Top Regulation and Reform Stories for May
June 3, 2013 8:00 AM
An unusual regulatory order penalizing a bank for favoring minorities, a scoop on a new bipartisan effort to craft housing finance reform and struggles to finalize Basel III were some of the most-clicked stories in Regulation and Reform last month. Following is a list of the stories you shouldn't miss:
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Many readers were shocked by an OCC order against a Maryland community bank that penalized it for discriminating against white males and favoring minorities, a rare case of alleged reverse discrimination. The incident demonstrated to some why bankers have such trouble complying with fair lending laws.
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Sen. Bob Corker, a member of the Senate Banking Committee, is quietly drafting legislation designed to give a jumpstart to housing finance reform efforts. He is working with several other lawmakers, including Sen. Mark Warner, D-Va., on the bill in an effort to craft a bipartisan deal.
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How did some 700 small banks maintain pristine exam ratings throughout the six-year period bracketing the financial crisis? The St. Louis Fed released a research paper attempting to quantify the secrets to success.
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The Consumer Financial Protection Bureau has managed to take one of the most controversial provisions of the Dodd-Frank Act - a rule that would effectively redefine the mortgage market - and craft it in a way to please both the banking industry and consumer groups.
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The CFPB is urging banks to refinance student loan debt, but the agency may be focusing in the wrong place. The government guarantees between 85% to 93% of student loan originations.
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Fed Chairman Ben Bernanke revealed that his concerns about historically low interest rates have "increased a bit" and that the central bank continues to factor such concerns into policy decisions.
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The CFPB made it less burdensome for banks to comply with its remittance rule, but it will still have a powerful - though unclear - impact on international money transfers.
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The drive to raise the proposed leverage ratio, currently 3% for all banks and 6% for the mega institutions in the Basel III proposal, is picking up steam, though regulators appear divided on exactly how far to increase the limit.
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The regulatory crackdown on Liberty Reserve is stoking fears that banks may soon begin severing relationships with digital currency providers and exchanges, effectively stifling their growth due to institutions' fears of potential prosecution. Experts debate the issue here , while Fincen Director Jennifer Shasky Calvery answers questions about the rise of digital currencies in an exclusive Q&A .
Consumer groups blasted regulators' proposed CRA revisions, saying they are remarkably timid after spending three years and lots of man hours trying to modernize the regulation.
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