Regulation and compliance

Bowman’s reform agenda targets ratings, supervision, capital

Minimum capital requirements, Politics and policy, Regulation and compliance, Trump administration / Ricky Vasquez

Federal Reserve Gov. Michelle Bowman, who was confirmed as the central bank’s next vice chair for supervision this week.Bloomberg News Bank ratings, examination practices and capital requirements are all poised for reforms under the Federal Reserve’s new chief regulator. In her first speech since being confirmed as Fed vice chair for supervision, Michelle Bowman outlined […]

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HUD memo reportedly warns of staff cut impact on mortgages

Fraud, HUD, Politics and policy, Regulation and compliance / Ricky Vasquez

The Department of Housing and Urban Development’s own counsel is reportedly concerned that Trump administration-induced staff cuts could disrupt mortgage operations and increase fraud and litigation risks. The revelations stem from an internal HUD document seen by Bloomberg Citylab, according to an article published Thursday. Staff departures at the regulator could allegedly “greatly delay”‘ or

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Bowman confirmed as top regulator at Fed

Politics and policy, Regulation and compliance, Trump administration / Ricky Vasquez

Federal Reserve Gov. Michelle BowmanBloomberg News WASHINGTON — Michelle Bowman has been confirmed by the U.S. Senate to be the Federal Reserve vice chair for supervision. The Senate confirmed Bowman’s nomination in a 48-46 vote, split along party lines. Once she is sworn in, Bowman will serve as the top bank regulator at the Fed,

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Wells shed its asset cap — but it isn’t clear why

Enforcement, Politics and policy, Regulation and compliance / Ricky Vasquez

Bloomberg News In 2018, the Federal Reserve Board’s total growth restriction on Wells Fargo established a new tool for dealing with large banks with broken compliance cultures. Many in and around the banking space viewed the $1.95 trillion asset cap — imposed in response to Wells Fargo’s cross-selling and fake accounts scandals — as a

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Wells Fargo sheds asset cap, ending seven years of handcuffs

Federal Reserve, Industry News, Regulation and compliance, Wells Fargo / Ricky Vasquez

This story has been updated with an analyst’s comments. Wells Fargo has finally broken free from the regulatory shackles that have constricted its growth for more than seven years. The Federal Reserve announced Tuesday that it has lifted the $1.95 trillion asset cap it imposed on Wells in 2018. The cap’s termination is a watershed

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Trump-era OCC eyes lighter capital rules to boost lending

Minimum capital requirements, Politics and policy, Regulation and compliance / Ricky Vasquez

Acting Comptroller of the Currency Rodney HoodBloomberg News WASHINGTON — Acting Comptroller of the Currency Rodney Hood confirmed that the Trump administration plans to revise capital requirements for banks, aiming to ease what he described as excessive regulations that could constrain credit. The remarks, delivered to a crowd at the U.S. Chamber of Commerce’s Capital

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Senate begins putting its stamp on giant Trump tax, debt limit bill

Politics and policy, Property taxes, Regulation and compliance / Ricky Vasquez

Significant changes are in store for President Donald Trump’s signature $3.9 trillion tax-cut bill as the Senate begins closed-door talks this week on legislation that squeaked through the House by a single vote. Senate Republican leaders are aiming to make permanent many of the temporary tax cuts in the House bill, a move that would

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HUD, USDA defend rule NAHB argues will hike housing costs

Homebuilders, HUD, Law and legal issues, REALTORS & HOMEBUILDERS, Regulation and compliance / Ricky Vasquez

The Trump administration is defending new building standards that over a dozen states and a leading industry trade group say will markedly raise housing costs. A federal judge this week scheduled a hearing which could determine the fate of the lawsuit over the adoption of energy efficiency standards a decade in the making. The Department

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Banks’ net income rises in first quarter, FDIC says

FDIC, Politics and policy, Regulation and compliance / Ricky Vasquez

Andrew Harrer/Bloomberg The banking industry demonstrated steady earnings performance in the first quarter despite signs of stress in real estate portfolios, according to the Federal Deposit Insurance Corp. FDIC acting Chairman Travis Hill offered a measured outlook for the industry during a Tuesday press conference announcing the quarterly report, noting banks were putting aside slightly

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Next Level Education acquires Summit Mortgage Training

M&A, Originations, Regulation and compliance, Training / Ricky Vasquez

Looking to expand its operation on the East Coast, Next Level Education, a provider of continuing education for the mortgage industry, has acquired Summit Mortgage Training. Terms of the deal were not disclosed. Summit is headquartered in Hanover, New Jersey and in addition to its home state, operates in Pennsylvania and Florida. Andrea Gagliardi, who

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Bowman’s reform agenda targets ratings, supervision, capital

HUD memo reportedly warns of staff cut impact on mortgages

Bowman confirmed as top regulator at Fed

Wells shed its asset cap — but it isn’t clear why

Wells Fargo sheds asset cap, ending seven years of handcuffs

Trump-era OCC eyes lighter capital rules to boost lending

Senate begins putting its stamp on giant Trump tax, debt limit bill

HUD, USDA defend rule NAHB argues will hike housing costs

Banks’ net income rises in first quarter, FDIC says

Next Level Education acquires Summit Mortgage Training

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