Compliance & Regulation
The financial services industry has high hopes that President Trump will usher in a new era of less regulation and economic growth, but here are challenges the new administration will face.
January 20, 2017
Deutsche Bank sought an unusual provision in its $7.2 billion mortgage-bond settlement with the U.S. government, and seems to have won it: the bank can pay down part of its penalty by lending money to fund managers.
The Department of Housing and Urban Development announced Friday that the reduction in mortgage insurance premiums "has been suspended indefinitely."
Treasury Secretary-designate Steven Mnuchin struck a pro-banking industry tone during testimony on Capitol Hill Thursday while tangling with lawmakers over foreclosures, offshore accounts and other issues.
In his confirmation hearing, Treasury Secretary-designate Steven Mnuchin said he wanted to work with both parties to find a "bipartisan fix" for the housing finance system.
The Justice Department claims the bank, which has received "satisfactory" ratings in its last four CRA exams, is failing to serve minority neighborhoods around Minneapolis.
And the next HUD chief might eventually rescind it altogether.
Steven Mnuchin's time as OneWest CEO is expected to draw ample attention at his nomination hearing, but it will not be the only issue to come up as senators try to gauge how he would lead President-elect Trump's financial policies.
January 18, 2017
JPMorgan Chase & Co. agreed to pay $55 million to settle U.S. allegations of racial discrimination in home loans through mortgage brokers, leading black and Hispanic borrowers to pay higher interest rates and fees from 2006 to 2009, a person familiar with the matter said.
Just days before President Obama will leave office, the White House released a white paper advocating for the U.S. government to engage in efforts to promote the fintech industry.
Top Democrats vowed to defend the Consumer Financial Protection Bureau, predicting Director Richard Cordray will file a lawsuit if he were fired by Donald Trump after he is sworn in as president.
The Department of Housing and Urban Development's proposed guidance has stirred up a debate on elevation standards as flooding occurs more frequently and in more unexpected places.
January 17, 2017
Moody's Corp. agreed to pay almost $864 million to resolve a multiyear U.S. investigation into credit ratings on subprime mortgage securities, helping to clear the way for the firm to move beyond its crisis-era litigation.
Bankers are trying to stop the Consumer Financial Protection Bureau from allowing consumers to rank how companies handle complaints on a one- to five-star scale and to publish narratives of consumer experiences in an online public database.
The Trump administration gave the first clear sign Thursday that it intends to dismiss Consumer Financial Protection Bureau Director Richard Cordray.
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