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Confusion remains six months after TRID
Posted Date: Tuesday, March 29, 2016
Since the TILA-RESPA Integrated Disclosure (TRID) rule became effective Oct. 3, 2015, several lenders have experienced glitches with their technology, and understanding the language of rule itself has remained an operational challenge. Dodd Frank Update heard from STRATMOR Group’s Dr. Matt Lind and prominent attorney, Richard Andreano, a partner at Ballard Spahr.
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CFPB to answer frequently asked TRID questions
Posted Date: Friday, March 18, 2016
The Consumer Financial Protection Bureau (CFPB) will host a 60-minute webinar at 2 p.m. EDT April 12 to answer some frequently asked questions that have risen since the TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rule became effective Oct. 3, 2015. The webinar will be hosted by the Federal Reserve’s Outlook Live program. Read on to find out how you can obtain Continuing Professional Education credits.
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Cordray: Consent orders are guidance
Posted Date: Friday, March 11, 2016
In an eventful appearance before the Consumers Bankers Association’s CBA Live conference and Dodd Frank Update, Consumer Financial Protection Director Richard Cordray told the industry that its consent orders are detailed guidance for the industry, and that companies who do not heed their lessons are committing “compliance malpractice.” Read on for industry and Congressional reaction and more details from Cordray on TRID, payday lending and a permanent deputy director.
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Cordray discusses tailoring regulations, TRID and enforcements
Posted Date: Friday, March 18, 2016
Consumer Financial Protection Bureau Director Richard Cordray recently appeared before the House Financial Services Committee to discuss the bureau’s semi-annual report. Cordray fielded questions regarding his recent remarks about “regulation through enforcement,” the TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rule and tailoring regulations for smaller financial institutions. Read on to hear what Cordray had to say.
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FHFA examines Scorecard progress
Posted Date: Tuesday, March 15, 2016
A new report from the Federal Housing Finance Agency details progress the government-sponsored enterprises (GSEs) have made in meeting their Scorecard goals from 2015. FHFA Director Mel Watt said the GSEs “have accomplished a tremendous amount over the past year.” Read on for details of the progress.
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FTC seeks data security audit reports
Posted Date: Tuesday, March 15, 2016
One week after the Consumer Financial Protection Bureau issued its first data-security enforcement action, the Federal Trade Commission issued orders to nine companies, requiring them to provide information on how they conduct assessments that measure compliance with the Payment Card Industry Data Security Standards. Companies are asked to disclose their pricing structure for assessments, the extent to which a client or third party is permitted to provide input, and more.
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CFPB looks to online marketplace lending
Posted Date: Friday, March 11, 2016
The Consumer Financial Protection Bureau appears ready to sharpen its focus on the world of online marketplace lenders. The bureau announced it would begin accepting complaints from consumers to its Consumer Complaint Database on online marketplace lenders. Read on for more details.
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Cordray discusses nine priorities to tackle
Posted Date: Thursday, March 3, 2016
At the Consumer Financial Protection Bureau Consumer Advisory Board meeting, Director Richard Cordray discussed nine goals that represent the key areas where the bureau hopes to make substantial progress over the next two years. Cordray warned that institutions would be making a mistake if they assumed they could ease their compliance efforts because their particular industry isn’t explicitly listed.
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Final order entered in CFPB’s case against Morgan Drexen
Posted Date: Friday, March 18, 2016
The U.S. District Court for the Central District of California has entered a final judgment against debt-relief company Morgan Drexen, Inc. and its president and CEO, Walter Ledda, resolving a dispute the Consumer Financial Protection Bureau filed in August 2013. Morgan Drexen filed for bankruptcy last year after it was ordered to freeze collecting fees for debt settlement work. Two attorneys have appealed the court’s final order, read on to find out why.
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Latest CFPB supervisory report doesn't address TRID
Posted Date: Friday, March 11, 2016
The Consumer Financial Protection Bureau released its latest Supervisory Highlights report, which covers the period from September through December 2015, including the first three months of mortgages conducted under the TILA-RESPA Integrated Disclosure (TRID) rule. However, the report does not address supervisory findings from TRID transactions. Read on to find out what it said about TRID, and what examiners found in other markets in the final four months of 2015.
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Six months of TRID: Enhancing the consumer experience and getting ahead (Part 2)
Posted Date: Friday, April 1, 2016
Since the TILA-RESPA Integrated Disclosure (TRID) rule became effective Oct. 3, 2015, closing times have increased and costs and confusion have caused some lenders to stop offering certain products. But maintaining consumer satisfaction is possible and STRATMOR Group’s Dr. Matt Lind knows how.
