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If CFPB loses supervisory authority, then what?
Posted Date: Friday, June 30, 2017
Compliance experts in the financial industry can say with a degree of certainty that change is coming regarding the Consumer Financial Protection Bureau’s supervisory authority. What that change will be remains somewhat of a question mark. BuckleySandler Attorney and former regulator Ben Olson and CoreLogic General Counsel Terry Theologides shared their views with Dodd Frank Update regarding this uncertain time in government oversight. Read on to find out what they had to say.
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House passes Choice Act, financial industry reacts
Posted Date: Monday, June 12, 2017
The Financial Choice Act passed the House on June 8 by a 233-186 vote, split along party lines with one exception, and 11 representatives abstaining. Although there is skepticism about the bill’s chances in the Senate, the vote puts the bill one step closer to eliminating or neutralizing multiple provisions of the Dodd-Frank Act. Read on to find out what financial industry professionals have to say about the bill.
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Choice Act to lose Durbin repeal
Posted Date: Wednesday, May 31, 2017
House Financial Services Committee (FSC) Chairman Jeb Hensarling (R-Texas) recently decided to strike the hotly debated provision to repeal the Durbin Amendment from the Financial Choice Act. Read on to find out what supporters and detractors of the provision are saying about the decision, which will leave in guidelines to limit the amount of interchange fees that can be charged on debit and credit card transactions.
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Poll shows support for CFPB commission
Posted Date: Wednesday, May 31, 2017
The notion of establishing a multimember bipartisan commission to lead the Consumer Financial Protection Bureau (CFPB) has significant support among voters in key battleground states, according to a recent poll commissioned by the Consumer Bankers Association (CBA), the Independent Community Bankers of America (ICBA) and the American Land Title Association (ALTA). Read on to learn about the results.
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CFPB changes path on debt collection rule
Posted Date: Thursday, June 15, 2017
The Consumer Financial Protection Bureau recently announced a change of course in establishing new rules that would increase the accountability banks and credit unions have in ensuring the accuracy of information they provide to third parties when selling debt. Read on to learn what caused the bureau to decide to change its approach to debt collection rulemaking.
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Court rules debt collection law does not cover banks
Posted Date: Monday, June 19, 2017
The U.S. Supreme Court unanimously ruled that the Fair Debt Collection Practices Act (FDCPA) solely applies to third-party debt collectors and debt buyers and does not extend to banks and other consumer finance firms. Justice Neil Gorsuch referenced multiple grammatical nuances of the FDCPA in his opinion, refuting arguments by petitioners. Read on to learn more.
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Senators propose HMDA delay, exemption
Posted Date: Thursday, June 15, 2017
Shortly after introducing a bill proposing to exempt smaller financial institutions from reporting requirements under the new Home Mortgage Disclosure Act , Sens. Mike Rounds (R-S.D.) and Heidi Heitkamp (D-N.D.) wrote Consumer Financial Protection Bureau Director Richard Cordray urging him to delay HMDA’s effectiveness by one year. Read on to learn more about the bill, the letter and support for both.
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Trump budget assumes CFPB changes ahead
Posted Date: Tuesday, May 30, 2017
The Consumer Financial Protection Bureau would experience a massive reduction in funding if the Trump administration’s report outlining its budget blueprint for 2018-27, titled “America First: A Budget to Make America Great Again,” receives congressional approval. Read on to see how significant the proposed funding cuts are.
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HUD may charge lenders for upgrades
Posted Date: Monday, June 12, 2017
Mortgage lenders across the country would take on the responsibility of funding technology improvements at the Department of Housing and Urban Development’s mortgage agencies if the administration’s budget proposal for fiscal year 2018 gains congressional approval as is. Read on to learn specifics about how much that could cost the industry and what that would mean moving forward.
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Trump nominates new OCC head
Posted Date: Monday, June 19, 2017
President Donald Trump has nominated former OneWest Bank executive Joseph Otting to head up the Office of the Comptroller of the Currency. If confirmed, Otting would work for now-Treasury Secretary Steven Mnuchin for the second time in his career. Read on to learn more.
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Trump nominates new FDIC chairman
Posted Date: Monday, June 19, 2017
President Donald Trump recently announced that he intends to nominate a new chairman of the Federal Deposit Insurance Corp. to replace current chairman Martin Gruenberg. Read on to learn more about the nomination.
