CFPB fines ACI Worldwide $25 million for mortgage servicing error
The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.
Politics
Treasury calls for climate scenario testing, more disclosures from insurers
A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.
New bank capital requirements may move faster than the speed of regulation
The heads of the Federal Reserve and Federal Deposit Insurance Corp. say upcoming capital proposals won't be implemented for years, but banks tend to move fast to get ahead of upcoming changes.
Nominee for Fed’s #2 job doesn’t take clear stand on tougher regulation
Philip Jefferson, a current Federal Reserve Board member, is President Biden's nominee to be vice chairman of the central bank. At a Senate hearing, he gave measured responses to questions about the potential for heightened regulation of midsize banks.
CFPB commits to streamlining servicing rules
The Consumer Financial Protection Bureau decided to move forward with its proposal based on feedback to an earlier request for input.
Powell: Fed watching Treasury issuance, impact on balance sheet
The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.
House Republicans blast CFPB’s Chopra in marathon hearing
Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau Director Rohit Chopra as an 'extortionist' and labeled his efforts to rein in discrimination as 'McCarthyism' during a four-hour hearing Wednesday.
PACE loans may qualify for Homeowner Assistance Fund money
The Treasury has added Property Assessed Clean Energy financing for solar panels and the like to the list of approved expenses that states could authorize.
Regulators outline policies for challenging property appraisals
Federal bank regulators issued proposed guidelines for banks and other mortgage lenders to craft policies around reconsideration of value requests. The move is the latest aimed at rooting out bias in home appraisals.
Wall Street anxiously awaits Congress debt-deal vote
House Republicans will likely need to gain support from Democrats to get the debt limit deal through a critical vote in the House Wednesday evening.
With a debt deal pending, changes are coming to the Fed’s balance sheet
Once it is free to issue new debt, the Treasury Department is expected to quickly replenish its general account at the Fed. The move could lead to a shortage of reserves.
What’s next for Fed supervision? Basel’s Pillar 2 may hold the key
The global accord's provision on supervision establishes broad authorities over risks not expressly covered in capital rules. The Federal Reserve's top regulator has already hinted that those authorities might be relied on more in the wake of this spring's bank failures.
Waller: Fed’s balance sheet can’t go back to pre-pandemic size
The Federal Reserve Board governor said secular increases to the currency supply limits how much the central bank can shrink its holdings.
FHFA’s Thompson blames “certain media” for distorting info about fees
During her opening remarks before lawmakers Tuesday, the head of the Federal Housing Finance Agency reiterated that borrowers with strong credit profiles are not being penalized to benefit those with poorer scores.
Big banks quietly game plan in event of debt-ceiling breach
The CEOs of the nation's largest banks met with officials in Washington on Wednesday and Thursday, just two weeks before the government is expected to go broke. Behind the scenes, the banks are reviewing contingencies in case the unthinkable occurs.
Senators lambaste former Silicon Valley Bank CEO for ‘really stupid bet’
Democratic and Republican lawmakers alike pilloried former Silicon Valley Bank CEO Greg Becker over his compensation package.
Quarles issues stark warnings to Fed in wake of bank failures
The former vice chair for supervision challenged his successor's report on the failure of Silicon Valley Bank, said changes that move away from transparency and consistency 'won't survive' in court.
Fed’s Bowman: Recent failures don’t justify higher capital requirements
The Federal Reserve Board governor also called for the Fed to commission an independent investigation into the failure of Silicon Valley Bank.
Treasury’s Liang says bank liquidity risk is stable, but nonbank fears mount
Speaking before the International Swaps and Derivatives Association's annual meeting, Treasury Undersecretary for Domestic Finance Nellie Liang said liquidity and interest rate risk in the banking sector is being managed, but said fears of risk mounting in the nonbank sector are a source of concern.
Powell: Fed made ‘mistakes’ in regulation and supervision on his watch
The Federal Reserve chair said he holds himself accountable for ensuring proper regulatory and supervisory changes are enacted in response to recent bank failures.
Load More
Couldn’t load more articles. Try again.