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News By Edition
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Dodd Frank Update Monthly Edition
Dodd Frank Update April 2017
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Supreme Court to rule on whistleblower law
Posted Date: Friday, July 21, 2017
The U.S. Supreme Court will hear a case that could determine whether the Securities and Exchange Commission’s rules protecting corporate whistleblowers from retaliation extend to employees who only report misconduct internally. Read on to find out more details about the case and applicable legal statutes.
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Regulatory relief without the ‘whipsaw effect’
Posted Date: Friday, March 31, 2017
Massive changes tend to trigger massive effects, and not all are necessarily positive. This is why Consumer Bankers Association President and CEO Richard Hunt, though supportive of substantial regulatory changes, is cautious about plans to flip the regulatory system on its head in a way that could create a detrimental domino effect in the long run. Read on to find out what he has to say about possible legislative actions he thinks would benefit the banking industry.
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LBA Ware adds Matthew Marshall as solutions consultant
Posted Date: Friday, March 24, 2017
LBA Ware, a provider of automated compensation software and systems integration solutions for mortgage lending and retail banking, announced it has hired Matthew Marshall as a solutions consultant to support the firm’s sales efforts. Read on to learn more.
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Matic Insurance Services partners with Maxwell
Posted Date: Friday, March 24, 2017
Matic Insurance Services, Inc., the largest digital homeowner's insurance agency for mortgage borrowers, has partnered with Maxwell, a provider of digital mortgage software. Read on to learn more.
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ICBA president urges members to continue fighting
Posted Date: Friday, March 24, 2017
The fighting spirit in the community banking industry was a theme that permeated throughout Independent Community Bankers of America (ICBA) President CEO Camden Fine’s speech during the 2017 ICBA Live national convention in San Antonio. Fine urged members to look to previous generations of community bankers for inspiration while continuing to fight for regulatory reform.
Read on to find out what advice Fine had to offer, and how the ICBA plans to continue its fight moving forward.
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EGRPRA review gets mixed reactions
Posted Date: Friday, March 24, 2017
Trade associations offered mixed reviews of the joint report the Federal Financial Institutions Examination Council (FFIEC) recently issued to Congress about how regulations are affecting financial institutions, and which ones it considers overly burdensome or duplicative.
Read on to find out what specific topics the report touched on and what the associations representing various banks and credit unions had to say about it.
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FDIC delivers reserve ratio projections for fund
Posted Date: Friday, March 24, 2017
The Federal Deposit Insurance Corp. (FDIC) revealed its projections for the Deposit Insurance Fund loss-to-income reserve ratio during a recent FDIC board meeting. The agency’s assessment of the fund has major implications for federally-insured financial institutions, particularly large banks subject to surcharges when the ratio falls short of the target mark set by Dodd-Frank. Read on to find out where the fund stands and what the FDIC projects for the near and more distant future.
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DOL issues temporary guidance on fiduciary rule
Posted Date: Friday, March 24, 2017
Recognizing that numerous financial institutions have concerns regarding the fiduciary rule, and the “gap” period between its original applicability date and the one that would result from a proposed 60-day delay, the Department of Labor (DOL) released a temporary guidance to help ease uncertainty among affected entities.
Read on to find out what the DOL is advising institutions to be aware of regarding the fiduciary rule and its proposed delay.
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NAFCU to FHFA: Slow down chattel loan initiative
Posted Date: Friday, March 24, 2017
Before requiring a decision from Fannie Mae and Freddie Mac on whether to pursue a chattel loan pilot program, National Association of Federally-Insured Credit Union Regulatory Affairs Counsel Ann Kossachev advised the Federal Housing Finance Agency (FHFA) to do more research on the market for such loans.
Read on to find out what credit unions say the FHFA needs to consider before pushing the GSEs to enter the complex business of financing manufactured homes.
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MBA report shows reduced net gains from loans
Posted Date: Friday, March 24, 2017
Net gains on individual loans decreased from the third quarter of 2016 to the fourth, according to the Mortgage Bankers Association’s (MBA) latest quarterly performance report. MBA Vice President of Industry Analysis Marina Walsh offered her thoughts on what may have caused the decline.
Read on to find out what detailed information is included in the report, produced with data from 353 companies.
