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Posted Date: Wednesday, April 17, 2024
There is no shortage of criticism for the new Community Reinvestment Act (CRA) standards. A federal court found several arguments against aspects of the final rule compelling enough to order a preliminary injunction on its enforcement. Given that the full implementation date has been pushed back, giving regulators time to iron out the contentious rough patches, industry insiders say they have reason to believe banks’ efforts to prepare for the new CRA will not be in vain.
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Posted Date: Friday, January 12, 2024
The banking industry offered a landslide of support and recommendations for the Consumer Financial Protection Bureau to consider when finalizing its proposed rule which would extend the bureau’s supervisory authority to certain nonbank entities. The proposed rule aims to define a market for general-use digital consumer payment applications.
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Posted Date: Tuesday, January 2, 2024
A group of congressional Democrats recently joined the collective push for the Consumer Financial Protection Bureau to create a new rule prohibiting companies from using forced arbitration clauses in consumer financial agreements. The letter came on the heels of another in which over 160 law professors argued such rulemaking could vary enough from the bureau’s previously nullified arbitration rule to satisfy the Congressional Review Act.
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Posted Date: Tuesday, December 5, 2023
The fate of the Consumer Financial Protection Bureau’s final rule mandating certain data collection and reporting requirements outlined in Sec. 1071 of the Dodd-Frank Act now rests with the White House. Following Congress’s vote approving a resolution to repeal the rule, President Joe Biden reiterated his intention to veto the resolution.
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Posted Date: Wednesday, November 22, 2023
Since Congress voted in 2017 by a slim 51-50 margin to disapprove the Consumer Financial Protection Bureau’s rule to prohibit mandatory arbitration agreements in financial contracts via the Congressional Review Act, with a tie-breaking vote cast by then-Vice President Mike Pence, consumer advocates have continued to contest the decision.
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Posted Date: Tuesday, October 10, 2023
Federal Reserve Gov. Michelle Bowman offered her perspective on the implications of recent bank failures and stress within the U.S. banking system while speaking at a recent conference sponsored by the Mississippi Bankers Association and the Tennessee Bankers Association. Bowman said the three bank failures in March underscored the need for the Fed and other federal banking regulators to address supervisory deficiencies and consider revisions to certain regulations intended to ensure safe and sound prac...
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Posted Date: Tuesday, October 10, 2023
Federal Communications Commission (FCC) Chair Jessica Rosenworcel recently introduced a proposal to begin the process of re-establishing the agency’s oversight over broadband and restoring uniform, nationwide net neutrality rules. In 2017, the Trump administration repealed net neutrality despite strong public opposition. Rosenworcel said the FCC is seeking public input on rulemaking to restore net neutrality – particularly on how to best achieve a uniform, national open internet standard.
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Posted Date: Friday, November 18, 2022
Weeks after the midterm election, there is finally a clear indication as to which party will be in control of each of the chambers of Congress. Even with Democrats maintaining control of the Senate, there are going to be significant changes to major committees in both chambers that will affect the consumer financial services industry. Read on for more details.
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Posted Date: Friday, September 30, 2022
Sen. Bill Hagerty (R-Tenn.) and Rep. French Hill (R-Ark.) introduced companion legislation entitled the Federal Reserve Loss Transparency Act. The bill is designed to inhibit the Federal Reserve from transferring money to the Consumer Financial Protection Bureau (CFPB) if the Fed incurs an operating loss. The proposed legislation brings forward the ongoing debate of the constitutionality of the CFPB’s finding structure. Reads on for more details.
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Posted Date: Monday, September 19, 2022
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Posted Date: Friday, September 16, 2022
As the Federal Open Market Committee prepares to decide on another interest rate increase this week, most experts are anticipating an additional 75 basis-point increase. Recent comments from Fed Chair Jerome Powell indicate an intent to remain hawkish in the fight against inflation. Read on for more details.
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Posted Date: Wednesday, September 14, 2022
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Posted Date: Tuesday, September 13, 2022
Dodd Frank Update joined the Community Bankers Association of Ohio for its 48th annual convention and expo in Columbus. The convention featured presentations from former-Pittsburgh Steeler Rocky Bleier, Ohio Secretary of State Frank LaRose, Stifel managing Director Michael Erhardt, and CSI Director of payment Strategy Matt Herren. Read on for more details.
