementation
Posted Date: Tuesday, August 22, 2017
The Department of Defense (DOD) recently denied the National Association of Federally-Insured Credit Unions’ request to extend the compliance deadline for the department’s Military Lending Act rule.
The MLA rule, intended to prevent active service members from being charged an interest rate higher than 36 percent on consumer loans, among other provisions, took effect last October but included a one-year limited exemption for credit cards.
The association has written the DOD about the rule multiple times. Read on to learn more.
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CFPB launches web form for inquiries
Posted Date: Tuesday, August 22, 2017
The Consumer Financial Protection Bureau Office of Regulations recently launched a web form for companies and stakeholders to use when submitting questions about the bureau’s regulations.
Going forward, the web form will replace the email address that industry and other stakeholders previously used to submit such inquiries. The form can be found on the bureau’s website.
Read on to find out more about the new web form, where to find it and rules for submitting inquiries.
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Court rules Spokeo FCRA violations caused ‘concrete’ injury
Posted Date: Tuesday, August 22, 2017
The Ninth Circuit Court of Appeals ruled that Fair Credit Reporting Act (FCRA) violations alleged against Spokeo included sufficient evidence of injury suffered by a Virginia man who claimed the people search engine reported inaccurate information about him.
The three-judge panel that presided over the putative class action lawsuit published a 21-page decision detailing why they voted unanimously to reverse a lower court’s ruling.
Read on to find out more case details, including arguments made on both sides.
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Wells Fargo announces new board leaders
Posted Date: Friday, August 18, 2017
Wells Fargo has announced that there will be major changes to its board leaders, corporate governance guidelines and committee oversight responsibilities.
The changes include the retirement of three directors as well as a new board chairman, who replaces the outgoing Steve Sanger. Sanger led the independent board investigation into Wells' fraudulent sales practices.
Read on to find out more details about who else is stepping down, and what other leadership changes will be made.
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Proposed prepaid rule changes get mixed reaction
Posted Date: Friday, August 18, 2017
The Consumer Financial Protection Bureau’s proposal to revise error resolution requirements and limited liability provisions of its final rule on prepaid products has garnered mixed feedback from financial trade organizations.
Some provisions garnered industry support, but concerns about the rule’s compliance deadline linger.
Read on to learn more details from comment letters submitted by the American Bankers Association and the Credit Union National Association.
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Bill would eliminate SIFI threshold
Posted Date: Friday, August 18, 2017
The $50 billion asset limit for labeling financial institutions as “systemically important” is the target of bipartisan legislation that has gained support from multiple banking organizations.
Tailored regulation, which is supported by many financial trade organizations, also is addressed in the bill, which has been offered in the House of Representatives by Rep. Blaine Luetemeyer (R-Mo.).
Read on to learn more details and reaction to its impact by industry representatives.
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NCUA merger rule draws concerns from credit unions
Posted Date: Friday, August 18, 2017
The National Credit Union Administration’s proposal to revise and clarify regulations that apply when credit unions merge recently drew concerns from the Credit Union National Association.
The rule would require merging federal credit unions to disclose all financial arrangements related to the merger; mail member notices at least 45 days, but no more than 90 days, before the meeting to vote on the merger.
Read on to find out what aspects of the rule are giving credit unions pause, and the three specific points which the Credit Union National Association says it does not support in the rule, saying the proposal could increase the regulatory burden for its credit union members.
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FHFA names new deputy director of FHLBank regulation
Posted Date: Friday, August 18, 2017
Federal Housing Finance Agency Director Mel Watt recently appointed a new deputy director of the FHFA Division of Federal Home Loan Bank Regulation.
The new deputy director succeeds Fred Graham, who announced earlier this year he would retire, effective Aug. 18, 2017. Graham has served as the director of the Division of FHLBank Regulation since April 2013.
Read on to learn more about this appointment and the extent of his oversight of the Federal Home Loan Banks.
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FSR survey probes fiduciary rule impact
Posted Date: Friday, August 18, 2017
Findings from a survey of about 600 financial advisors, recently released by the Financial Service Roundtable, offers a glimpse of what impact the Department of Labor’s new fiduciary rule may have on consumers and the marketplace. Read on to find out more details.
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House, Senate propose SAFE Act modifications
Posted Date: Tuesday, August 15, 2017
The Mortgage Bankers Association announced its support for bipartisan bills introduced in the House and the Senate intended to allow mortgage loan originators to continue working while transitioning between companies.
Both legislative pieces would be especially beneficial to mortgage loan originators making the jump from a bank to a non-bank entity, which has additional requirements under the current SAFE Act provisions.