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Indecomm to present automation enhancements at MBA technology conference
Posted Date: Wednesday, March 22, 2017
Indecomm Global Services will be presenting its Kaizen risk management and IncomeGenius income analysis mortgage platforms at the Mortgage Bankers Association’s (MBA) National Technology in Mortgage Banking Conference & Expo 2017 at the Hyatt Regency Chicago, from March 26-29. Read on to learn more.
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Mortech integrates with BeSmartee
Posted Date: Tuesday, March 21, 2017
Mortech, a Zillow Group business providing mortgage technology solutions for mortgage bankers and secondary market teams, recently announced a new integration between Mortech’s product and pricing engine (PPE) and BeSmartee, an automated online Smart Mortgage solution. Read on to learn more.
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Accurate Group, van Wagenen to host Annual Dinner at CBA Live 2017
Posted Date: Tuesday, March 21, 2017
The Annual Dinner at the Consumer Bankers Association’s (CBA) national convention, CBA Live 2017, will take the form of a watch party for the NCAA Basketball Finals April 3 at the Gaylord Texan Hotel on the Texan Station Atrium Patio.
RSVPs must be in by March 27 to reserve a spot. Read on to learn more.
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New ICBA chairman: Embrace tradition with modern twist
Posted Date: Tuesday, March 21, 2017
The Independent Community Bankers of America (ICBA) elected R. Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi, Texas, to succeed Rebeca Romero Rainey as chairman during the 2017 ICBA Live national convention in San Antonio.
Read on to find out what Heitkamp had to say about the importance of embracing innovation while maintaining traditional values.
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ICBA unveils 2017-18 executive committee
Posted Date: Tuesday, March 21, 2017
The Independent Community Bankers of America (ICBA) announced its executive committee for 2017-18 during the 2017 ICBA Live convention in San Antonio. The committee includes multiple past chairmen.
Read on to find out who will serve on the committee for 2017-18.
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MOBILE Act would allow for swipe ID verification
Posted Date: Tuesday, March 21, 2017
Rep. Scott Tipton (R-Colo.) recently reintroduced H.R. 1457, also known as the “Making Online Banking Initiation Legal and Easy” (MOBILE) Act, which would allow financial intuitions to obtain, store and verify an individual’s personal information by swiping a state-issued identification card.
Read why the Consumer Bankers Association supports this bill, which could expand access to financial product and services.
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Trades push back against petition for TCPA rule
Posted Date: Tuesday, March 21, 2017
Claiming it would cause businesses to violate the law, multiple trade organizations came out against a Petition for Rulemaking and Declaratory Ruling urging the Federal Communications Commission to create a rule requiring express written consent for all calls made to wireless and residential phone lines subject to the Telephone Consumer Protection Act.
Read on to learn the specifics of potential issues the trade organizations argue could stem from such a rule.
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CFPB report highlights credit reporting supervision
Posted Date: Tuesday, March 21, 2017
The Consumer Financial Protection Bureau (CFPB) recently released a special edition of its “Supervisory Highlights” detailing problems uncovered in the consumer credit reporting industry and corrective actions taken by the bureau.
The report highlights issues with inaccurate information being reported, insufficient notification practices by credit reporting companies and lackluster processes for handling disputes and correcting errors in a timely fashion. New rules being considered by the CFPB could make companies which are not considered furnishers now to follow furnishing and reporting rules, such as these, in the future.
Read on to learn what types of issues the bureau has advised companies to correct.
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ICBA Live embraces Texas atmosphere
Posted Date: Friday, March 17, 2017
With temperatures mainly hovering in the 60s and 70s, the Independent Community Bankers of America (ICBA) annual convention may not literally qualify as “the hottest show in community banking,” but the abundance of industry professionals, knowledgeable speakers, entertainment and overall energy throughout the event did its tagline justice.
Read on to learn more about what took place during the convention.
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Nationstar cited for HMDA violations
Posted Date: Thursday, March 16, 2017
There may be a new way for lenders to comply with the Home Mortgage Disclosure Act (HMDA) beginning in 2018, but the Consumer Financial Protection Bureau (CFPB) just let the industry know the penalties for noncompliance today and beyond.