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Risk retention question transferred to D.C. district court
Posted Date: Tuesday, March 22, 2016
The U.S. Court of Appeals for the District of Columbia Circuit has decided to transfer the Loan Syndications and Trading Association’s challenge to the Credit Risk Retention Rule in December 2014. The association had argued that certain regulations implemented by the Securities and Exchange Commission and Federal Reserve Board were contrary to law or arbitrary and capricious. Read on for more details.
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CFPB denies J.G. Wentworth’s petition to set aside CID
Posted Date: Tuesday, March 22, 2016
The Consumer Financial Protection Bureau has denied a petition from J.G. Wentworth, LLC to set aside a civil investigation demand (CID). This is the third CID Wentworth has had to respond to since March 2014. The bureau is seeking to determine whether Wentworth violated the Consumer Financial Protection Act or the Truth in Lending Act with “advancing funds in exchange for the rights to future payments from structured settlements or annuities.” Read on to learn more.
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OSHA finalizes whistleblower protections under Dodd-Frank
Posted Date: Tuesday, March 22, 2016
The Occupational Safety and Health Administration finalized its employee protection (whistleblower) provisions under Section 1057 of the Dodd-Frank Act. After receiving two comments, the administration had set forth the procedures for employees to issue retaliation complaints to the Secretary of Labor. Read on for a detailed look of those procedures.
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Lawmakers unhappy with Cordray’s retirement tool response
Posted Date: Tuesday, March 22, 2016
Sens. Richard Shelby (R-Ala.) and Michael Enzi (R-Wyo.) sent a letter to Consumer Financial Protection Bureau Director Richard Cordray expressing concerns about the bureau’s retirement planning toolkit after finding that it presented users with inaccurate information. Despite receiving a response from Cordray, the lawmakers are not pleased. Read on to find out why.
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FDIC announces upcoming community banking conference
Posted Date: Tuesday, March 22, 2016
As part of its Community Banking Initiative, the Federal Deposit Insurance Corp. will host a community banking conference featuring panel discussions focused on successful community bank business models, key regulatory developments, opportunities and challenges in managing technology and ownership structure and succession planning. Read on for more details about the conference and how to register.
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Mid America continues its TRID defect bidding
Posted Date: Friday, March 18, 2016
After extending an offer to purchase loans with minor TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rule defects, Mid America Mortgage, Inc.’s owner and CEO stated that the mortgage lender remains one of few bidders for so-called TRID “defect” loans.
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OCC issues proposed rule on EGRPRA-related changes
Posted Date: Friday, March 18, 2016
Under its obligations under the Economic Growth and Regulatory Paperwork Reduction Act, which requires the Federal Financial Institutions Examination Council to review regulations at least once every 10 years to identify laws that are outdated or otherwise unnecessary, the Office of the Comptroller of the Currency (OCC) has issued a proposal to revise several regulations. Read on for more details and to hear what concerns the American Bankers Association had to express.
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CFPB shuts down student debt relief scam
Posted Date: Friday, March 18, 2016
The Consumer Financial Protection Bureau submitted a proposed final judgement and order in the U.S. District Court of the Central District of California to ban Student Loan Processing.US and its owner, James Krause, from conducting debt relief and student loan services. The bureau had alleged that the company violated the Consumer Financial Protection Act (CFPA) and the Telemarketing and Consumer Fraud and Abuse Prevention Act (and its implementing regulation, the Telemarketing Sales Rule). Read on for more details.
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Warren won’t say whether Clinton should release speech transcripts
Posted Date: Friday, March 18, 2016
Wall Street reform has been a major topic along the campaign trail, especially with Democratic candidate Sen. Bernie Sanders (I-Vt.) calling for fellow Democratic candidate former Secretary of State Hillary Clinton to release the transcripts of her paid speeches given to Goldman Sachs. When CBS This Morning asked Sen. Elizabeth Warren (D-Mass.), who is often speculated to be a possible vice presidential candidate, whether she thought Clinton should release her speeches, Warren would not say. Read on for more details.
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Payday consumers know more than you think, report says
Posted Date: Tuesday, March 15, 2016
As Democratic National Committee Chairwoman Rep. Debbie Wasserman Shultz (D-Fla.) faces criticism for supporting the Consumer Protection and Choice Act, which would limit the Consumer Financial Protection Bureau’s authority to regulate payday lending, a survey commissioned by the Community Financial Services Association of America has found that 96 percent of borrowers said that the payday loans they took out had been useful to them. Read of to find what else the survey uncovered.
