The ICBA and 42 affiliated state banking associations are urging the CFPB to approve language that allows community banks to test different consumer construction and construction-to-permanent loan disclosures.
(Bloomberg) –Treasury Secretary Janet Yellen warned that deregulatory efforts that watered down some post-2008 financial reforms might have gone too far and contributed to the recent banking crisis. “These events remind us of the urgent need to complete unfinished business: to finalize post-crisis reforms, consider whether deregulation may have gone too far and repair the … [Read more…]
Homebridge will lay off 139 employees in June, three months after CMG acquired its retail division, according to a WARN notice filed in New Jersey.
From left, Federal Reserve Vice Chairman for Supervision Michael Barr, FDIC Chairman Martin Gruenberg, and Under Secretary for Domestic Finance at the Treasury Department Nellie Liang during a House Financial Services Committee hearing Wednesday.Anna Rose Layden/Bloomberg WASHINGTON — Federal regulators fielded intense questions from both sides of the aisle on the oversight of Silicon Valley … [Read more…]
A banking regulatory body rolled out a proposal to modernize the Nationwide Multistate Licensing System last week. The Conference of State and Bank Supervisors, in tandem with the NMLS Policy Committee, is looking to update the main database of records for non-depository financial institutions by making changes to reporting requirements. Updates to the system happen on … [Read more…]
John F. Kennedy has been gone nearly 60 years, and Jackie Kennedy (Onassis) nearly 30, but the couple still resonates with people. The first home that they owned as a married couple is for sale in Washington DC. If youâre ever in a guessing game about the most expensive places to live in the United States, stick with the safe bets: New York and anything California. Seems the press has latched on to declining home sales, but declining due to high prices, lack of inventory, or lack of buyerâs interest? Other stories indicated increasing home sales, but in certain price ranges, more builder inventory, or continued Millennial first-time home buyer interest? Take your pick. Meanwhile, lenders and originators have their continued regulatory speedbumps. Orrick reports that, âThe Conference of State Bank Supervisors (CSBS), on behalf of the NMLS Policy Committee, issued a request for public comments on proposed uniform state licensing standards for mortgage companies. The Proposal: Mortgage Business-Specific Requirements would create a national standard for mortgage industry licensing to help improve uniformity within the state system and streamline the licensing process for mortgagees seeking licensure in multiple states.â (Todayâs podcast can be found here and this week itâs sponsored by MGIC. Since 1957, MGIC has insured more than 13.5 million mortgage loans with innovative products, tools and strategies that help customers solve problems and fuel growth. Explore tools and solutions to boost your business here. Listen to an interview with Townstone Financialâs Barry Sturner and Garris Horn LLPâs Richard Horn on the CFPBâs recent judicial failures.)
First Citizens Bank bought the deposits and loans of failed Silicon Valley Bank in a deal announced Sunday by the Federal Deposit Insurance Corporation, or FDIC. Â
First-time homebuyers might want to look more closely at what they pay for government-sponsored enterprise versus Federal Housing Administration loans. That’s one outcome of a new pricing grid going into effect at the government-sponsored enterprises and an annual premium cut at the Federal Housing Administration, both of which are aimed at giving borrowers with lower … [Read more…]
FACT SHEET: President Biden Announces Student Loan Relief for … The White House
A new report from the FHFA outlines figures for foreclosure assistance, loan delinquency and forbearance rates and GSE-owned inventory.