The CFPB reached a consent order with Nationstar Mortgage LLC to settle allegations of HMDA violations from 2012-2014, violations of the previous HMDA rule that had been overseen by the Federal Reserve.
The penalty is the largest civil penalty the CFPB has handed down for HMDA violations. Read on for more details.
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Bank, credit union associations testify in favor of SBA loans
Posted Date: Thursday, March 16, 2017
Speaking on behalf of small financial institutions, multiple trade representatives testified in favor of the Small Business Administration’s 7(a) Loan program during a recent hearing with the House Small Business Subcommittee on Investigations, Oversight and Regulations, asserting that it has been successful in spurring economic growth.
Among the association to speak on behalf of the program were the American Bankers Association, Independent Community Bankers of America and the National Association of Federally-Insured Credit Unions. Read on to see what points they made in their testimonies.
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Cordray would like ‘common ground’ with president
Posted Date: Thursday, March 16, 2017
Throughout the speculation as to whether President Donald Trump inevitably will fire Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, there has yet to be a face-to-face meeting between the two.
This fact came up in a recent interview with CNBC, during which Cordray said he would be happy to sit down and talk with the president or anybody else who wanted to talk about the bureau and its mission.
Read on to find out what else Cordray had to say about the president.
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Guidance details expectations for new swap requirements
Posted Date: Thursday, March 16, 2017
With the goal of getting affected entities in compliance with the new swap margin rule as soon as possible, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) each issued guidance explaining what is expected of swap market participants and examiners regarding the new margin requirements for swaps not cleared through a clearinghouse.
Read on to learn what is expected of examiners and covered entities, regarding the new rule.
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CUNA elects new board officers
Posted Date: Thursday, March 16, 2017
The Credit Union National Association (CUNA) recently elected four new officers to its board, and announced eight new and re-elected board members, including those elected by acclamation.
Incoming CUNA Board Chairman Pat Jury shared some of his priorities for the 12 months, during the CUNA Governmental Affairs Conference Feb. 28.
Read on to learn what Jury’s stances are and who else was elected to CUNA’s board.
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Survey says consumers largely unaware CFPB exists
Posted Date: Thursday, March 16, 2017
Those tasked with staying abreast of financial regulations and the agencies that enforce them are keenly aware of the Consumer Financial Protection Bureau (CFPB), its stated mission and the numerous controversies that revolve around it. However, a recent survey shows that a vast majority of the people the CFPB is supposed to protect have little to no knowledge of its existence, but like the idea behind it.
Read on to learn more about the survey’s findings.
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Heritage report makes case against Dodd-Frank
Posted Date: Monday, March 13, 2017
The Heritage Foundation recently launched the second part of its two-volume report, titled Prosperity Unleashed: Smarter Financial Regulation, with the expressed purposes of dispelling what its authors deem the “myth” that deregulation of the financial industry led to the 2008 financial crisis, and proposing workable alternatives to the current federal regulatory regime.
The first volume, titled The Case Against Dodd–Frank: How the “Consumer Protection” Law Endangers Americans, was published in April 2016. Heritage Foundation Senior Fellow in Economic Policy Norbert Michel described the first volume as “a title-by-title takedown of Dodd-Frank,” during a panel discussion about the report, and the second volume as having a broader focus.
Read on to find out more about the arguments and recommendations included in the report.
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Report deems FSOC designation process ‘inconsistent and arbitrary’
Posted Date: Monday, March 13, 2017
The Financial Stability Oversight Council’s (FSOC) methods of designating certain non-bank institutions as systemically-important, and therefore “too big to fail,” are inconsistent and arbitrary, according to a staff report recently published by the House Financial Services Committee.
The report’s findings are based on documents the committee requested almost two years ago, as well as sworn testimony by Treasury Department officials, both of which were obtained by congressional subpoena.
Read on to find out more about the report’s findings and what House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) has to say about them.
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Community bankers meet with Trump at White House
Posted Date: Monday, March 13, 2017
Members of the American Bankers Association (ABA) and Independent Community Bankers of America (ICBA) met with President Donald Trump to discuss how the current regulatory environment affects their ability to serve customers and drive economic growth.