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CFTC withdraws report on energy position limits
Posted Date: Tuesday, March 15, 2016
The Commodity Futures Trading Commission’s Energy and Environmental Markets Advisory Committee will withdraw a report it released last month, in which it had concluded that regulations on position limits for energy futures, options and agricultural commodity swaps were unnecessary. Sen. Elizabeth Warren (D-Mass.) had called for the report’s withdrawal in a letter to Commissioner J. Christopher Giancarlo. Read on for more details.
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Conference coverage: New ICBA chairman welcomed
Posted Date: Tuesday, March 15, 2016
At its annual conference March 9, the Independent Community Bankers of America announced its new chairman: Rebeca Romero Rainey. As part of her welcome, Romero Rainey urged community bankers to share their unique stories as they work to secure a future where community banks can flourish. Read on to learn more about the trade association’s newly elected executive committee and the message that Romero Rainey presented at the conference.
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FFIEC names new state liaison
Posted Date: Friday, March 11, 2016
The Federal Financial Institutions Examination Council announced the appointment of a new member to the State Liaison Committee. The new appointee will complete a partial term vacancy created by the resignation of Lauren Kingry, and his term will continue through March 31, 2017. Read on for more details.
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NAFCU: Good guys don’t need overdraft restrictions
Posted Date: Friday, March 11, 2016
Citing its reputation for responsible banking practices and customer satisfaction with its overdraft programs, an executive with the National Association of Federal Credit Unions wrote Consumer Financial Protection Bureau Director Richard Cordray to urge caution when considering how overdraft rulemaking could affect credit unions. Read on for more details.
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Industry reacts; Cordray on TRID at CBA Live
Posted Date: Thursday, March 10, 2016
In the next week, Consumer Financial Protection Bureau Director Richard Cordray will make his annual spring appearance before the House Financial Services Committee. His most recent public comments might have provided a preview of what will dominate the discussions during that hearing.
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NCUA leader to step down
Posted Date: Wednesday, March 9, 2016
With new regulations concerning member business lending finalized and field of membership nearly finalized, the head of the National Credit Union Administration has decided to step down.
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Live coverage: Cordray says regulation by enforcement here to stay
Posted Date: Wednesday, March 9, 2016
Speaking before the Consumer Bankers Association annual conference, withDodd Frank Update in attendance, Consumer Financial Protection Director Richard Cordray addressed criticism of regulation by enforcement. Read on to see what he had to say about the practice.
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What the CFPB’s first data security enforcement means
Posted Date: Tuesday, March 8, 2016
The Consumer Financial Protection Bureau used its authority for the first time to bring an enforcement action for unfair, deceptive or abusive acts or practices (UDAAP) under the Dodd-Frank Act against an online payment platform for deceptive representations of its data security practices. Read on to learn what the company specifically did and what this means for the industry.
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ICBA Live: It’s time to be disruptive!
Posted Date: Tuesday, March 8, 2016
Dodd Frank Update attended the Independent Community Bankers of America annual convention in New Orleans, where Hyper-Growth CEO and best-selling author Josh Linkner spoke about the steps bankers can take to stand out. There may be some advantages to being an underdog. Read on to find out why.
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MBA responds to NLPC’s call to investigate Stevens
Posted Date: Tuesday, March 8, 2016
The National Legal and Policy Center, an organization founded to promote ethics, requested that the U.S. Attorney’s Office investigate whether Mortgage Bankers Association CEO David Stevens violated federal ethical codes concerning certain restrictions on former officers, employees and elected officials. Read on for more details about the letter and what the Mortgage Bankers Association had to say in response.
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So, how are credit unions really faring?
Posted Date: Tuesday, March 8, 2016
The National Credit Union Administration has released the latest Call Report data for the fourth quarter of 2015. The data discusses credit unions’ total share and deposit accounts; net income; auto, mortgage and payday alternative lending; long-term investments; and more. NCUA Chair Debbie Matz recently discussed the administration’s approach to providing regulatory relief. Read on to learn more.
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TAILOR Act among bills passed in House Committee
Posted Date: Tuesday, March 8, 2016
In an action applauded by the American Bankers Association, the House Financial Services Committee passed the Taking Account of Institutions with Low Operation Risk Act (TAILOR Act), which would require financial regulators to consider institutions’ risk profiles and business models as well as review – and possible revise - all regulations adopted since June 25, 2010, before the Dodd-Frank Act was enacted. Read on to learn more about the nine other bills marked up.
