From: Bloomberg
As President-elect Donald Trump’s hiring spree captivates White House watchers, the biggest banks are laser-focused on a little-known position that’s neither a cabinet job nor the head of a government agency: a first-ever Federal Reserve vice chairman to oversee Wall Street.
From: American Banker
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First, with a turnover in political party, the Trump administration will enter a White House entirely devoid of resources or personnel. Even the software is likely to be removed from the computers. With transition teams working on issues and appointees, the vetting process is gradual and uneven. The initial focus has been on filling Cabinet-level positions. Second- and third-level administrative positions will likely go unfilled until key Cabinet officials are in place, which could take until at least the spring of 2017.
From: Mondaq
Article by Damon C. Barhorst and Robert S. Niemi |BakerHostetler
On Oct. 27, 2016, the Consumer Financial Protection Bureau (CFPB) warned 44 unnamed mortgage lenders and brokers that they may be in violation of data reporting requirements of the Home Mortgage Disclosure Act (HMDA).
Enacted in 1975, HMDA requires financial institutions to collect data about housing-related lending activity – including home purchase loans, home improvement loans and home refinancing loans that they originate or purchase or for which they receive applications – and report the information to the appropriate federal agency. The data is then used by regulators, including the CFPB, and the public to monitor lending practices nationwide and identify patterns of discriminatory lending behavior. Additionally, the data is used to ensure financial institutions are serving the housing needs of their communities and attracting private investment to areas of need.
From: The National Law Journal
The Consumer Financial Protection Bureau on Monday urged a federal appeals court to let the agency revive an investigation into an accreditor of for-profit colleges after a trial judge scuttled the probe and scolded the agency for straying outside its jurisdiction.
U.S. District Judge Richard Leon in April said the CFPB lacked authority to investigate the college accreditation process, striking down an administrative subpoena the agency issued to the Accrediting Council for Independent Colleges and Schools. Leon said the CFPB chose to “plow [headlong] into fields not clearly ceded to them by Congress.”
From: American Banker
WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray has revived an ongoing dispute between banks and fintech firms over screen scraping, a method certain companies use to obtain access to consumer bank records.
In a speech on Monday, Cordray bluntly warned banks not to limit access to financial data by third-parties working on behalf of the customer — comments that elated fintech firms which rely on aggregating data to offer financial advice and other services.