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Mnuchin pressed on Glass-Steagall, reg relief
Posted Date: Tuesday, May 23, 2017
Treasury Secretary Steven Mnuchin fielded questions about the administration’s plans for financial regulatory relief and reforming the government-sponsored enterprises (GSEs), and attempted to explain the Trump administration’s position on Glass-Steagall during a recent hearing before the Senate Banking Committee. The hearing featured a lengthy exchange between Mnuchin and Sen. Elizabeth Warren (D-Mass.) about the administration’s position on Glass-Steagall. Read on to learn more.
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Court denies Ocwen’s CFPB challenge
Posted Date: Thursday, June 15, 2017
A federal judge has denied Ocwen Financial Corp.’s motions challenging the Consumer Financial Protection Bureau’s motives and constitutionality in response to a lawsuit the bureau filed in April against the nonbank mortgage loan servicer and its subsidiaries. Read on to learn more details.
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Fed OIG cites deficiencies with CFPB website
Posted Date: Monday, June 12, 2017
The Federal Reserve’s independent inspector general recently cited multiple deficiencies with the Consumer Financial Protection Bureau’s website, which could adversely affect the confidentiality, integrity and availability of sensitive information it contains. Read on to learn more.
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Wells Fargo class-action settlement hits snag
Posted Date: Friday, May 19, 2017
A class-action lawsuit against Wells Fargo is facing speculation that the amount of the settlement proposed to redress consumers who had fraudulent accounts opened in their names without their consent does not go far enough. This comes in part as a result of findings from the Wells Fargo independent board’s investigation into the issue. Read on to find out what evidence is being cited as reason to reconsider the parameters of the settlement and what the company has to say.
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SEC alert offers cybersecurity tips
Posted Date: Friday, May 19, 2017
Following the recent cyberattack that affected computer systems nationwide, the Securities and Exchange Commission (SEC) issued a cybersecurity alert to financial professionals and organizations emphasizing the importance of conducting specific tests and updates to minimize vulnerability to such attacks. Read on to learn more.
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ARMCO updates ACES with Day 1 Certainty functionality
Posted Date: Monday, June 26, 2017
ACES Risk Management (ARMCO), a provider of financial quality control and compliance software, announced today that it has updated its flagship ACES Audit Technology with new functionality that aligns with Fannie Mae’s Day 1 Certainty initiative.
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FHFA seeks third-party oversight, GSE reform
Posted Date: Friday, June 23, 2017
The Federal Housing Finance Agency’s 2016 Annual Report to Congress is garnering mixed reactions from the financial industry. The agency’s contention that there is imminent need for sweeping housing finance reform is meeting with agreement within the industry, but its request for the authority to supervise vendors is not. Read on to find out how the mortgage industry is responding to the report.
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Trades support bill language to form CFPB commission
Posted Date: Friday, June 23, 2017
Regarding the pending introduction of budget appropriations bills for fiscal year 2018, several financial trade associations wrote a letter urging the Senate and House Financial Services and General Government subcommittees to include language transforming the Consumer Financial Protection Bureau’s leadership structure into a five-member, bipartisan commission. Read on to learn more.
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Warren to Yellen: Remove Wells Fargo board members
Posted Date: Friday, June 23, 2017
Sen. Elizabeth Warren (D-Mass.) urged the Federal Reserve to remove 12 members of the Wells Fargo Board of Directors in a letter citing findings of a company-initiated investigation into improper sales practices that led to the creation of millions of fraudulent accounts. Read on to find out what points Warren made based on available information about the investigation.
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Trades convince CFPB to extend RFI deadline
Posted Date: Friday, June 23, 2017
The Consumer Financial Protection Bureau recently granted a request for a 60-day extension to the comment period for its request for information (RFI) on small business lending data collection. The RFI is the first step in implementing section 1071 of the Dodd-Frank Act. Read on to find out what points various trade associations made in their request for the extension.
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Fannie Mae integrates vendors into Day 1 Certainty
Posted Date: Friday, June 23, 2017
Fannie Mae recently integrated multiple authorized report suppliers into its Day 1 Certainty program. Lenders using Desktop Underwriter through Fannie Mae now can access multiple data reports with the help of third-party service providers Fannie Mae integrated into the program. Read on to learn more.
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FTC to host financial workshop for servicemembers
Posted Date: Friday, June 23, 2017
The Federal Trade Commission has announced an agenda and confirmed speakers for its upcoming financial workshop for military servicemembers. The forum will cover financial issues and scams that can affect military consumers, including active duty servicemembers and veterans of all branches. Read on to learn more.
