Biden Administration

Rohit Chopra, President Biden's pick to lead the Consumer Financial Protection Bureau, told a Senate panel he would do more to protect veterans from foreclosure, empower consumers to dispute data on their credit records and crack down on student loan servicers that aren't helping troubled borrowers.

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

The Banking Committee will hold a confirmation hearing on March 2 for Rohit Chopra and Gary Gensler. They are the administration's picks, respectively, to lead the Consumer Financial Protection Bureau and the Securities and Exchange Commission.

The agency is recruiting more attorneys and shuffling personnel under new Democratic leadership as it prepares to toughen oversight of the financial services industry.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

Homeowners still deferring payments on federally backed loans as of Feb. 28 will be permitted to request an additional three months of relief.

Acting Director Dave Uejio wrote in a blog post that the Consumer Financial Protection Bureau needs more time to consider rules that were finalized under the Trump administration but have not yet gone into effect.

A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.

Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

Marcia Fudge told senators that her first priority as secretary would be to assist renters and homeowners struggling financially due to the COVID-19 pandemic.

The president’s executive action looks to assess the impact of the previous administration's alterations to the Affirmatively Furthering Fair Housing and Disparate Impact rules, while reinforcing Biden’s vow to eliminate discriminatory lending practices.

Janet Yellen was confirmed by the U.S. Senate as the country's 78th Treasury secretary and the first woman to hold the job, putting her in charge of overseeing an economy that continues to be hobbled by the coronavirus pandemic.

If new housing policy initiatives are not adopted by Congress, the Biden Administration may seek to push the GSEs into receivership, which would damage the conventional market, columnist and analyst Chris Whalen says.

President Biden and Democrats in Congress have backed plans to subject a broader array of companies to Community Reinvestment Act requirements. But there’s no guarantee such reforms will happen.

Appointee Jenn Jones spent the last four years as the chief of policy and membership at the National Community Reinvestment Coalition, an organization fighting housing and lending discrimination.

Dave Uejio, who served as chief of staff to ex-Director Richard Cordray, was named by the Biden administration to lead the Consumer Financial Protection Bureau until the Senate confirms Rohit Chopra for the permanent job.

The administration faces a slew of immediate financial policy tasks, such as passing a new round of small-business aid, charting a course for Fannie Mae and Freddie Mac and filling vacant agency leadership posts.