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NAFCU CEO Becker urges Geithner to ensure interagency coordination through FSOC

National Association of Federal Credit Unions President and CEO Fred Becker urged Treasury Secretary Timothy Geithner on Wednesday to ensure “interagency coordination” within the Financial Stability Oversight Council in the issuance of regulatory rules. Becker pointed to the numerous federal agencies involved in the regulation of the U.S.... Read More...

CFPB: Federal regulatory intervention may be necessary in mobile payments market

Marla Blow, the assistant director of the Consumer Financial Protection Bureau’s card and payment markets division, recently said that federal rules may need to be implemented to keep up with the fast-growing mobile payments industry. “To the extent that technology companies begin to play roles traditionally performed by banking... Read More...

Gregoire calls for more oversight of appraisal management companies

Frank Gregoire, the former chairman of the National Association of Realtors, said during a Thursday House hearing that the lack of oversight of appraisal management companies has contributed to the slow housing market recovery. AMCs act as liaisons between lenders and buyers and employ appraisers, charging a fee for their services. Gregoire... Read More...

July 1 deadline set for living wills from America’s nine largest banks

U.S. regulators have requested that nine of America’s largest banks submit “living wills,” emergency plans to be implemented in order to wind down the bank in the event of the institution’s failure. The 2010 Dodd-Frank Act granted regulators the resolution authority, or the ability to liquidate failing financial institutions.... Read More...

House votes out ATM placard fee disclosure requirement

The House Financial Services Committee approved legislation in a unanimous vote on Wednesday that would eliminate certain provisions of Regulation E that require financial institutions to post physical fee placards on ATMs. Under H.R. 4367, financial institutions would only be required to display a fee disclosure on-screen. The disclosures... Read More...

Warren takes heat for profiting off the middle class’ hardship

Democratic Senate hopeful Elizabeth Warren has come under fire from the Massachusetts Republican Party, which alleges that Warren profited from helping family members to “flip” homes and re-sell them. News reports revealed earlier this month that Warren and her husband Bruce had, on multiple occasions, lent family members money to buy,... Read More...

Home appraisers warn Congress that regulations could hurt housing market

Home appraisers told regulators during a hearing this week that increased regulations as a result of the 2010 Dodd-Frank Act have contributed to plummeting home prices and a stagnant mortgage market. The Home Valuation Code of Conduct unveiled by Freddie Mac and Fannie Mae in 2008 significantly increased regulatory compliance in the home... Read More...

CFPB credit card complaint database could be misleading and damaging

Following the reveal of the Consumer Financial Protection Bureau’s credit card complaint database, concerned banking industry groups have spoken out against a system that could be flawed and misleading. The database unveiled last Tuesday by the CFPB allows consumers to report issues with credit card companies regarding interest rates,... Read More...

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