Compliance

WASHINGTON — A group of representatives from across the credit union spectrum has banded together as Credit Union Voices and will be hosting a booth at CUNA's GAC here next week allowing guests to comment on and submit letters regarding NCUA's revised risk-based capital proposal.

Two activist groups are urging the Fed and OCC to investigate whether OneWest used donations and other sweeteners to buy community support for its sale to CIT.

Observers fear state regulator Benjamin Lawsky's proposal to model anti-laundering reviews after Sarbanes-Oxley requirements could thin ranks of compliance specialists and slow monitoring.

Community and regional banks should be subjected to simpler rules than very large banks, the chairman and CEO of the Buffalo, N.Y., company said. In fact, size is the wrong determinant for risk-based regulation, he said.

Banks process billions of dollars in international remittances, and the business is growing. But complex competing forces — namely anti-laundering rules and pressure from humanitarian groups — make the decision to stay in the business a difficult one.

Some newcomers to mortgage servicing did not hedge because hedging would have increased costs. Had rates moved up, the strategy would have paid off handsomely. Instead, it worked against them.

Consumer Financial Protection Bureau Director Richard Cordray said a review of its "qualified mortgage" rule will allow enough time to consider changes if lawmakers fail to make progress on housing finance before a key deadline.

NCUA will webcast a seminar on field of membership expansion and improved service to underserved communities, the agency announced Tuesday.

JPMorgan Chase has agreed to a $50.4 million settlement with the Justice Department for robo-signing documents sent to homeowners in bankruptcy and for related abuses.

WASHINGTON — Two senior members of the House Financial Services Committee on Monday introduced H.R. 1188, the Credit Union Small Business Jobs Creation Act, which would increase the member business lending cap for qualified credit unions to 27.5% from its current 12.25%.

International remittances grew at a number of banks last year, according to new data, but anti-money-laundering rules may make the fee-based business too expensive to keep.

An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.

Hudson City Bancorp in Paramus, N.J., has been released from an enforcement action with federal regulators.

Change is coming to the credit card industry following the government's recent antitrust victory against American Express, but the next few weeks could determine how deep the changes are — and who wins and loses.

The Bank of England will research whether issuing a digital currency such as Bitcoin would help it achieve its monetary policy, financial stability and regulatory goals.

Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.

CIT's John Thain and OneWest's James Otting, scheduled to speak today at a public hearing on their $3.4 billion M&A deal, will face complaints from community activists that they owe the public more after receiving substantial government help during the financial crisis.

BB&T has received subpoenas from the Justice Department tied to a probe of the Winston-Salem, N.C., company's FHA lending.

One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.

During an unusually aggressive bout of questioning for Yellen, particularly from a lawmaker generally regarded as supportive of the Fed chair, Warren questioned comments made by Fed General Counsel Scott Alvarez last year raising concerns with aspects of the financial reform law.