The president was joined by Treasury Secretary Steven Mnuchin, National Economic Council Chairman Gary Cohn and White House Chief of Staff Reince Priebus. On the banker side, ABA President and CEO Rob Nichols and ICBA President and CEO Camden R. Fine were in attendance.
Read on to learn more about what was discussed during the meeting.
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Credit union profit growth stronger than banks
Posted Date: Monday, March 13, 2017
Total credit union assets grew in 2016,and profit growth doubled what the banking industry reported last year, according to fourth-quarter 2016 call report data recently released by the National Credit Union Administration.
Memberships in federally insured credit unions rose from the fourth quarter of 2015 despite a dip in the total number of physical credit unions in operation, keeping with an on-going trend experts have recognized.
Read on to learn more details from the report.
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FDIC IG: Ramp up third-party oversight
Posted Date: Thursday, March 9, 2017
Highlighting the potential risks business and cybersecurity risks they can pose, the Office of the Inspector General released a report advising financial institutions supervised by the Federal Deposit Insurance Corp. (FDIC) to increase oversight of third-party technology service providers.
The report noted that FDIC-supervised entities should have business continuity plans that consider all critical elements that ensure business resiliency.
Read on to find out more about the report’s findings, and recommendations for FDIC-insured financial institutions.
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CFPB proposes to delay prepaid rule
Posted Date: Thursday, March 9, 2017
The Consumer Financial Protection Bureau (CFPB) proposed a six-month delay of its prepaid accounts rule’s effective date, putting the rule’s future in jeopardy as congressional Republicans already have expressed support for its repeal.
The delay would push the effective date of the rule to April 1, 2018. Rep. Roger Williams (R-Texas) introduced a bill to repeal the CFPB’s final rule, which was published Nov. 22, 2016, in the Federal Register, via the Congressional Review Act.
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Banking industry posts most profitable year in history
Posted Date: Thursday, March 9, 2017
Not in the era of deregulation in the 1980s, the stock bubble of the 1990s, or the mortgage bubble of the early 2000s. Never before have banks made more money than they did in 2016.
The fourth quarter of 2016 brought a lot of positives for the banking industry. There was widespread revenue growth among commercial financial institutions insured by the Federal Deposit Insurance Corp. (FDIC), while community banks outpaced their larger counterparts in both revenue and loan growth.
Read on to learn more about how financial institutions performed in 2016, and what the chief economist with the American Bankers Association expects to see as 2017 wears on.
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Bill would tie independent agencies to OMB
Posted Date: Thursday, March 9, 2017
The House recently voted 241-184 in favor of legislation requiring agencies, including independent ones such as the Consumer Financial Protection Bureau and the National Credit Union Administration, to submit regulatory actions to the Office of Management and Budget (OMB) for review before publication.
If the legislation passes in the Senate, President Donald Trump’s administration would gain tighter control of the regulatory rulemaking process.
Read on for more details about the bill.
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NAFCU advocates for FSOC to stay CFPB regs
Posted Date: Thursday, March 9, 2017
In hopes that the Financial Stability and Oversight Council (FSOC) might use its authority to curb the Consumer Financial Protection Bureau’s (CFPB) regulatory regime, the National Association of Federally-Insured Credit Unions (NAFCU) is seeking help from Treasury Secretary Steven Mnuchin.
As part of the FSOC’s authority under the Dodd-Frank Act, the FSOC could take action that would stay or set aside regulations or provisions set forth by the CFPB or any of its member regulating bodies.
Read on to learn more about Berger’s argument and the FSOC’s authority.
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Transparency in Student Lending Act reintroduced
Posted Date: Thursday, March 9, 2017
With an expressed goal of helping students and families make well-informed financial decisions, three House representatives have reintroduced a bipartisan bill requiring lenders to disclose at the time of application the annual percentage rate (APR) of federal student loans.
As the law currently stands, lenders must disclose the APR before a borrower signs off on a loan. The Department of Education does not provide this information to borrowers upfront.
Read on to learn more about the bill.
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CFPB snapshot focuses on credit reporting
Posted Date: Thursday, March 9, 2017
The Consumer Financial Protection Bureau’s (CFPB) monthly complaint snapshot for January highlighted consumer complaints about credit reporting products and services, detailing frequently reoccurring issues based on roughly 185,700 such complaints handled by the bureau as of Feb. 1, 2017.
