Agencies formally propose rule to weaken role of guidance
The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.
Regulation and compliance
OCC clarifies who is ‘true lender’ in bank-nonbank partnerships
The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.
Barrett could cement court’s restrictive view of debt collection cases
A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.
CFPB staff shake-up seen hampering investigations
The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.
Will CFPB’s QM proposal create new housing bubble?
The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.
Ratings shopping never died in CMBS market now facing crisis
Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.
‘Enigmatic’ CFPB chief could drop more surprises in a second Trump term
Kathy Kraninger’s job status would be in question if Joe Biden wins the White House. If the president is reelected, she may continue balancing a deregulatory agenda with her unexpectedly tough stance on enforcement.
Fed’s Wells Fargo review should consider forbearance snafu: Warren
Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.
Bankers give Election 2020 edge to Trump
New research reveals the financial services industry both prefers and predicts an incumbent win in November.
Oversight council warns of systemic threat from Fannie, Freddie
The Financial Stability Oversight Council said the mortgage giants may need a bigger capital cushion than their regulator has proposed, but stopped short of designating them as “systemically important financial institutions.”
Opinion States are well equipped to regulate fintechs
The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation.
John Ryan
Conference of State Bank Supervisors
Bank of America CEO says more stimulus needed to help last of recovery
Bank of America Chief Executive Brian Moynihan called for another round of federal stimulus to help the U.S. reach a full economic recovery from the coronavirus pandemic.
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.
Election 2020: What GOP holding Senate would mean for financial services
Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.
CFPB gets tough with debt collectors as it readies rule
The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.
Lenders press Congress to restart — and revamp — PPP
Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.
Could capital plan for Fannie and Freddie stymie homeownership?
The Federal Housing Finance Agency's proposal could undermine the companies’ mission to support the housing market and penalize consumers in underserved communities, industry and consumer groups say.
Weekly Wrap: Qualifying what ‘QM’ means
Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3
By
Glen Fest
Opinion How Congress can prevent a post-pandemic financial crisis
Two bills — one providing relief from a loan accounting standard and another extending forbearance measures — would collectively contain credit losses.
CFPB’s latest underwriting revamp seen as boon to fintechs, GSEs
The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.
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