Home >> Tag Archives: Dodd-Frank (page 5)

Tag Archives: Dodd-Frank

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.

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 »

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).

Read More »

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.

Read More »

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."

Read More »

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.

Read More »

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."

Read More »

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.

Read More »

Commentators Measure Progress Five Years After Crash

President Obama spoke to the nation Monday--one day after the five-year anniversary of the Lehman Brothers collapse that kicked off the financial crisis--to tout the progress the country has made and to urge Republicans to action as a potential government shutdown looms. The president wasn't the only one to speak--other current and former government officials and analysts offered their own commentary on the country's circumstances, and not all of it was charitable.

Read More »

Commentary: Unintended Consequences

When Congress enacted Dodd-Frank in retribution for perceived ills, you had to know banks would come up with new ways to replace lost revenues, but bankers were too clever by half.

Read More »

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.