Key Insight: The Supreme Court’s focus on procedural and due process concerns suggests that Fed Governor Lisa Cook is likely to remain in her post while her case against the Trump administration proceeds. Expert quote: “While it’s always perilous to try to predict where the Court will come out, it seems to me that the […]
Trump Fed majority stalled, not stopped, if Cook remains Read More »
Key Insight: The Federal Deposit Insurance Corp. is restructuring its supervisory appeals process. Supporting data: The final rule requires the three-member appeal panel to have at least one member with supervisory or examination experience and another with industry experience. Forward look: Comptroller of the Currency Jonathan Gould said the Office of the Comptroller of the
FDIC adds banker to regulatory appeals board in final rule Read More »
Takeaways: Processing Content Penalties for claims payment delays are not retroactive Provisions duplicate existing regulations Practical aspects of adjusting claims not accounted for California’s latest legislation and newest laws regarding the home insurance market will not have much impact, for several reasons, according to attorneys representing both policyholders and insurers. Policyholder attorneys and advocates call
California insurance regulation will need more enforcement, experts say Read More »
Key insight: Treasury Secretary Scott Bessent avoided confronting the rate cap directly, but argued banks already are benefitting from deregulation elsewhere. Supporting data: Bessent argued that banks enjoy trillions in extra lending capacity, freed up by the unwinding of compliance standards. Forward look: The White House appears increasingly serious about passing a credit card interest
Bessent tells banks deregulation makes up for 10% rate cap Read More »
The Federal Reserve issued a consent prohibition order against a former Primelending loan officer for infractions, including conflict of interest and submission of falsified loan documents. Processing Content As a loan officer for the Dallas-based lender, Aquana Raffington is alleged to have originated and earned commissions on at least $1.7 million worth of fraudulent mortgages
Former Primelending LO agrees to Fed prohibition order Read More »
Department of Housing and Urban Development whistleblowers spoke of being stopped from doing their jobs enforcing fair housing laws at a hearing led by Sen. Elizabeth Warren, D.-Massachusetts. Processing Content The hearing, called “Fair Housing Under Fire,” was held on Jan. 13. Warren is the ranking member of the Senate Banking, Housing, and Urban Affairs
Warren hearing spotlights HUD fair housing whistleblowers Read More »
Processing Content Key insight: Inflation showed little sign of slowing in December, with monthly and annual inflation rates unchanged from November. Prices rose 0.3% in December and 2.7% year over year. Supporting data: Core inflation, measuring the rise in prices excluding food and fuel, rose 0.2% in December. Food prices rose 0.7%. Dairy products rose
Inflation holds steady at 2.7% as December prices stay hot Read More »
Bloomberg News Processing Content Key Insight: The CFPB and DOJ said they withdrew the 2023 guidance to correct the misimpression that ECOA imposed limits on considering immigration or citizenship status in a credit application. What’s at Stake: The move is part of the Trump administration’s effort to restore alignment with established federal civil rights law
CFPB, DOJ withdraw Biden-era opinion on immigrants and credit Read More »
Bloomberg News Processing Content What’s at Stake: Russell Vought, who also leads the Office of Management and Budget, has publicly stated his intent to shut down the CFPB, and recently refused to request funding for the agency. Supporting Data: Under the Federal Vacancies Reform Act, the lapse enables Russell Vought to remain as the acting
With CFPB nominee lapse, Vought continues as acting director Read More »
New York is the latest state to implement a nonbank Community Reinvestment Act, with laws already in place in Massachusetts and Illinois and one pending in New Jersey. Processing Content While it will be a compliance burden for these lenders, at least one nonbank executive also thinks it is an opportunity. A regulation has been
New York joins states imposing CRA on nonbank lenders Read More »