A dual fine totaling $6.5 million, and an order to “end these illegal servicing practices” was levied on Citybank, N.A. by the Consumer Financial Protection Bureau (CFPB) Tuesday over student loan servicing. According to the […]
A final rule extending the existing capital requirements for mortgage servicing assets and certain other items for some financial institutions was issued Tuesday by the federal banking agencies, with an effective date of Jan. 1. […]
Banks and savings institutions reported net income of nearly $50 billion in the third quarter of 2017 – up 5.2% ($2.4 billion) from the same period one year ago, and an accompanying increase in average […]
Data on small business, small farm, and community development lending reported by certain commercial banks and savings associations under the Community Reinvestment Act (CRA) is being made available by the three federal banking agencies, the […]
A formal removal of the “arbitration rule” from the list of federal rules and regulations has been filed by the Consumer Financial Protection Bureau (CFPB), closing the book on the regulation. “Under the Congressional Review […]
Definitions of “home mortgage loan” and “consumer loan,” as well as the public file content requirements under the Community Reinvestment Act (CRA) have been revised by the federal banking agencies to conform to changes made […]
New technology making it feasible for financial institutions to enable consumers to exert “much greater control” over their credit cards, debit cards, and other payment methods should be considered for speedy adoption by financial institutions […]
Software errors that led to auto lenders sending incorrect information about more than 1 million borrowers to credit reporting agencies has resulted in a $1.1 million fine and a demand for a plan from the […]
Sustaining the progress that the economy has achieved since the financial crisis will require continued monitoring of newly emerging threats to financial and economic stability, and decisive responses, Federal Reserve Board Chairman Janet L. Yellen […]
While community banks have good reason to be optimistic about future opportunity (especially with the prospects of “regulatory relief” at both the regulatory and legislative levels), there are a number of risks that should be […]
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