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Regulation and compliance

HUD rescinds 12 FHA policies: What home lenders need to know

HUD, LOAN PRODUCTS, Originations, Politics and policy, Regulation and compliance, Underwriting /

Mortgage lenders welcomed the rescissions the Department of Housing and Urban Development made to 12 Federal Housing Administration policies, noting they would make the program more attractive for participants. They could even be a starting point for bringing banks back as originators in this government-insured program. These revisions might affect other segments of the housing […]

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Fintech group urges court to uphold CFPB’s open banking rule

Fintech group urges court to uphold CFPB’s open banking rule

Data security, Litigation, Open banking, Politics and policy, Regulation and compliance /

Bloomberg News The Financial Technology Association filed a motion for summary judgment in federal court late Sunday, defending a final rule on consumer financial data rights that the Consumer Financial Protection Bureau under the Trump administration refused to uphold. The FTA said in a court filing that consumers cannot share their data without easy access

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Banks cruise through Fed stress tests, earning capital break

Banks cruise through Fed stress tests, earning capital break

Minimum capital requirements, Politics and policy, Regulation and compliance, Stress tests /

Bloomberg News Most of the country’s largest banks are poised to see flat or lower capital requirements next year after performing well in this year’s Federal Reserve stress test, but ongoing efforts to reform its annual exam practices could complicate how much lower those requirements will ultimately be.  Overall, banks registered their best performance since

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Mortgage fraud risk jumps 7.3% in one year

Fraud, Mortgage applications, Originations, Regulation and compliance /

The potential for mortgage lending fraud accelerated over the past year, with risk related to undisclosed transaction details driving much of the surge, according to Cotality. In its latest report, the real estate data platform found fraud risk was up 7.3% year over year in the first quarter. Risk lessened over time, though, coming in

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Powell says Fed will revisit Basel III capital rules

Powell says Fed will revisit Basel III capital rules

Minimum capital requirements, Politics and policy, Regulation and compliance, Trump administration /

Federal Reserve Chair Jerome Powell.Bloomberg News WASHINGTON — Federal Reserve Chair Jerome Powell said that the central bank will consider a Basel III endgame proposal — in addition to the nascent leverage ratio proposal being unveiled later in the day — as part of bank regulators’ deregulation push during the Trump administration.  Powell, speaking before

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Nonbank servicing standards apply to 99% of market: CSBS

Regulation and compliance, Servicing /

In the nearly five years since they were first proposed, only 11 states have fully adopted the Conference of State Bank Supervisors’ prudential standards for nonbank mortgage servicers. Yet because of multistate examinations, these rules apply to 99% of nondepository mortgage servicers. The standards first went out for comment in October 2020, with 17 organizations

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Republicans play nice with Powell despite Trump’s criticism

Republicans play nice with Powell despite Trump’s criticism

Minimum capital requirements, Monetary policy, Politics and policy, Regulation and compliance /

Federal Reserve Chair Jerome Powell testifying in the House Financial Services Committee Tuesday morning.Bloomberg News WASHINGTON — House Republicans struck a mostly cordial tone with Federal Reserve Chairman Jerome Powell at a hearing at the House Financial Services Committee.  Trump, ahead of the hearing, called on Republicans to press Powell after he held interest rates

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Bank of America exits CFPB monitoring three years early

Bank of America, CFPB News & Analysis, Regulation and compliance /

The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early. The bank “fulfilled the obligations” of the agreement signed

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Trigger lead ban nears finish line in Congress

Law and legal issues, Marketing, MARKETING TO BORROWERS, Politics and policy, Regulation and compliance /

After several starts and stops, the trigger leads ban is the closest it’s ever been to becoming law, after the House of Representatives approved its version of the Homebuyers Privacy Protection Act. There are some differences with the Senate version of the bill, which was approved by unanimous consent on June 12. Those can be

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Fed officially nixes reputation risk from exam practices

Fed officially nixes reputation risk from exam practices

Politics and policy, Regulation and compliance, Risk management /

Bloomberg News The Federal Reserve has officially started scrubbing “reputational risk” from its supervisory policies and practices.  The central bank announced Monday that it is removing all mentions of reputation and reputational risk from its exam manuals and supervisory materials. In some cases, the agency is replacing those references with discussions of specific financial risks.

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