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FSOC report highlights nonbank mortgage activity, AI complianceTuesday, May 14, 2024 Nonbank mortgage activity and the use of automated tools in lending decisions are among the main focal points in the Financial Stability Oversight Council’s (FSOC) annual report summarizing key vulnerabilities in the financial system and recommendations for mitigating risks, as well as the council’s activities in 2023. Regulators commented on the need for FSOC to have more tools to help stem emerging financial stability risks. |
Taylor Morrison exec to share keys to success as NS3 keynoteTuesday, May 14, 2024 Companies that embrace change and stay adaptable during market shifts are the ones that will succeed and grow. That’s the message Taylor Morrison Executive Vice President and President of Financial Services Tawn Kelley plans to deliver in her keynote address at the National Settlement Services Summit (NS3) May 21-23 in Naples, Fla. |
Regulators divided on executive compensation proposalTuesday, May 14, 2024 Executive compensation at some of the country’s largest banks is the subject of a new proposal by federal banking regulators. The proposed rule would implement one of the last remaining provisions of the Dodd-Frank Act and requires approval from six regulatory agencies. |
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Surveyed economists point to September Fed rate cutTuesday, May 14, 2024 A new report from Reuters showed a majority of economists expect two cuts to the U.S. Federal Reserve’s key interest rate, with the first coming this fall. Those results were collected during a May 7-13 poll and represent a significant leap in the number of economists forecasting a rate cut this year. In April, approximately half of respondents held that view.
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U.S. Bank names new presidentTuesday, May 14, 2024 U.S. Bancorp, the parent company of U.S. Bank, recently named its new president. She will bring her 27 years of financial services experience to her new role overseeing the company’s three business lines and will be tasked with ensuring the company maintains a shared focus on growth and holistic client experiences across its entire network.
Agencies publish community bank guide to third-party risk managementFriday, May 10, 2024 To support third-party risk management efforts among community banks, the three federal banking agencies unveiled a comprehensive guide to help those institutions navigate the complexities associated with third-party relationships. The guide highlights a host of considerations institutions are encouraged to keep in mind during the third-party relationship lifecycle.
CFPB orders Chime to pay over $4.5 million for thousands of refund delaysFriday, May 10, 2024 The Consumer Financial Protection Bureau fined Chime, a large nonbank financial institution, for failing to provide timely balance refunds to consumers who closed their accounts. The bureau reported many customers endured significant financial stress as a result of the refund delays, some of which spanned several weeks or even months.
Montana-based bank ordered to address BSA/AML deficienciesFriday, May 10, 2024 State and federal regulators entered into a written agreement with First Citizens Bank of Butte requiring the Montana-based financial institution to address deficiencies in its risk management policies and practices to comply with Bank Secrecy Act/anti-money laundering regulations under the Dodd-Frank Act.
FTC, FCC sign MOU on consumer protection mattersFriday, May 10, 2024 Reiterating the two agencies’ continuing cooperation on consumer protection matters, the Federal Trade Commission and the Federal Communications Commission (FCC) signed a memorandum of understanding following the FCC’s recent decision to restore net neutrality.
Trades support nixing SEC crypto bulletin, oppose CFPB feesFriday, May 10, 2024 Financial trade advocates joined together to detail their opposition to the treatment of digital assets under a policy enacted by the Securities and Exchange Commission more than two years ago. Four trade organizations called on Congress to do away with the policy and another expressed opposition to rules on fees issued by the Consumer Financial Protection Bureau. Read about these industry developments and more in this roundup.
Attorney fee award in Wawa data breach case reinstatedTuesday, May 7, 2024 As data and cyber security issues continue to rise, hackers use every opportunity to compromise private consumer data, and affected companies are left to clean up the damage. A case out of U.S. District Court for the Eastern District of Pennsylvania may be a good indicator on how courts are approaching settlements for these incidents, including how much the attorneys are paid.
CFPB report finds ‘a la carte’ style fees lead to higher costs for consumersTuesday, May 7, 2024 While the real estate industry adapts to the structural changes coming its way, the Consumer Financial Protection Bureau’s Office of Research conducted laboratory experiments to investigate the effects of price complexity on market outcomes. Results indicated consumers paid more when closing costs were split into sub-prices, and the more complex the pricing, the worse the buyers fared.
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