The Connecticut Department of Banking plans to appeal a federal district court ruling in Wachovia Bank v. Burke that federal law pre-empts the authority of state officials to regulate a national bank's mortgage subsidiary."We are disappointed by the outcome," said Jim Heckman, a spokesman for the department. The U.S. District Court for the District of Connecticut decided in favor of Wachovia, ruling that the state does not have the authority to supervise Wachovia Mortgage Corp., a state-chartered mortgage lender. It denied the state's claim that the Office of the Comptroller of the Currency had abused its authority to exercise exclusive "visitorial powers," which include the power to examine the operating subsidiary, to require it to obtain a license, and to enforce its compliance with applicable state and federal laws. It concluded that the OCC's position was reasonable and must be upheld. The decision is significant because of the "groundswell of support" that Connecticut Banking Commissioner John P. Burke had received from his counterparts in other states, according to a summary judgment provided by Laurence Platt, a partner with the Washington law firm Kirkpatrick and Lockhart LLP. Banking officials and attorneys general representing 43 states and the District of Columbia joined in an amicus brief filed in support of the Commissioner.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18