The Office of Thrift Supervision has issued the final Basel II risk-based capital rule, and the other banking regulators are expected to follow soon.The long-awaited capital rule is designed for the largest U.S. banks with international exposure. But large regional banks that want to use an internal ratings-based approach to calculate their RBC requirements can also adopt it. The OTS noted that the regulators are working on the "standardized approach," which is an upgrade of the current Basel I RBC standard, and they expect to issue a notice of proposed rulemaking in the first quarter. The American Bankers Association urged the regulators to act quickly on the standardized RBC approach so that the majority of U.S. banks are not left at a competitive disadvantage to the large Basel II banks. "We look forward to working with the regulators on the prompt development of the standardized approach," ABA executive director Wayne Abernathy 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.
April 24