News By Edition

The federal bank regulatory agencies announced their intent to rescind the 2023 Community Reinvestment Act (CRA) final rule and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies cited “pending litigation” as the basis for their decision.

Cornerstone Capital Bank, a national provider of residential mortgage finance and loan servicing solutions and consumer, commercial, and institutional banking services, has launched two joint venture companies with homebuilders in Texas and North Carolina.

The Office of the Comptroller of the Currency granted conditional approval for a fintech firm to acquire CenTrust Bank, N.A. This marks the first time a fintech has acquired a bank charter since 2021. Acting Comptroller Rodney Hood shared his views on the acquisition during CBA LIVE 2025 in Orlando.

Federal Reserve Gov. Michelle Bowman has been nominated to serve as the agency’s next vice chair for supervision. The position was vacated by Michael Barr who stepped down in February but remained a member of the Fed Board of Governors.

Given increasing uncertainty around the economic outlook and an inflation rate that remains elevated, the Federal Open Market Committee recommended the federal funds rate remain between 4-1/4 to 4-1/2 percent, following the committee’s March meeting.

The Consumer Bankers Association’s 16th annual CBA LIVE conference included illuminating conversations about technological innovation, regulatory policy implications and customer-centric business strategies.

The Consumer Bankers Association (CBA) introduced the members of its 2025 Board of Directors and executive committee during its annual CBA Live conference in Orlando on March 17.

The Trump administration’s dismissal of the Federal Trade Commission’s two democratic members will likely lead to a lawsuit with the potential to reach the Supreme Court, according to legal experts.

A federal judge granted the Consumer Financial Protection Bureau’s request for additional time to review a legal challenge facing its credit card late fee final rule. The bureau’s leadership will have 30 days to determine how it wishes to proceed with respect to claims brought by multiple business trade organizations.

While Congress considers legislation regarding the national tax policy, the Independent Community Bankers of America is pushing for an end to federal tax subsidies for credit unions with $1 billion or more in total assets. Efforts to change tax policies benefitting credit unions have garnered pushback from credit union advocates.

The U.S. Fifth Circuit Court of Appeals granted a motion to stay implementation of the Consumer Financial Protection Bureau’s small business lending final rule, implementing Sec. 1071 of the Dodd-Frank Act, pending a decision on an appeal filed by multiple banking trade associations.

National Credit Union Administration Chair Kyle Hauptman announced changes to overdraft and non-sufficient fund fee data collection policies intended to help credit unions support its members struggling with inflation.

With the state of the economy and financial regulations representing a significant source of uncertainty, regulatory agencies have taken some steps intended to help institutions understand certain shifts in the policy landscape and offer assistance where possible. Learn more about some of these recent statements and actions from federal agencies.

The union representing employees of the Consumer Financial Protection Bureau (CFPB) pleaded their case to end the work stoppage initiated by acting director Russ Vought and guard against future mass firings at the agency in a series of hearings in the D.C. District Court. Dodd Frank Update spoke to a pair of former CFPB senior counsels to get their takes on recent developments within the agency.

The Senate confirmed Bill Pulte as the new director of the Federal Housing Finance Agency. He will be the fifth person to run the agency since its establishment in July 2008 as part of the Housing and Economic Recovery Act.

The Consumer Bankers Association (CBA) will be hosting its annual conference March 17-19 at JW Marriott Grande Lakes in Orlando, Fla. For real-time coverage of CBA LIVE 2025, follow Dodd Frank Update on X (@DoddFrankUpdate) as we share photos and updates during the retail banking sector’s premier event.

The three federal banking agencies issued the 2024 Shared National Credit report, describing credit risk associated with large, syndicated bank loans, as well as credit quality trends connected to the current state of interest rates.

Numerous trade associations representing the financial services sector issued statements expressing either support for or opposition to various legislative pieces proposing policy changes concerning consumer credit products and services, small business loans and more. Learn about some of the views expressed in this roundup.

The Consumer Financial Protection Bureau’s final rule prohibiting lenders from considering medical debt and medical bills in consumer crediting decisions is the subject of a Congressional Review Act resolution seeking to nullify the rule.

The Senate confirmed Bill Pulte as the new director of the Federal Housing Finance Agency (FHFA) by a vote of 56-43 on March 13. He will be the fifth person to run the agency since its establishment in July 2008.

The Senate Banking Committee voted to advance the Trump administration’s nominees to lead the Consumer Financial Protection Bureau and the Federal Housing Finance Agency. While the votes revealed a Senate largely split along party lines, the financial services industry expressed support for both candidates.

Rocket Companies and Redfin have agreed to an acquisition agreement valued at $1.75 billion. The two digital lending platform is aiming to offer a more efficient, streamlined experience for borrowers through its new strategic partnership with one of the country’s most recognizable online real estate brokerages.

