Key Insight: Former Fed Gov. Kevin Warsh’s selection as the next Federal Reserve chair would put a familiar face atop the central bank, but the hawkish monetary policy stances he has advocated for in the past — contrasted with the accommodative policy the president prefers and that he now supports — muddy the outlook for […]
What bankers need to know about Fed chair-designate Warsh Read More »
Key Insight: President Trump’s selection of former Fed Gov. Kevin Warsh to a vacating seat on the central bank board will likely garner broad support from Senate Republicans, but promised opposition from Sen. Thom Tillis, R-N.C., could slow the confirmation process. Expert Quote: “I have known Kevin for a long period of time, and
Trump taps ex-investment banker Warsh to be next Fed chair Read More »
Rocket is being sued for allegedly directing clients to its mortgage business and away from cheaper loan options. Processing Content Three plaintiffs filed the suit Monday in the U.S. District Court for the Eastern District of Michigan. They accused Rocket of exploiting the “vulnerability of homebuyers for profit,” by steering prospective borrowers to use their
Rocket accused of steering buyers to its mortgage business Read More »
Key Insight: State bank regulators and examiners say the federal supervision regime has long been in need of streamlining, and supervisory changes announced by the Federal Reserve are seen as a step in the right direction. Expert Quote: “To me it doesn’t sound like a retreat of the Federal Reserve so much as they are
State regulators optimistic about shift in bank supervision Read More »
The Department of Housing and Urban Development is ordering citizenship checks for tenants in HUD-funded housing, part of its work with the Department of Homeland Security. Processing Content Friday’s announcement follows an audit in which the departments found almost 6,000 ineligible non-American tenants in the units, among nearly 200,000 tenants requiring eligibility verification. Another 25,000
HUD orders citizenship checks for tenants in funded housing Read More »
Key Insight: The Supreme Court’s focus on procedural and due process concerns suggests that Fed Governor Lisa Cook is likely to remain in her post while her case against the Trump administration proceeds. Expert quote: “While it’s always perilous to try to predict where the Court will come out, it seems to me that the
Trump Fed majority stalled, not stopped, if Cook remains Read More »
Key Insight: The Federal Deposit Insurance Corp. is restructuring its supervisory appeals process. Supporting data: The final rule requires the three-member appeal panel to have at least one member with supervisory or examination experience and another with industry experience. Forward look: Comptroller of the Currency Jonathan Gould said the Office of the Comptroller of the
FDIC adds banker to regulatory appeals board in final rule Read More »
Takeaways: Processing Content Penalties for claims payment delays are not retroactive Provisions duplicate existing regulations Practical aspects of adjusting claims not accounted for California’s latest legislation and newest laws regarding the home insurance market will not have much impact, for several reasons, according to attorneys representing both policyholders and insurers. Policyholder attorneys and advocates call
California insurance regulation will need more enforcement, experts say Read More »
Key insight: Treasury Secretary Scott Bessent avoided confronting the rate cap directly, but argued banks already are benefitting from deregulation elsewhere. Supporting data: Bessent argued that banks enjoy trillions in extra lending capacity, freed up by the unwinding of compliance standards. Forward look: The White House appears increasingly serious about passing a credit card interest
Bessent tells banks deregulation makes up for 10% rate cap Read More »
The Federal Reserve issued a consent prohibition order against a former Primelending loan officer for infractions, including conflict of interest and submission of falsified loan documents. Processing Content As a loan officer for the Dallas-based lender, Aquana Raffington is alleged to have originated and earned commissions on at least $1.7 million worth of fraudulent mortgages
Former Primelending LO agrees to Fed prohibition order Read More »