How bank compliance leaders are engaging with regulators
Risk and compliance executives shared how they're responding to rapid changes in bank regulation at American Banker's Most Powerful Women in Banking Conference.
Compliance
KPMG faces fresh questions over audits after New York Community turmoil
The auditing giant KPMG audited the three regional banks that failed last year. New York Community's recent disclosures that it had financial reporting weaknesses in 2023 raises new questions over the auditors' role.
CFPB is ‘no longer sleeping’ on payments, former regulators say
A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.
Powell: Fed ‘making do’ without regulatory committee, vice chair
During his March Federal Open Market Committee meeting press conference, acting Federal Reserve Chair Jerome Powell said the Fed's supervision and regulatory panel was no longer active and key decisions about stress tests and bank mergers were being handled by the full board.
A big bank is in trouble, and no one knows which one or why
The Federal Deposit Insurance Corp. reported a spike in troubled assets, suggesting a fairly large bank may be under heightened scrutiny. But confidentiality rules make it impossible to confirm any details.
Why the U.S. and Europe trail China in central bank currency race
Western central banks trying to develop sovereign cryptocurrency models face pushback from lawmakers and other obstacles, while the digital yuan has a much clearer path.
What federal policy changes mean for mortgage servicing in H2 2021
Those handling loan modifications anticipate a growing secondary market for loans in forbearance as they budget cautiously for additional alterations of regulations down the road.
Can banks allay concerns about emerging student loan product?
Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.
Pandemic drove up costs of complying with anti-fraud rules: Report
Financial institutions spent nearly $214 billion last year — an 18% jump from 2019 — to meet regulatory requirements for fighting financial crimes, a new study says. The spending included more staffing to manage risks posed by customer growth.
CFPB gives go-ahead to firms seeking advisory opinions
The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.
Fannie Mae and Freddie Mac exceeded most 2019 housing goals
But both fell short under the Duty to Serve goals in rural housing.
Growing e-note use catches FHFA watchdog’s attention
Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.
Will CFPB advisory opinions offer clarity, or give companies a pass?
The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.
CFPB gives mortgage servicers relief to help struggling homeowners
A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.
Regulator sets new goal for Federal Home Loan Banks
The new FHFA rule sets a percentage-based threshold to measure compliance, rather than Home Mortgage Disclosure Act data.
Opinion The write-downs are coming. Start preparing now.
Periods of significant loan defaults are tough on banks and force unpleasant choices. Here are steps to evaluate collateral in such uncertain times.
Eugene Ludwig
Ludwig Advisors
CFPB eases disclosure rules to help consumers affected by COVID-19
The bureau issued an interpretive rule clarifying that consumers under certain conditions can modify or waive waiting periods required by the Truth in Lending Act and Real Estate Settlement Procedures Act.
CFPB postpones quarterly HMDA reporting
The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.
CFPB proposes legislation to pay whistleblowers who tip off agency
The agency's effort to engage with lawmakers on a whistleblower award program is one of three initiatives the bureau announced to advance its strategy of preventing consumer harm.
Volcker proposal adds legal safe harbor for CLOs
A proposed change could resurrect bond buckets, but loan industry observers also point to "covered fund" changes shielding loans from a potentially disruptive court decision.
Load More
Couldn’t load more articles. Try again.