U.S. Treasury Secretary Scott Bessent scored some points with community banking advocates for his remarks during a speaking engagement at the Economic Club of New York, championing a more “efficient regulatory framework” for the financial sector.

The Office of the Comptroller of the Currency (OCC) published guidance reaffirming permissible cryptocurrency activities for banks while rescinding a requirement for institutions to get supervisory clearance before engaging in such activities. The agency also withdrew the OCC from a joint statement on crypto-asset risks to banking organizations.

Financial services providers and trade advocates have been watching the frenzy of activity among federal regulators and in Congress with great interest and have been actively pushing for changes aimed at benefiting their businesses. Learn about these policy stances and more in this roundup.

Community bankers from across the country are urging Congress to include the bipartisan Access to Credit for our Rural Economy Act (ACRE), S.838, in the FairTax Act of 2025. The ACRE aims to improve credit access and lower borrowing costs for farmers, ranchers and rural homebuyers.

The Consumer Financial Protection Bureau’s decision to drop its lawsuit against three of the nation’s largest financial institutions over alleged security deficiencies in the digital payment platform Zelle elicited cheers from industry advocates and jeers from consumer advocates. The dismissal comes as Republicans in Congress seek to repeal the bureau’s larger participant rule, which allows the agency to exercise its statutory authority to supervise nonbank financial institutions.

The House Financial Services Committee’s Subcommittee on Housing and Insurance convened its inaugural session of the 119th Congress on March 4, focusing on the pressing issue of housing affordability and supply in the United States.

The Securities and Exchange Commission dismissed an enforcement action against Coinbase Inc. and Coinbase Global Inc. with prejudice, marking a shift in its approach to supervision of the cryptocurrency sector.

A pair of college-town credit unions announced an agreement to combine their resources to better serve their communities in Texas and California. They said the merger agreement is intended to expand and enhance their community-focused banking offerings.

The Mortgage Industry Standards Maintenance Organization (MISMO) announced a series of notices seeking stakeholder feedback about new specifications and enhancements to its tools designed to benefit real estate finance professionals via the Mortgage Bankers Association website. Each of the new developments aims to help improve operational efficiency and other aspects of the real estate transaction and affords interested stakeholders a 30-day or 60-day period to provide feedback on the individual developments.

A resolution seeking to overturn the Consumer Financial Protection Bureau’s rule imposing a limit on bank account overdraft fees passed in the House Financial Services Committee by a 30-19 vote. The rule calls for banks with $10 billion or more in total assets to cap overdraft fees at $5.

SingleSource Property Solutions, a provider of residential property services, has named Ashley Abbondanza as its chief innovation officer. In her new executive role, Abbondanza will spearhead the company’s strategic innovation initiatives, optimize operational workflows, and leverage data to enhance business efficiency.

The Consumer Financial Protection Bureau a handful of nearly 40 pending lawsuits just weeks after acting director Russ Vought paused all litigation activity at the bureau. Some of the most notable dropped cases cited alleged unfair and deceptive practices employed by Capital One, SoLo Funds, Zelle and Vanderbilt, a subsidiary of Berkshire Hathaway, against consumers.

The U.S. Department of the Treasury said it will not enforce the Corporate Transparency Act rule requiring companies to report beneficial ownership information against domestic companies or U.S. citizens. The agency intends to narrow the scope of the existing requirements through a proposed rule which will apply to foreign entities only.

The New York Attorney General accused Citibank of violating the Electronic Fund Transfer Act by failing to implement adequate security measures to protect consumers from fraud and allegedly denying reimbursement for unauthorized wire transfers. Banking advocates filed an amicus brief after the District Court for the Southern District of New York granted in part and denied in part the bank’s motion to dismiss the charges.

The Federal Deposit Insurance Corp. approved motions to withdraw, rescind or delay implementation of six regulatory policy measures, including proposed rules related to brokered deposits and corporate governance, as well as its 2024 final policy statement requiring stricter reviews of bank merger applications.

Bank7 acquired a fellow Oklahoma-based lender as part of a strategic move intended to enhance the bank’s mortgage division and its ability to deliver a comprehensive suite of financial solutions for customers across its growing service areas.

The mortgage industry advisory firm STRATMOR Group published a comprehensive guide that shows lenders how to leverage AI to enhance efficiency, ensure compliance, and improve the customer experience, titled “All Aboard the AI Train: A Practical Roadmap for Lenders.”

SingleSource Property Solutions, a residential property services provider, has hired Daniel Figurski as the company’s chief appraiser. He will be tasked with expanding the company’s valuation services to help home lenders, mortgage holders, and residential loan servicers increase efficiency through the use of effective, high-quality valuations.

The Fay Group, a family of companies providing products, services and strategies in the mortgage and real estate sectors, appointed Jason Biegel president of its capital markets group.

Clarifire announced that Towne Mortgage Company has started using the company’s namesake automation tool as its servicing workflow application.