Regulation

The battle over how to craft affordable housing requirements as part of mortgage finance reform took center stage on Thursday as witnesses at a Senate Banking Committee hearing sparred over the issue, including whether dedicated funds should be subject to Congressional appropriations.

WASHINGTON — The Federal Reserve Board on Thursday informed U.S. banks how it plans to craft scenarios for future stress test exercises.

WASHINGTON — Janet Yellen, vice chair of the Federal Reserve Board and President Obama's pick to run the central bank, will appear before the Senate Banking Committee on Nov. 14.

If there is any chance a Basel Committee standard could apply to community banks, U.S. regulators need to make every effort to consult with these institutions before agreeing to it.

Federal Reserve Board Gov. Jeremy Stein warned Thursday that the current scope of regulatory tools will be insufficient to ward off the risks associated with asset fire sales.

The Consumer Financial Protection Bureau said Thursday it was charging Castle & Cooke Mortgage $13 million in penalties for allegedly pushing consumers into costlier mortgages in order to give kickbacks to loan officers.

As indirect auto lenders brace for regulatory enforcement actions, a group of Senators are raising concerns over the Consumer Financial Protection Bureau's efforts to overhaul the car financing industry. American Banker reporters explain the implications of the clash between Congress and the CFPB.

Creditors who fear they (or their vendors) aren't in compliance may slow or stop making loans in order to avoid enforcement actions and lawsuits.

The Consumer Financial Protection Bureau will begin to take comments on how to write new regulations for the debt collection industry. These new rules could impact how often a debt can be sold and to whom it can be sold.

The debt collection industry is gearing up for a major shake-up as the Consumer Financial Protection Bureau looks to revamp rules that will likely cover every player in the market, from first-party creditors down to the buyers of others' debts.