Read on to learn more details about the bills and the next step in the legislative process.
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ICBA challenges NCUA over ‘exorbitant’ legal fees
Posted Date: Tuesday, August 15, 2017
Legal fees paid by the National Credit Union Administration to settle lawsuits involving five failed corporate credit unions became the subject of controversy between the agency and the Independent Community Bankers of America.
ICBA President and CEO Camden Fine recently sent a letter to Rep. Ann Wagner’s (R-Mo.) applauding her work with the House Subcommittee on Oversight and Investigations scrutinizing the NCUA’s payment to two outside law firms.
Read on to find out what the source of contention was and what both sides have to say.
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Community bankers support long-term farm bill
Posted Date: Tuesday, August 15, 2017
Community bankers recently testified before Congress to support a long-term farm bill, H.R. 831, also known as the “Beginning Agriculturalist Lifetime Employment” (BALE) Act, intended to provide insurance against a farm credit crisis by enhancing programs offered by the U.S. Department of Agriculture and adjusting applicable federal regulations. Read on to learn more.
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Vendorly adds three companies to vendor oversight platform
Posted Date: Monday, August 14, 2017
Vendorly, a vendor oversight platform for financial institutions, recently announced the continued expansion of its platform through the addition of three new third-party oversight integrations available on the Vendorly platform.
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Docutech, Veri-Tax streamline Day 1 Certainty process for lenders
Posted Date: Monday, August 14, 2017
Docutech, a provider of document and compliance technology for the mortgage and consumer lending industries, and Veri-Tax, a national verification provider, have expanded their integrated services to enable lenders to easily obtain the tax transcripts needed to enroll in Fannie Mae’s Desktop Underwriter validation service.
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eMortgage milestone in North Carolina
Posted Date: Thursday, August 10, 2017
North Carolina has been at the forefront of eMortgage and eClosing transactions, and Thursday saw the state at the center of another milestone. Read on for details about the latest achievement, the principals involved in the transaction, and reaction from Brady & Kosofsky partner Jaime Kosofsky. This report is available to all readers.
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MBA vice president, regulatory counsel to step down
Posted Date: Thursday, August 10, 2017
The Mortgage Bankers Association has announced that Ken Markison, vice president and regulatory counsel at MBA, will step down at the end of September.
Markison said he plans to start his own consulting practice. The association also announced the promotion of two staffers.
Read on to learn more about these personnel changes and reaction from MBA President and CEO David Stevens.
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FDIC updates examination policy manual
Posted Date: Thursday, August 10, 2017
The Federal Deposit Insurance Corp. (FDIC) recently published updates to its Risk Management Manual of Examination Policies, including revisions to several of its examination instructions applicable to all FDIC-insured institutions. Read on to find out what updates have been implemented.
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MBA survey shows rise in new home purchases
Posted Date: Thursday, August 10, 2017
Mortgage applications for new home purchases increased 10 percent in the past year, according to data included in the Mortgage Bankers Association Builder Application Survey data for June 2017. Read on for a breakdown of the survey’s findings.
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Black Knight launches mortgage, housing market index suite
Posted Date: Tuesday, August 8, 2017
Black Knight Financial Services’ data and analytics division recently introduced the Black Knight Index Suite, a series of indices designed to provide insights into the housing and mortgage markets with comprehensive depth, coverage and currency.
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LoanLogics unveils new HMDA audit tool for LoanHD platform
Posted Date: Tuesday, August 8, 2017
LoanLogics, a recognized technology leader in loan quality management and performance analytics, recently introduced HMDA Audit, a new module for the company’s LoanHD Loan Quality Management platform designed to help lenders comply with current and new reporting requirements under the Home Mortgage Disclosure Act (HMDA), set to take effect in January 2018.
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Greystone hires Michael Doran as a managing director
Posted Date: Tuesday, August 8, 2017
Greystone, a real estate lending, investment and advisory company, recently hired Michael Doran as its managing director, working with the agency lending team. Doran will focus on originating mid-to-large sized transactions for permanent, bridge and construction multifamily debt.
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Mortgage Network sponsors bingo event to benefit veterans
Posted Date: Tuesday, August 8, 2017
Employees of Mortgage Network Inc., one of the largest independent mortgage lenders in the eastern U.S., recently sponsored a bingo event at Soldiers’ Home in Chelsea, a long-term skilled nursing facility and residence for military veterans.
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Wells Fargo to redress harmed auto loan customers
Posted Date: Tuesday, August 8, 2017
Wells Fargo will issue thousands of refunds worth $80 million to those harmed by auto collateral protection insurance (CPI) policies placed between 2012 and 2016 after determining that certain auto loan customers may have been improperly charged. The program came to light after a New York Times story cited on an internal report covering the matter. Read on to learn more about what led to customers being improperly charged and what the company is doing to remedy the situation.
