FDIC-insured institutions earned $38.7 billion in the third quarter of 2014, a 7.3 percent increase from a year ago, according to FDIC's latest Quarterly Banking Profile. Mortgage loans, still hampered by regulations designed to prevent a recession relapse, dropped by nearly $7 billion.
Read More »CFPB Proposes to Expand Foreclosure Protections
The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.
Read More »Federal Reserve Finalizes M&A Rule for Financial Firms
The new rule, which goes into effect on January 1, 2015, prohibits a financial company from combining with another company if the liabilities of the newly formed company between the two exceed 10 percent of aggregate consolidated liabilities of all financial companies.
Read More »Fed, SEC Approve Finalized QRM Rule
The residential mortgage loan risk retention rule, known as the "qualified residential mortgage" (QRM) rule, was approved on Wednesday by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC). The agencies are the last of the six groups charged with putting together the finalized rule.
Read More »New York Reg Hits Ocwen on Backdated Foreclosure Notices
New York's top banking supervisor once again set his sights on Ocwen Financial Corp. this week, saying the non-bank servicer sent thousands of foreclosure warnings to borrowers months after it was too late to save their homes.
Read More »State Regulators Launch Mortgage Servicing Rights Task Force
In its announcement, the Conference of State Bank Supervisors (CSBS) said it established the task force as a response to the explosive growth of non-bank servicers like Ocwen Financial and Nationstar Mortgage, both of which have moved to snap up servicing rights from depository firms and climb the ranks of the nation's biggest outfits.
Read More »Community Banks Continue to Feel Compliance Burden
Community financial institutions are putting more of their resources toward compliance, according to compliance management systems firm Continuity Control. The firm's 2014 Third Quarter Banking Compliance Index revealed that in order to comply with the 82 regulatory changes added in Q3, 653 additional hours were required of the average community bank.
Read More »Compliance, Risk Management Concerns Continue to Build
In a report released Wednesday, Wolters Kluwer Financial Services (WKFS) said its Regulatory & Risk Management Indicator increased again to 128, reflecting a 28 percent rise since its baseline score established in January 2013. Looking at compliance challenges, 72 percent of banker respondents listed "maintaining compliance with changing regulations" as one of their top concerns, up from 67 percent at the start of last year.
Read More »President Commends Regulators, Urges More
President Barack Obama met with financial regulators this week to commend them for progress made since the Dodd-Frank Act became law in 2010, the White House announced. The president also exhorted the regulators and participants in the meeting to "consider additional ways to prevent excessive risk-taking across the financial system."
Read More »Business Outlook Grim Among Mortgage Professionals
Many mortgage professionals believe the outlook for their business in the next six months is "grim," according to a report from the Collingwood Group. Only 30 percent of mortgage industry professionals surveyed for the report believe that business conditions will be better in the next six months, while 41 percent said conditions will stay the same and 29 percent said they believe conditions will be worse.
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