Among the most common issues consumers reported were: problems disputing complaints on their credit reports; inaccurate information on their credit reports; and confusion over contributing factors considered in the credit scoring process.
Read on to find out more about the report’s findings.
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Altavera extends mortgage fulfillment operations to 10 new states
Posted Date: Wednesday, March 8, 2017
Altavera Mortgage Services (Altavera), a Computershare company and provider of outsourced residential mortgage origination services, has received residential mortgage licensing approval in 10 new states, bringing its total number of state licenses to 36. Altavera’s origination services are newly available in Arkansas, Connecticut, Illinois, Iowa, Kansas, Minnesota, Mississippi, Oklahoma, South Carolina and the District of Columbia. Read on to learn more.
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Data Select Systems, Built Technologies to integrate platforms
Posted Date: Wednesday, March 8, 2017
Data Select Systems, Inc. (CLCS) and Built announced an integration between their platforms to further automate and simplify construction lending. The strategic partnership is intended to give construction lenders nationwide significant competitive advantages to grow their business more safely and efficiently while transforming the customer experience they deliver their borrowers and builders. Read on to learn more.
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eOriginal to lead Fannie Mae’s next generation electronic vault
Posted Date: Tuesday, March 7, 2017
eOriginal, Inc., a digital transaction management company, has been selected as the technology solution provider for the Fannie Mae next generation electronic vault (eVault). Fannie Mae is committed to enhancing the digital mortgage revolution and removing obstacles to eMortgage adoption through a modern, secure and scalable platform. eOriginal’s hosted platform enables the secure management of electronically signed assets (eNotes) throughout their post-execution lifecycle. Read on to learn more.
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DOL delays fiduciary rule implementation
Posted Date: Tuesday, March 7, 2017
Anyone banking on a redefining of what a “fiduciary” is as of April 10 likely will have to wait at least 60 days more while the Department of Labor (DOL) examines its final rule altering the word’s definition under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code of 1986.
The DOL proposed a rule to delay the applicability of the new rule for 60 days for review purposes, in accordance with a presidential memorandum directing the department to do so.
Read on to learn more about the rule and what the delay means.
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House passes Regulatory Integrity Act
Posted Date: Tuesday, March 7, 2017
The House recently passed H.R. 1004, also known as the “Regulatory Integrity Act of 2017,” by a 246-176 vote, sending the bill along to the Senate. The bill would require executive agencies to publish any information relating to pending regulatory actions.
The proposed legislation essentially would require agencies to be more transparent during the rulemaking process by making them provide updates on an ongoing basis in addition to publishing a notice of proposed rulemaking in the Federal Register.
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NCUA maintains max loan interest rate
Posted Date: Monday, March 6, 2017
The maximum loan interest rate for federal credit unions will remain 18 percent through Sept. 10, 2018, per a recent vote by the National Credit Union Administration (NCUA) board.
The NCUA board has discretion under the FCUA to raise the cap for 18-month periods if it determines that interest rate levels could threaten the safety and soundness of credit unions.
Read on to learn more about what information the board considered before taking a vote.
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Republicans push CFPB on transparency, again
Posted Date: Thursday, March 2, 2017
Continuing a long-running trend of legislators questioning the Consumer Financial Protection Bureau’s (CFPB) transparency, eight Congressional Republicans expressed concerns about the bureau’s close-hold embargoes in a recent letter addressed to CFPB Director Richard Cordray.
This is far from the first time members of Congress have called out the bureau for a purported lack of transparency as multiple bills have been introduced with the expressed purpose of making the bureau more accountable.
Read on for more details about the letter on the bureau’s embargoes.
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Wells Fargo claws back compensation from execs
Posted Date: Wednesday, March 1, 2017
Wells Fargo recently announced that eight executives, including current CEO Tim Sloan, will see significant reductions in compensation for their roles related to sales practices that led to a settlement with regulators in September 2016.
The announcement is the latest update on actions resulting from the company’s independent investigation into factors that led to practices deemed harmful to customers.
Read on to learn more details about the compensation actions, and who they affect.
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