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Bill would let nonbanks charge same interest as banks
Posted Date: Tuesday, August 8, 2017
Bipartisan legislation introduced in the Senate proposes to enact a Financial Choice Act provision that would allow nonbank financial companies to charge the same interest rates on loans they purchase as national banks. Read on to learn more about the bill.
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Quarles supports tailored regs in Senate hearing
Posted Date: Tuesday, August 8, 2017
During his Senate confirmation hearing, President Donald Trump’s nominee to serve as the Federal Reserve’s vice chairman for supervision noted his support for many regulations proposed by former Federal Reserve Governor Dan Tarullo.
Among the areas he expressed support for was the concept of implementing a tailored approach to supervisory activities, which trade associations representing banks and credit unions long have advocated for.
Read on to learn what he had to say and what challenges he faced from members of the Senate Banking, Housing and Urban Affairs Committee.
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Otting touts experience in Senate hearing
Posted Date: Tuesday, August 8, 2017
President Donald Trump’s nominee to lead the Office of the Comptroller of the Currency touted his financial experience and defended his record during his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee.
He said he believes the OCC should do more to enhance credit access for low-income and minority communities, and noted his concern that current government regulations are unnecessarily prescriptive and narrow
Read on to find out more about what he had to say in the hearing.
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NS3: How settlement agents, lenders can work in harmony
Posted Date: Wednesday, August 2, 2017
Kate Steineman of Wells Fargo Home Lending and Ruth Dillingham of First American Title Insurance Co. offered different management perspectives on the relationship between lenders and settlement agents during a session at the 2017 National Settlement Services Summit (NS3) in San Antonio. Read on to find out what insights both industry experts had to offer.
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OCC will not petition to stay arbitration rule
Posted Date: Wednesday, August 2, 2017
Acting Comptroller of the Currency Keith Noreika said he will not petition to stay the effectiveness of the Consumer Financial Protection Bureau’s arbitration rule because OCC economists have not had sufficient time to review applicable data compiled by the bureau. He noted he supports efforts in Congress to repeal the rule via the Congressional Review Act. Read on to learn more.
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Federal Reserve considers faster payment system
Posted Date: Wednesday, August 2, 2017
The Federal Reserve Faster Payments Task Force recently released the second portion of a two-part report detailing recommendations for enhancing the U.S. payment system in a variety of ways. Read on to learn about those recommendations.
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ABA report notes uptick in credit card usage
Posted Date: Wednesday, August 2, 2017
The opening quarter of 2017 saw an uptick in credit card usage, continuing a long-running trend in the financial marketplace, according to the latest American Bankers Association Credit Card Market Monitor report. Read on to learn more about the report’s findings.
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Greystone adds Kelley Klobetanz to FHA team
Posted Date: Monday, July 31, 2017
Greystone, a real estate lending, investment and advisory company, has announced that Kelley Klobetanz has joined as a managing director on Greystone’s Federal Housing Administration (FHA) team.
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Bipartisan FSOC bill passes House committee
Posted Date: Wednesday, July 26, 2017
The House Financial Services Committee unanimously passed H.R. 3110, also known as the “Financial Stability Oversight Council (FSOC) Insurance Member Continuity Act.” The bipartisan legislation was introduced by Rep. Randy Hultgren (R-Ill.) and Ranking Member Maxine Waters (D-Calif.), making a technical correction to Dodd-Frank, intended to strengthen FSOC. Read on to learn more details about the bill.
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Agencies review Volcker on foreign funds
Posted Date: Wednesday, July 26, 2017
Five federal financial regulatory agencies are considering ways to address concerns over potential unintended consequences impacting foreign investment funds not covered by section 619 of the Dodd-Frank Act, also known as the “Volcker Rule.” Read on to learn what those concerns are and what the agencies are doing in response.
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NCUA issues new safe harbor rule
Posted Date: Wednesday, July 26, 2017
The National Credit Union Administration (NCUA) recently finalized a rule instituting a new safe harbor regulation for the agency, and detailing conditions for safe harbor protection to apply during the transfer of financial assets in connection with securitizations made after the rule’s implementation. Read on to learn more about the new rule.
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FFIEC announces new data entry software
Posted Date: Wednesday, July 26, 2017
The Federal Financial Institutions Examination Council’s website is offering the latest version of software designed by the Federal Reserve to help automate the process of filing data required by the Community Reinvestment Act. Read on to learn more details.
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