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Posted Date: Tuesday, August 9, 2022
The Securities and Exchange Commission filed a single-count complaint in the U.S. District Court for the Western District of Washington against a former manager at Coinbase. The complaint alleges the defendant provided material, non-public information about upcoming Coinbase listing announcements to his brother and a friend who used that information to buy and sell crypto assets for significant profits. Read on for more details.
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Posted Date: Wednesday, June 15, 2022
Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wy.) have introduced the first comprehensive and bipartisan cryptocurrency bill before Congress. The Responsible Financial Innovation Act attempts to address a wide range of issues related to the usage and regulation of cryptocurrencies. The bill is currently viewed unfavorably by most traditional lenders and banks. Read on for more details.
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Posted Date: Monday, June 6, 2022
A bill has been introduced in the House of Representatives to ban credit reporting agencies from sending “trigger leads” following consumer inquiries regarding home mortgage loans. Read on for more details.
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Posted Date: Monday, May 16, 2022
The Senate has confirmed Lisa Cook, President Joe Biden’s nominee to the Federal Reserve Board of Governors. Cook will become the first Black woman to join the Fed board. Read on for more details.
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Posted Date: Tuesday, September 21, 2021
President Joe Biden has nominated a privacy advocate from Georgetown University’s law school to take Rohit Chopra’s seat on the Federal Trade Commission (FTC). This nomination comes at a time when the FTC has been critiqued for not doing enough to protect consumers’ data. FTC Chair Lina Khan, also a Biden appointee, congratulated the new nominee, as did the American Economic Liberties Project. Read on for more details.
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Posted Date: Tuesday, April 6, 2021
The Consumer Financial Protection Bureau (CFPB) warned mortgage servicers to be prepared for the surge of borrowers who will need assistance to stay in their homes once their loans come out of forbearance. The CFPB also issued a notice of proposed rulemaking that would make temporary changes to mortgage servicing in order to help prevent avoidable foreclosures. Read on for more details.
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Posted Date: Friday, December 13, 2019
Credit unions will have an extra two years to work toward compliance with the National Credit Union Administration’s risk-based capital (RBC) rule following a recent vote to delay its implementation to Jan. 1, 2022. Credit union advocacy groups pushed for the delay in implementation, the third since the rule was adopted in 2015 to modernize the credit union capital regime. Learn more about the delay and what industry advocates are saying.
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Posted Date: Friday, October 25, 2019
Fair lending risk is among the most prominent concerns for mortgage lenders, in large part because of uncertainty about what constitutes a discriminatory practice and the fact that factors underlying such risks can crop up in the least likely of places – such as a congressional hearing, for example. Fair Lending Diversity Inc.’s Tammy Butler explained how comments regarding Consumer Financial Protection Bureau Director Kathy Kraninger’s religious affiliation during her recent report to Congress could be...
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Posted Date: Tuesday, October 22, 2019
Speculation over whether the Supreme Court would heed calls for it to settle the long-running dispute over the constitutionality of the Consumer Financial Protection Bureau (CFPB) ended Friday. The court’s highly anticipated announcement that it will hear the case of Seila Law v. CFPB could mean any number of possible outcomes for the future of the CFPB, the Dodd-Frank Act and consumer protection laws. Find out why the industry is continuing to push for a CFPB commission.
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Posted Date: Tuesday, October 22, 2019
Numerous rulemakings the Consumer Financial Protection Bureau (CFPB) has undertaken were the subject of debate during Director Kathy Kraninger’s second semi-annual report to Congress. Of particular note were questions levied regarding the CFPB’s policy initiatives on innovation and rules on payday lending, fair lending and Qualified Mortgage (QM) standards, among others. Learn more details that were discussed during the hearings.
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Posted Date: Monday, September 30, 2019
In a move that has major implications for mortgage lenders and appraisers, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency finalized a joint rule to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The Consumer Financial Protection Bureau’s required letter weighing in on the measure closely reflected contentions put forth by financial institutions and the trade associations. Learn ...
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Posted Date: Thursday, September 19, 2019
The constitutionality of the Consumer Financial Protection Bureau’s (CFPB) leadership structure recently came under fire yet again. But this time is different because the party challenging the Dodd-Frank Act provision that created the bureau with a single director removable only for-cause is the director herself. Director Kathy Kraninger announced Tuesday that she has joined with the Department of Justice, calling for the Supreme Court to review a circuit court ruling by the Ninth Circuit Court on the c...
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