CFPB issues warning to debt collectors on zombie second mortgages
Consumers are receiving demand letters on loans they have not had any communication about in at least 10 years, the regulator said.
Regulation and compliance
Banks, experts call for accountability above all else in Fed’s SVB report
On Friday, Federal Reserve Vice Chair for Supervision Michael Barr will share findings from his review of the supervision of Silicon Valley Bank before its failure last month.
Fed’s Barr to release Silicon Valley Bank report Friday
Federal Reserve Vice Chair for Supervision Michael Barr had promised to share findings from his review of the Fed's oversight efforts for the failed bank by May 1.
Redlining probes created millions for originations: DOJ
Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.
Liquidity crisis could spark a long, slow trickle of bank failures
Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.
Chopra calls for “automatic triggers” to curb excessive bank risk
In wide-ranging remarks on the recent banking crisis, the head of the Consumer Financial Protection Bureau said other regulators aren't using enough of their powers to supervise banks.
Damage to financial markets and economy feared from SEC’s ABS proposal
Despite firm objections from structured finance advocates, some institutional investors welcome the additional protection, citing Wall Street's potential conflicts of interest.
By
John Hintze
CFPB to appeal its Townstone redlining case loss
But attorneys for the small Chicago-based mortgage company remained defiant and actually welcomed the Bureau's move.
Appetite to claw back compensation for failed bank executives grows
Executive compensation legislation could be one of the few areas of bipartisan agreement in Congress in the wake of the Silicon Valley Bank and Signature Bank failures.
FDIC sets a framework for selling off Signature’s remaining loans
As FDIC seeks a buyer for the remaining assets left after its sale of most of Signature Bank to Flagstar Bank, the agency has announced $60 billion in deposits — including some New York City commercial real-estate loans — will be on the market by this summer.
CFPB issues policy statement redefining what constitutes ‘abusive’
The Consumer Financial Protection Bureau issued a broad policy statement on what constitutes an "abusive" act or practice. Industry has long sought to narrow the definition.
Fed accountability bill reemerges in the aftermath of bank failures
More congressional scrutiny is being directed at the San Francisco Federal Reserve bank and its role in supervising Silicon Valley Bank.
FDIC collects windfall from Silicon Valley Bank sale to First Citizens
The Federal Deposit Insurance Corp. told First Citizens BancShares it was claiming a $500 million profit linked to rights it had received in the company's stock, which soared after the acquisition of the failed Silicon Valley Bank was sealed.
Biden calls for tougher bank rules, but omits calls for legislation
The rules President Joe Biden calls for include minimizing the financial burden that replenishing the Deposit Insurance Fund would impose on community banks.
Former FDIC Chair McWilliams warns against unlimited deposit insurance
Jelena McWilliams, who chaired the agency during the Trump administration, said removing the cap on insured deposits would impact the banking sector in three key ways.
Bank borrowing from Fed facilities stabilizes
The use of the Federal Reserve's emergency lending facilities was largely unchanged this week, indicating to some that the recent liquidity crisis isn't getting any worse.
Second Circuit rules that CFPB’s funding is constitutional
A federal appeals court ruled in favor of the Consumer Financial Protection Bureau, setting up a court split ahead of a highly anticipated Supreme Court hearing in October. The Fifth Circuit previously ruled that the agency's funding mechanism violates the Constitution's separation of powers doctrine.
Regulators opened can of worms with Silicon Valley-Signature rescues
The incentive structures for both banks and large, sophisticated depositors have changed because of federal regulators' decision to guarantee the uninsured deposits of Silicon Valley Bank and Signature Bank.
Memories of 2008 leave FDIC with few bidders for failed banks
The high-stakes acquisitions of 2008 and subsequent legal liabilities have sapped enthusiasm from many prospective buyers for Silicon Valley and Signature Banks. The Federal Deposit Insurance Corp. may end up having to sell assets piece by piece.
Federal Home Loan bank borrowings jump this week by nearly $250 billion
The system of 11 regional banks issued a combined $137 billion of bonds and discount notes on Tuesday and Wednesday, after selling $112 billion on Monday, the largest single day of issuance in its 90-year history.
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