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ABA survey tracks TRID effects, regulatory burden
Posted Date: Thursday, March 3, 2016
Banks still are struggling to comply with the TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rules, according to a survey from the American Bankers Association. The trade association found that 94 percent of survey respondents thought the good-faith effort compliance grace period should be extended and that more than 70 percent of respondents still were waiting for loan origination system updates from their vendors. What else did the trade association find? Read on to find out.
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CFTC committee: ‘Scant evidence’ more regs needed in energy markets
Posted Date: Thursday, March 3, 2016
The Commodity Futures Trading Commission Energy and Environmental Markets Advisory Committee has recommended that the commission should not finalize its position limits rule, finding “scant evidence” that the proposed rule is necessary or would effectively limit excessive speculation in energy markets. In fact, the committee concluded that the real problem is insufficient speculative activity. Read on to learn more.
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Prepaid products: Here is what consumers are complaining about
Posted Date: Thursday, March 3, 2016
The Consumer Financial Protection Bureau released its eighth consumer complaint report, finding debt collection, mortgage and credit reporting complaints to still be the three most-complained-about consumer financial products and services. Although payday lending complaints had the greatest percentage decrease in complaint volume, prepaid products (which were highlighted in this latest report) had the second-highest percentage increase.
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Comments sought in FDIC insured-deposits recordkeeping proposal
Posted Date: Thursday, March 3, 2016
The Federal Deposit Insurance Corp. is seeking comments on a proposed rule that would facilitate prompt payment of insured deposits when large banks fail. Banks that have two million or more deposit accounts would be required to maintain complete and accurate data on each depositor’s ownership interest by right and capacity for all of the institution’s deposit accounts. Read on for more details.
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WARN Act to increase whistleblower protections
Posted Date: Thursday, March 3, 2016
To address legal loopholes financial firms have been using to avoid certain Dodd-Frank Act provisions, lawmakers Rep. Elijah E. Cummings (D-Md.) and Sen. Tammy Baldwin (D-Wis.) introduced the Whistleblower Augmented Reward and Non-Retaliation Act of 2016 (WARN Act). Read on to learn more about the bill as well as the latest whistleblower news from the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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Support for risk retention, CLO bill gains momentum
Posted Date: Friday, February 26, 2016
Before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, the executive vice president in charge of research and analysis at Loan Syndications and Trading Association testified about the importance of revising the risk retention rules to prevent adverse effects on collateralized loan obligations. She explained the potential benefits of the “Qualified CLO,” as proposed under the Expanding Proven Financing for American Employers Act of 2015.
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An in-depth look at NCUA’s commercial lending rule
Posted Date: Friday, February 26, 2016
As part of its Regulatory Modernization Initiative, the National Credit Union Administration amended its member business loans rule to eliminate the current MBL waiver process by adopting a principles-based rule. The rule also modifies the single-borrower limitation to exclude the government-guaranteed portion of a loan and narrows the scope of ineligible borrowers under the rule’s prohibited activities provision. Read on for more details.
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CFPB discusses Call Report findings on overdraft, NSF fees
Posted Date: Friday, February 26, 2016
Less than a month after the Consumer Financial Protection Bureau (CFPB) held a field hearing in which Director Richard Cordray encouraged banks to offer more low-risk deposit accounts, the bureau has released highlighted findings on overdraft and non-sufficient fund fees, as newly required within Call Reports filed with the Federal Financial Institutions Examination Council. What did the bureau find? Read on to find out.
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Inflated APRs, altered affidavits lead to Citibank enforcements
Posted Date: Friday, February 26, 2016
The Consumer Financial Protection Bureau took two enforcement actions against Citibank after determining that it sold credit card debt with inflated interest rates, failed forward consumer payments promptly to debt buyers and – along with two debt collection law firms – falsified court documents filed in debt collection cases. Read on for more details.
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FDIC: Community banks earn $20.4 billion in 2015
Posted Date: Friday, February 26, 2016
The Federal Deposit Insurance Corp. released its latest Quarterly Banking Profile, covering the fourth quarter and full year of 2015. Commercial banks and savings institutions reported aggregate net income of $40.8 billion in the fourth quarter of 2015 and $163.7 billion for the year, as well as the largest 12-month growth rate for total loan and lease balances since mid-2007 to mid-2008. Read on to learn more about how banks performed last year.
