Compliance

As a top Republican lawmaker nears the release of a plan aimed at rolling back and replacing the Dodd-Frank Act, bankers are being cautious about offering any support, fearing it may open the door to changes they oppose.

The compliance technology company Trace International has launched what it bills as the first global, commercial beneficial ownership registry.

A number of Congressional leaders – including the ranking Democratic member of the House Financial Services Committee -- announced their support Monday for proposed legislation that would increase credit unions’ ability to lend to small businesses.

The Consumer Financial Protection Bureau is making an end run around existing regulations to collect new data on overdraft programs, the American Bankers Association claims.

WASHINGTON — Seven financial trade groups announced Monday that they are banding together to push legislation that would extend banklike data security standards to retailers and nonbank businesses.

WASHINGTON — Seven financial trade groups announced Monday that they are banding together to push legislation that would extend bank-like data security standards to retailers and non-bank businesses.

Bank of America Corp.'s Countrywide Financial unit was exonerated of allegations that it sold defective residential mortgage loans to Fannie Mae and Freddie Mac with an appeals court throwing out a judgment against the bank of more than $1.2 billion.

Ninety-two percent of homebuyers are reviewing their mortgage documents before closing on the loan since the Truth-in-Lending Act/Real Estate Settlement Procedures Act integrated disclosures, or TRID, went into effect in October, versus 74% previously, a survey by the American Land Title Association found.

Presumptive Democratic nominee Hillary Clinton appears likely to embrace a recent plan to merge Fannie Mae and Freddie Mac into a single government corporation if she wins the White House.

Two recent court rulings affirmed that lenders can enforce electronically signed and transferred notes, laying important groundwork for wider adoption of electronic mortgage technology that could improve the customer experience for borrowers and save lenders and servicers a bundle.

Regulators have abused their role of implementing law to actually make financial policy, usurping the role of Congress in a tripartite system.

A new Department of Labor rule designed to make more American workers eligible for overtime pay stands to add costs and slow hiring at credit unions and banks while speeding the replacement of human workers with technology, according to the financial industry lobby.

A new Labor Department regulation designed to make more American workers eligible for overtime pay stands to add costs and slow hiring at community banks.

The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection.

The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection.

New Chairman Rick Metsger said the regulator will likely extend due date for second quarter call reports because of July 4th holiday and expects to establish end-of-month deadline by the end of the year.

The Michigan State Senate passed a package of credit union bills that amends the Michigan Credit Union Act for the first time since 2003. The CU-friendly legislation is expected to pass the House and be signed into law by the governor by the middle of next month.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.

The bureau said Wednesday that it plans to hold a public hearing in Kansas City, Mo., to discuss small dollar lending. The hearing will be held at the Kansas City Convention Center and will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and the public.

Despite the confusion surrounding new electronic identity regulations in Europe, there's still plenty to be excited about.