Federal banking regulators are planning to issue a risk-based capital proposal Oct. 6 that updates the current Basel I capital standard and makes it more risk-sensitive.The RBC proposal, known as Basel Ia, would apply to most U.S. banks, except for the very largest U.S. banks that are supposed to adopt a more sophisticated RBC standard known as Basel II. Federal regulators also announced that they have extended the timetable for testing and implementing Basel II by one year to January 2008. And they have delayed issuing the Basel II notice of proposed rulemaking until the first quarter of 2006. The Federal Deposit Insurance Corp. and the Federal Reserve Board have scheduled open board meetings to discuss the Basel Ia proposal on Oct. 6. "The revised transition schedule for the domestic implementation of the Basel II framework will permit industry consideration of and public comment on these two rulemaking initiatives along similar timeframes," the regulators said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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