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Obama’s Recess Appointments Backfire Big Time 29 Jan 2013 | 11:16 pm
What does a Pepsi-Cola bottler’s challenge to a National Labor Relations Board ruling have to do with the authority of the Consumer Financial Protection Bureau? Plenty, judging from the January 25 de...
The Blizzard of 2013 23 Jan 2013 | 04:55 pm
Some Januarys are remembered for snowstorms. For example, January 2011 was New York City’s second snowiest month on record with 36 inches of snow, just 0.9 inches short of the all-time NYC record in F...
CFPB Issues Tough Servicer Requirements 23 Jan 2013 | 04:55 pm
At the Consumer Financial Protection Bureau’s latest field hearing—this one in Atlanta on January 17—CFPB director Richard Cordray had some harsh words for the nation’s mortgage servicers. Cordray spo...
2013 Preview—Curry Sees Significant Bank Risks 23 Jan 2013 | 04:54 pm
Comptroller of the Currency Thomas Curry believes Congress will consider a number of technical corrections to the Dodd-Frank Act. Some of those corrections may be “a bit more substantive than technica...
NCUA Sues J.P. Morgan over $2.2 Billion in Faulty Securities 23 Jan 2013 | 04:53 pm
The National Credit Union Administration has filed its tenth suit against Wall Street firms for faulty mortgage-backed securities sold to three corporate credit unions that eventually failed. On Janua...
Causes and Consequences—GAO Reports on Small Bank Failures 23 Jan 2013 | 04:53 pm
Between January 2008 and December 2011, 353 of the 414 U.S. banks that failed had less than $1 billion in assets. In a report issued January 3 the Government Accountability Office examined possible co...
Enforcement Attorneys at Exams—CFPB’s First Ombudsman Report Sheds Light on Controversial Subject 4 Dec 2012 | 02:29 pm
Consumer Financial Protection Bureau Ombudsman Wendy Kamenshine recently recommended that the CFPB review implementation of its policy to have enforcement attorneys present at supervisory examinations...
Remittance Regs Prompt New York FHLB to Drop International Wire Transfers 4 Dec 2012 | 02:28 pm
The CFPB’s remittance changes may come a bit too late for the Federal Home Loan Bank of New York. On November 20, a few days before the CFPB’s announcement, the NY FHLB announced that, “as a result of...
Regulators Address Dodd-Frank Restrictions on Troubled Bank Conversions 4 Dec 2012 | 02:28 pm
The federal bank regulators, in conjunction with the Conference of State Bank Supervisors, issued an interagency statement to explain the Dodd-Frank Act restrictions on conversions of troubled banks. ...
CFPB and FTC Warning: “Clean Up those Mortgage Ads” 4 Dec 2012 | 02:27 pm
Following a joint sweep of 800 randomly-selected mortgage advertisements, the Consumer Financial Protection Bureau and Federal Trade Commission issued a warning to firms to clean up potentially mislea...
