Mortgages, Financial Regulatory Reform, Banks

2023 CRA Repeal: Don’t Overlook Important Insights for CRA Enforcement

GeoDataVision on 6/3/2025

Now that the Trump Administration has announced its intention to repeal the 2023 CRA rule many bankers are way too eager to move on and forget about the soon-to-be-repealed rule. It was unbelievably complex, confusing and...more

Benefits of Operating Through a Bank Charter and Charter Choice Considerations

Goodwin on 5/1/2025

This is the first in a series of articles in our "So, You Want to Be a Bank?" series. More than 1,000 new banks were formed in the eight years before the Great Recession began in 2008. In comparison, the past 15 years...more

CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025

Ballard Spahr LLP on 4/18/2025

The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more

FHFA Director Pulte Terminates Mortgage-Related Special Purpose Credit Programs for GSEs

Troutman Pepper Locke on 3/28/2025

In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – March 2025 # 4

Troutman Pepper Locke on 3/26/2025

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

CFPB Adjusts HMDA Asset Exemption Threshold

Ballard Spahr LLP on 12/31/2024

The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA)....more

The new Community Reinvestment Act Omits Critical Types of Credit That Meet Community Needs

GeoDataVision on 10/9/2024

Recent news stories explain the criticism of Senator Warren and Congresswoman Waters directed at banks that are litigating the 2023 CRA rule. But perhaps their frustration should be focused on the regulators who have...more

Basel III Endgame: Will Banks Have to Increase Their Capital Requirements?

Katten Muchin Rosenman LLP on 9/13/2024

On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...more

The Answers to the CRA Questions Everyone is asking: What must we do on April 1?

GeoDataVision on 3/20/2024

With April 1, 2024, the effective date for the new CRA rule fast approaching, every bank is asking what must we do on April 1? Here are the answers....more

New CRA Retail Lending Test Benchmarks

GeoDataVision on 3/18/2024

The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more

The new CRA: Surprises and Problems by Omission

GeoDataVision on 2/7/2024

I have written a number of articles about the new CRA and the problems its requirements will impose on banks. But there are also problems posed by what the new Rule omits....more

DOJ Settles with Patriot Bank for Redlining in Memphis

Ballard Spahr LLP on 1/31/2024

The Department of Justice (DOJ) announced that Patriot Bank (Patriot or Bank) has agreed to pay $1.9 million to resolve allegations that the Bank engaged in a pattern or practice of redlining majority-Black and Hispanic...more

FHFA Releases Report on Federal Home Loan Banks

Cadwalader, Wickersham & Taft LLP on 11/13/2023

On Wednesday, the Federal Housing Finance Agency (“FHFA”) released a long-awaited report on its review of the Federal Home Loan Bank (“FHLB”) System. The FHFA first announced its FHLB System at 100 initiative in August of...more

Deposit Insurance Limits and Trusts and Mortgage Servicing

Cadwalader, Wickersham & Taft LLP on 6/2/2022

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024....more

CSBS Will Oppose Any Federal Legislation That Preempts State Licensing and Supervisory Authority

Ballard Spahr LLP on 2/10/2020

The Conference of State Bank Supervisors (CSBS) President and CEO, John Ryan, recently announced the CSBS’s legislative priorities for state regulators this year. They include opposing any federal legislation that preempts...more

You Can Still Comment on the TRID Rule Assessment

Ballard Spahr LLP on 2/6/2020

As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more

OCC and FDIC issue joint proposal to revise CRA regulations

Ballard Spahr LLP on 12/19/2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join...more

President Trump Signs the First Major Financial Services Deregulation Law in a Decade

Jones Day on 6/11/2018

President Trump has signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act ("Act"), with the principal goals of promoting U.S. economic growth, recalibrating burdensome rules, and strengthening...more

The Department of the Treasury Issues Recommendations on the Regulation of U.S. Depository Institutions

Jones Day on 7/1/2017

"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more

NY DFS Finalizes Rigorous AML/BSA Regulation

Ballard Spahr LLP on 7/11/2016

The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

Director Cordray sends warning to vendors on TRID rule compliance

Ballard Spahr LLP on 10/21/2015

In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more

Banks Get Big Win in Challenge to New York Ordinance

Bilzin Sumberg on 9/28/2015

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

FHFA Proposes Revisions to Federal Home Loan Bank Membership Eligibility Requirements

Orrick - Finance 20/20 on 9/9/2014

On September 2, the FHFA proposed a rule that would revise the requirements for financial institutions to apply for and retain membership in one of the 12 Federal Home Loan Banks (Banks). The proposed rule would revise FHFA’s...more

D.C. Passes NMLS Conformity Temporary Act of 2014

Ballard Spahr LLP on 8/18/2014

Recently, Washington, D.C., Mayor Vincent Gray signed the NMLS Conformity Temporary Act of 2014. The Act authorizes the Department of Insurance, Securities and Banking (DISB) the necessary statutory authority to use the NMLS...more

Financial Services Report, Summer 2014

Morrison & Foerster LLP on 6/9/2014

In This Issue: - Beltway Report - Bureau Report - Mobile Payments - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy Report - Arbitration Report - TCPA Report ...more

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