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Fed’s Outlook Live webinar series to begin offering CPE credits
Posted Date: Friday, February 26, 2016
Outlook Live, the Federal Reserve System’s webinar series dedicated to consumer compliance, now will qualify for Continuing Professional Education credits. The Consumer Financial Protection Bureau made this announcement while promoting a webinar that will cover construction lending under the TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rule. Read on to learn more about earning credits and registering for the webinar.
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NCUA leader touts reg relief to credit unions
Posted Date: Tuesday, February 23, 2016
Speaking to nearly 5,000 attendees at the Credit Union National Association’s annual Governmental Affairs Conference, National Credit Union Administration Board Chairman Debbie Matz stated that making it easier for credit unions to do business was a top priority. Matz spoke about the administration’s approach of saying, “Yes,” to regulatory relief.
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Cordray: Nobody should have to rely on government first
Posted Date: Tuesday, February 23, 2016
Speaking before the American Constitution Society, Consumer Financial Protection Bureau Director Richard Cordray discussed the actions the bureau has taken regarding its potential rulemaking on pre-dispute arbitration. Read on to hear what was discussed.
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Residential property loans down from previous quarter
Posted Date: Tuesday, February 23, 2016
In its fourth quarter 2015 Residential Property Loan Originator Report, RealtyTrac has found that 1.6 million loans were originated on residential properties. This represented a 14 percent decrease from the third quarter of 2015, but a 1 percent increase from a year earlier. Read on for more details about the possible causes of these findings.
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Community revitalization, LTV guidance to be issued soon
Posted Date: Tuesday, February 23, 2016
Speaking before the 2016 National Interagency Community Reinvestment Conference, Comptroller of the Currency Thomas Curry stated that the Office of the Comptroller of the Currency (OCC) will release a guidance bulletin titled, “Risk Management Guidance for Higher Loan-to-Value Lending in Communities Targeted for Revitalization.”
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NCUA rule expands business lending to non-members
Posted Date: Friday, February 19, 2016
The divide between credit unions and community banks has grown wider. The National Credit Union Administration approved a final rule that will give federally insured credit unions more flexibility and autonomy to offer business loans to members and non-members, eliminating the current member-business loan waiver process. The move was applauded by the Credit Union National Association but not by the Independent Community Bankers of America.
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CFPB releases no-action letters policy for new products
Posted Date: Friday, February 19, 2016
The Consumer Financial Protection Bureau issued its final no-action letters policy. Although the policy is designed to improve access to consumer financial products and services by providing innovators with relief, such “no action” should not be taken for granted. Find out why.
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ABA’s Nichols calls for responsible fintech regulation
Posted Date: Friday, February 19, 2016
American Bankers Association President and CEO Rob Nichols called for a responsibly regulated fintech industry, refuting the notion that banks and fintech firms are solely focused on mutual destruction. Nichols discussed his suggested regulatory approach in an op-ed.
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Fed rulemaking authority on UDAP officially revoked
Posted Date: Friday, February 19, 2016
The Federal Reserve Board is repealing Regulation AA, which addressed the board’s authority to write rules on unfair or deceptive acts or practices under Section 18(f)(1) of the Federal Trade Commission Act. This section, however, was repealed by Section 1092(2) of the Dodd-Frank Act, which transferred the rulemaking authority to the Consumer Financial Protection Bureau.
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FDIC issues recordkeeping proposal for large depositors
Posted Date: Friday, February 19, 2016
The Federal Deposit Insurance Corp. has issued a proposal for recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts. The purpose of the rulemaking is to facilitate payment of insured deposits to customers if the institutions were to fail.
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Lenders begin preparing for a world with new HMDA, but no HAMP
Posted Date: Friday, February 19, 2016
As the lender industry works to put implementation of the TILA-RESPA Integrated Disclosure rule in its rear-view mirror, the 2016 focus already has begun to shift to preparations for technology changes and compliance to handle the finalized Home Mortgage Disclosure Act. Read on to see what the ICBA’s Joe Gormley, Black Knight’s George FitzGerald and others have to say about the lending industry’s focus for the year.
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Pilot programs prove beneficial to small-dollar consumers
Posted Date: Friday, February 19, 2016
Filene Research Institute stated that it has generated more than $100 million in loan volume and about $1 million in savings balances through its pilot program, “Accessible Financial Services Incubator.” The program is designed to help under-banked and unbanked Americans gain access to financial services. The Consumer Financial Protection Bureau recently requested that bankers begin providing lower-risk deposit products.
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