Weekly Topic Update (Dec 17 – Dec 23)

Judge could reach split ruling on CFPB leadership

12/14/2017

Former CFPB Director Richard Cordray designated his deputy, Leandra English, to lead the agency upon his departure on Nov. 24. The same day, President Trump appointed Office of Management and Budget Director Mick Mulvaney to serve as acting director until a permanent director is confirmed by the Senate. While a subsequent lawsuit filed by English in D.C. federal court claims Mulvaney’s appointment erodes the agency’s independence, some experts believe a judge could reassert that independence even as he upholds the president’s right to fill that post.

Read More

Source: Law360 (sub. req.)

Upcoming Dates

OCC | Lending | Commercial Lending | Mortgage Lending | Rule | 11/29/2017

CFPB | Lending | Mortgage Lending | Rule | 10/28/2017

OCC, FDIC, FRS | Lending | Mortgage Lending | Rule | 11/24/2017

OCC, FRS, CFPB | Lending | Mortgage Lending | Rule | 11/09/2017

FRS, CFPB | Lending | Mortgage Lending | Rule | 11/09/2017

FRS, CFPB | Lending | Mortgage Lending | Rule | 11/09/2017

FRS | Deposits | Mortgage Lending | Register Notice | 11/15/2017

OCC | Lending | Commercial Lending | Mortgage Lending | Rule | 11/29/2017

Trending News

12/14/2017

Financial Stability Oversight Council Releases Annual Report

U.S. Department of the Treasury • Lending • Agency News

The Financial Stability Oversight Council’s 2017 annual report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote financial stability, and the activities of the Council. The report notes that the U.S. financial regulatory system should promote economic growth by preventing financial crises and also minimizing regulations that increase costs without commensurate benefits.

Read More

12/12/2017

Small Banks May Bypass Mortgage Escrow Under New Safe Harbor Rule

Law360 (sub. req.) • Mortgage Lending • Proposed Rule

A House bill may allow safe harbor for smaller financial institutions, exempting them from federal mortgage escrow rules under Dodd-Frank. The bill, the Community Institution Mortgage Relief Act of 2017, is meant to give people in underserved communities greater access to banks by lowering the cost of capital.

Read More

12/14/2017

IRS Criminal Investigation Publishes 2017 Annual Report

MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News

The Criminal Investigation Division of the Internal Revenue Service released its 2017 annual report, highlighting its tax cases, as well as other financial crimes such as money laundering, public corruption, cyber crime and terrorist financing.

Read More

X