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DocMagic technology certified for both phases of UCD requirements
Posted Date: Wednesday, June 21, 2017
DocMagic, Inc., a provider of document production, automated compliance and comprehensive eMortgage services for the mortgage industry, has announced that its technologies are now capable of supporting both phases of the upcoming Uniform Closing Dataset (UCD) requirement.
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CFPB seeks comments on prepaid rule updates
Posted Date: Monday, June 19, 2017
The Consumer Financial Protection Bureau has announced that it is seeking comments on proposed updates to its 2016 prepaid accounts rule, which would increase responsibilities financial institutions face in the event that funds consumers store on prepaid cards are lost or stolen. Read on to learn more about considerations encompassed in the bureau’s proposed updates.
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Fed raises target rate range again
Posted Date: Monday, June 19, 2017
The Federal Reserve will raise its target rate range for federal funds, per a vote by the Fed Open Market Committee. The rate hike is the third in the last six months. Read on to learn more from industry experts about what this decision means.
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What we learned during NS3
Posted Date: Thursday, June 15, 2017
Mortgage technology, vendor management, compliance and reforming the secondary mortgage market are all topics that took center during October Research LLC’s 2017 National Settlement Services Summit (NS3) in San Antonio. Read on to learn more about who spoke and what topics they covered.
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Treasury reg relief report needs help from Congress
Posted Date: Thursday, June 15, 2017
Financial trade associations are responding favorably to the Treasury Department’s recent report on recommendations for bringing regulatory relief to banks and credit unions, in line with “Core Principles for Regulating the United States Financial System” detailed in a Feb. 3 executive order. Many of the recommended changes mirror those industry advocates long have championed, but how many of them can be handled without congressional action? Read on to learn more about the report.
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Washington recovering from shooting attack
Posted Date: Thursday, June 15, 2017
We at Dodd Frank Update recognize that many of the trade associations that we cover are based in the nation’s capital and are glad to report that those organizations and the people involved with them were not in harm’s way after the recent shooting. Read on to learn more.
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Barclays Capital settles with SEC for $97 million
Posted Date: Thursday, June 15, 2017
Barclays reached a settlement with the Securities and Exchange Commission (SEC) worth $97 million requiring the company to refund affected customers amounts they allegedly were overcharged for certain services. Read on to learn more about what led to the SEC’s decision to take action against the company.
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CFPB highlights reverse mortgage complaints
Posted Date: Monday, June 12, 2017
Reverse mortgages are a focal point of the Consumer Financial Protection Bureau’s monthly complaint snapshot for April 2017. The report shines a light on a multitude of complaints submitted by consumers aged 62 or older involving servicing problems, deferred interest credit cards and unauthorized charges for add-on products. Read on to learn more.
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Court says cities can sue banks under Fair Housing Act
Posted Date: Monday, June 12, 2017
Municipalities are eligible to file suit against banks under the Fair Housing Act per a recent Supreme Court ruling in the case of Bank of America Corp. et al v. City of Miami, which reversed a ruling by a lower court. Read on to learn more about the case and the courts’ rulings.
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NS3 Live: Lenders, regulators tackle top issues
Posted Date: Thursday, June 8, 2017
Distinguished panelists spoke to key issues on the minds of those in the industry at the 2017 National Settlement Services Summit in San Antonio. Richard Horn, founding attorney, Richard Horn, Legal, PLLC, moderated the annual open forum session, which followed a pair of sessions addressing eClosings and an economic update from Fannie Mae Deputy Chief Economist Mark Palim. Read on for a brief recap of what the panel said.
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NS3: Industry standouts rewarded with OR awards
Posted Date: Thursday, June 8, 2017
For the sixth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts. The awards were presented by CEO and Publisher Erica Meyer at the 13th annual National Settlement Services Summit (NS3) in San Antonio. Read on to find out who took home the hardware this year.
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Study indicates adverse effects of Military Lending Act
Posted Date: Thursday, June 8, 2017
A study conducted by the Credit Union National Association and the Defense Credit Union Council indicates that the Military Lending Act is negatively impacting lending to military servicemembers. Read on to learn what findings the study revealed and what suggestions the groups have made.
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NS3: Make a Child Smile brings ‘enduring delights’ to San Antonio children
Posted Date: Thursday, June 8, 2017
For the sixth year, attendees at October Research, LLC’s National Settlement Services Summit took time out of their plans to make a difference in area children’s lives. Read on for details of the Make a Child Smile presentation, and how San Antonio foster children will receive “one of the most enduring delights of childhood.”
