HUD is giving lenders, Realtors and brokers two more weeks to express their conc erns over the departments proposed Respa rule on computerized loan originations. Originally pu blished in the Federal Register July 21, the proposals comment deadline was Sept. 20; the new d eadline is Sept. 30. The proposed rule addresses referral payments, computer loan origination ser vices and controlled business disclosure requirements. HUD also announced the availability of a demonstration electronic conference, or billboard system, with on-line communication capabilities. The conferencing program began Aug. 19 and will run through Sept. 30. HUD said it plans to use the demonstration as a trial for supplementing its FHAnet with a subject-specific network called CLOnet. Both conferences, or b illboards, are designed to provide an interactive method for the public to meet and discuss rel evant issues. For details on this program, call Fred Dow, director of HUDs office automation staff at (202) 708-4585.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2