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Tag Archives: Dodd-Frank

Sen. Elizabeth Warren Responds to Dodd-Frank Criticism

The White House joined Warren in its criticism, saying that putting the bureau under the appropriation of Congress would limit the agency. The administration also criticized the Republicans budget proposal's "creative-accounting savings" that shift funding for the agency to appropriations.

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Congressman Exploring New Strategy to Amend Dodd-Frank Act

n January, the house passed the bill by a vote of 271 to 154, with 29 Democrats voting in favor of it. However, Senate Democrats led by Senator Elizabeth Warren (D-MA) vowed to fight the bill and it failed to pass. Democrats, including Warren, have said they worry that bills that claim to be aimed at relieving regulatory burdens for small banks are being used to roll back Dodd-Frank for the benefit of the largest financial institutions.

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Supervisions Show Dodd Frank Violations by Mortgage Originators

The report also found improper use of lender credit and failure to provide Goof Faith Estimate (GFE) in a timely manner as other violations. Supervision found instances where lender amounts disclosed to HUD exceeded the GFE, due to inadequate training and policies. GFEs were delayed beyond the three-business day requirement at some institutions due to policies and procedures that did not properly define when an application was received. The CFPB also found social media advertising was not monitored by institutions, a violation of Regulation Z which requires disclosures to be posted with any advertisements.

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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.

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What’s Next for CFPB after the Midterms?

With the midterm election in the rearview, Democrats are circling the wagons to protect what will certainly be a top priority on the Republicans' list of changes to make—the Consumer Financial Protection Bureau (CFPB).

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Frank Steps In to Defend Reform Act

Former Congressman Barney Frank testified before the House Committee on Financial Services on Wednesday, dismissing criticisms of his namesake Wall Street reform act. In the more than three hour long hearing, Frank and others faced tough questions on the effect that the act has had on the economy and the value of the changes when compared with the toll it takes on financial services firms.

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House GOP Highlights Dodd-Frank Failures

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

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OCC Counsel Addresses Regulatory Complaints from Community Banks

In a testimony given in front of the House Financial Services Committee this week, OCC chief counsel Amy Friend addressed frustrations stemming from regulatory burdens on community banks banks. Friend's testimony offered a conciliatory nod to the plight of smaller banks while noting particular ways the OCC addresses smaller bank's particular grievances with the Dodd-Frank Act.

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Survey Finds Growing Frustration over Dodd-Frank

A new survey published through George Mason University's Mercatus Center finds bankers at smaller institutions are growing increasingly anxious about the roll-out of the Dodd-Frank Act and subsequent regulatory requirements. One anonymous banker objected to "the maddening pace of illogical and unnecessary regulation (that would not) have done anything to prevent the 2008 collapse."

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HUD Releases Proposed QM Definition

HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.

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