Deep Roots Underlie Lending Disparities in Massachusetts
The banking industry has a long history of contributing to ongoing racial inequities with its lending policies and practices, but some banks want to reverse this damage.
Fed Approves Rules Loosening Dodd-Frank Restrictions on Small Banks
The Federal Reserve is easing restrictions imposed on small banks following the 2008 financial crisis, giving a victory to the banking industry.
House Passes Bill to Regulate Appraisal Companies
With the clock ticking under federal law, the state House of Representatives on Wednesday voted unanimously to establish a framework for licensing and regulating appraisal management companies in Massachusetts.
People’s United Acquisition a Preview of What’s to Come
People’s United Financial’s $544 million purchase of the parent company of Farmington Bank is one of this year’s largest bank deals in the U.S. But it may not be the last.
Dodd-Frank Provision Provides Relief from Basel III
The recently passed Dodd-Frank relief package will put banks with less than $10 billion in assets under a much simpler capital framework, giving these smaller institutions reprieve from a global regulatory system that many argue was never intended for them.
Dodd-Frank Relief Came Late for Some Community Banks
CEOs of small banks nationwide may have been relieved when lawmakers last month passed legislation scaling back the Dodd-Frank Act, but for community banks approaching or that recently crossed the $10 billion asset threshold, actual relief is likely to be minimal.
US Gun Lobby Takes Aim at ‘Gun-Hating’ Banks Citi, BofA
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc. and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
Quick Turnaround
Since launching in 2014, Stage Point has lent more than $40 million to 120 local investors, most of whom are contractors, to help them renovate over 250 single and multifamily homes. Banker & Tradesman caught up with Bart Quillen, Stage Point Capital’s COO, to discuss the fund and its progress.
Warren Vows Fight as US Senate Begins Debate on Dodd-Frank Rewrite
Sen. Elizabeth Warren promised to fight a U.S. Senate bill easing bank rules introduced following the 2007-2009 global financial crisis as the chamber moved on Tuesday to begin debating the draft bipartisan legislation.
Treasury Recommends Preserving Dodd-Frank Bank Resolution Regime
The U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank, in a win for big banks and overseas regulators who had lobbied for the United States to keep it.
Stepping Back From Dodd-Frank
The Dodd-Frank Act has been characterized as the financial industry’s version of the PATRIOT Act – drafted in a time of trauma. Now the nation’s financial sector is out of the ICU and into recovery and the next step will be to discharge it back home. But what, exactly, constitutes “home?”
Are No-Verification Loans Making A Comeback?
Interest is stirring over the topic of no-income verification loans – sometimes called “liar” loans. Some in the industry blame them for the last mortgage crisis. Are they making a comeback, despite the Dodd-Frank Act’s regulatory changes?
GSE Reform Enjoys Rare Bipartisan Support
For once, all parties are in agreement on an issue: the government-sponsored entities Fannie Mae and Freddie Mac need to be reformed, or at the very least removed from conservatorship. There’s political will – but is there a way?
GOP Bid To Gut Dodd-Frank Renews Debate Over Breaking Up Banks
The roll-out of legislation this week that would rip up much of the Dodd-Frank Act marks a pivotal moment for Republicans’ efforts to overhaul post-crisis financial rules.
The Pendulum Swings
Donald Trump may be a notoriously lousy credit risk, but the former reality TV star’s newest gig as president of the United States could be a boon to bankers weary of regulatory burden.
If You’re Not Working On It Now, You’re Already Behind
The new Home Mortgage Data Act data reporting requirements effecting the overwhelming majority of mortgage lenders don’t go into effect for over a year, but experts – and savvy lenders – say the time to prepare is now.
Court Ruling Could Encourage Realty Payoff Scheme Revival
A decision by a federal appellate court last week is casting new light on practices in the real estate field that buyers and sellers often know little about: creative, under-the-table payoff schemes among realty brokers, mortgage lenders and title companies that can stifle market competition and raise settlement costs to consumers by hundreds or even thousands of dollars.
CFPB Fines Navy FCU $28.5M Over Debt Collection Practices
The Consumer Financial Protection Bureau this week fined Navy Federal Credit Union $28.5 million over improper debt collection practices, including making false threats and freezing its customers out of their accounts for delinquent loans.
CFPB Fines Wells Fargo $3.6M Over Student Loan Servicing Practices
The Consumer Financial Protection Bureau this week slapped Wells Fargo Bank with a $3.6 million penalty over faults in its student loan servicing practices.
Feds Speak Of Market Loosening, But New Rules Have Yet To Trickle Down
The hallowed choir of federal officials who oversee...
