Financial regulators extend comment period on AI policies to July 1
Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.
Regulation and compliance
What’s the fate of bank-nonbank partnerships after ‘true lender’ vote?
Some worry the Senate’s rejection of the OCC rule hampers efforts to clarify legal standards for banks selling loans to fintechs.
New OCC head signals focus on climate risks, ‘technological change’
Acting Comptroller of the Currency Michael Hsu said he plans to prioritize "solving urgent problems and addressing pressing issues" until the Biden administration selects a permanent head of the agency.
Banking groups to Congress: Don’t throw out ‘true lender’ rule
Critics say the regulation issued by the Office of the Comptroller Currency is a gift to predatory lenders. But the trade organizations warned lawmakers that invalidating it will make it difficult for the agency to create an improved framework in the future.
Richard Cordray’s return is a warning sign for student lenders
Cordray, named this week to lead the Education Department's office of federal student aid, cracked down on banks, student loan servicers and for-profit colleges when he was director of the Consumer Financial Protection Bureau.
Weekly Wrap: Lawmakers clash over OCC rule validating loan sales to nonbanks
Deals, trends and research in structured finance and asset-backed securities for the week of April 23-29
SEC enforcement chief Alex Oh resigns days after taking job
The Securities and Exchange Commission’s new enforcement chief abruptly resigned Wednesday, citing a complication in a case from her prior legal career, an early and significant setback in Chairman Gary Gensler’s tenure running the Wall Street regulator.
Delay in naming OCC leader could hurt Democrats’ agenda
Three months into President Biden’s term, the White House has yet to select a nominee to run the Office of the Comptroller of the Currency or pick an acting chief. That inaction will make it more difficult for Democrats to unwind Trump-era policies, critics say.
CFPB appeals Ocwen’s victory in servicing suit
The Consumer Financial Protection Bureau disputes a district court ruling that misconduct claims against the company were already covered by a previous settlement.
CFPB sets stage for more enforcement. But what’s the script?
The Consumer Financial Protection Bureau's revocation of a Trump-era policy on abusive practices could mean higher fines and penalties for violators. But it still isn't clear what makes a practice abusive.
CFPB ends pandemic relief on HMDA reporting and other regulations
The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.
CFPB ends Trump-era regulatory relief tied to pandemic
The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.
CFPB poised to reinstate tough stance on payday lenders
A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.
Opinion Time for Fed to tap brakes on relief programs
By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates dangerous bubbles over the long term, say two former bankers.
Kerry Killinger
Washington Mutual Bank
Weekly Wrap: Libor transition goes on even with SOFR term rate uncertain
Deals, trends and research in structured finance and asset-backed securities for the week of March 19-25
Illinois caps consumer rates at 36%, adopts state-level CRA
Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.
Lenders urge Biden to remove GSE cap on ‘high-risk’ loans
In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize borrowers of color.
CFPB rescinds Trump-era policy defining ‘abusive’ conduct
The agency's new leadership, which has already unwound numerous actions from the prior administration, said the January 2020 guidance implementing criteria for punishing firms that mistreat customers was “inconsistent with the bureau’s duty to enforce Congress’s standard.”
Who’s who among Biden’s financial regulators (so far)
Some nominees poised to take their agencies in a new direction appear headed for Senate confirmation while an intraparty squabble has delayed the administration’s choice to lead the Office of the Comptroller of the Currency. Here’s the roster update.
Biden’s CFPB nominee puts loan servicers, credit bureaus on notice
Rohit Chopra, President Biden's pick to lead the Consumer Financial Protection Bureau, told a Senate panel he would do more to protect veterans from foreclosure, empower consumers to dispute data on their credit records and crack down on student loan servicers that aren't helping troubled borrowers.
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