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Report details technology’s ROI
Posted Date: Wednesday, June 7, 2017
A study by MarketWise Advisors, LLC reveals a significant increase in potential return on investment for loans closed using Ellie Mae’s Encompass mortgage management solution. How much can technology products mean to lenders? The ROI increased more than 37 percent in just three years, according to the study. Read on to learn details about the findings reported as a result of the study.
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FTC highlights new economic liberty task force
Posted Date: Wednesday, June 7, 2017
In an effort to highlight the work of its new economic liberty task force, the Federal Trade Commission recently launched new pages on its website to promote the policy initiative, the first enacted by Acting Chairman Maureen K. Ohlhausen. The task force’s formation came following President Donald Trump’s executive memorandum directing federal agencies to explore ways to cut costs, regulations and processes. Read on to learn more about the initiative.
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Powerhouse lineup takes to NS3 stage this week
Posted Date: Monday, June 5, 2017
With the most distinguished group of speakers set to take the stage over three days, the 13th annual National Settlement Services Summit (NS3) makes its first appearance in the great state of Texas this week. Read on for details about the program that is At The Center of the real estate transaction today.
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ABA files for judgment in FOM suit
Posted Date: Monday, June 5, 2017
The American Bankers Association recently filed a motion for summary judgment against the National Credit Union Administration over its field-of-membership rule, arguing that the agency exceeded its authority. Read on to find out details about the case and what various trade organizations have to say.
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NCUA proposes three new rules
Posted Date: Monday, June 5, 2017
The National Credit Union Administration (NCUA) board recently approved three new proposed rules that would impact transparency and the agency’s appeals process during its May meeting. Read on to learn more about what the NCUA is proposing.
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FDIC: Bank profits continue to soar to start 2017
Posted Date: Monday, June 5, 2017
Banks enjoyed a significant increase in income during the first quarter of 2017, according the Federal Deposit Insurance Corp.’s latest “Quarterly Banking Profile.” The agency cites year-over-year growth in net operating revenue to explain the uptick. Read on to learn more.
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Keys to a healthy client/vendor relationship
Posted Date: Monday, June 5, 2017
Trust is critical in any business relationship. Zoot Enterprises Vice President of Sales and Marketing Travis Tuss told Dodd Frank Update he is well aware of that, and it’s something that needs to be a focal point from the beginning.
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Skyline Financial Corp. lays groundwork for new reverse mortgage division
Posted Date: Friday, June 2, 2017
ReverseVision, a provider of software and technology for the reverse mortgage industry, has forged a partnership with Skyline Financial Corp. (Skyline Home Loans and NewLeaf Lending) to support the lender’s growing reverse mortgage division with RV Exchange (RVX) loan origination technology and RV University (RVU) training programs.
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DOL will not enforce fiduciary rule during transition
Posted Date: Wednesday, May 31, 2017
The Department of Labor’s (DOL) fiduciary rule will become applicable as scheduled, according to DOL Secretary Alexander Acosta, but enforcement won’t begin for a while yet. The agency recently published a new guidance to help firms and financial professionals with compliance. Read on to learn what Acosta had to say about the decision not to alter the rule’s applicability date, which already has been delayed once in 2017.
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Castle & Cooke Mortgage expands into Missouri
Posted Date: Wednesday, May 31, 2017
Castle & Cooke Mortgage, LLC, an independent mortgage lender with locations across the U.S., opened its first Missouri branch in St. Louis. Strategically situated in the “Gateway to the West,” this location is uniquely poised to serve the burgeoning population of the city and surrounding areas.
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NCUA chairman to CFPB: Use exemption authority
Posted Date: Tuesday, May 30, 2017
National Credit Union Administration Acting Chairman J. Mark McWatters recently wrote to Consumer Financial Protection Bureau Director Richard Cordray to suggest ways the bureau could use its supervisory and exemption authority to ease compliance burdens, particularly regarding new Home Mortgage Disclosure Act requirements. Read on to find out what various trade organizations representing credit unions and community banks had to say on the subject.
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ABA study examines credit card market growth
Posted Date: Monday, May 29, 2017
A recent study by the American Bankers Association (ABA) indicates that the credit card market continued to grow through the fourth quarter of 2016 and offers some insight as to why. Read on to learn more details.
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