Law and regulation

The Houston company has agreed to pay a $3 million penalty, provide $4 million in loan subsidies to new borrowers and make other investments aimed at improving home buying opportunities for Black and Hispanic households.

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.

The high court sent the case back to the New York-based 2nd U.S. Circuit Court of Appeals to revisit whether the dispute can continue as a class action lawsuit.

While usage of this process in mortgage closings picked up steam last year, only 34 states have permanent laws in place and two do not permit it at all.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

The Michigan lender agreed in 2012 to pay $133 million to resolve civil fraud charges tied to government-backed mortgages. But the deal with the Justice Department came with a catch that eventually allowed Flagstar to pay far less.

Credit scores have an effect on almost every aspect of a person's financial life. A less-than-ideal credit score can make it much harder to get a house or car loan, start a business, or even get a job. President Biden plans to change credit reporting So what does the new administration's plan mean for consumers and lenders? In this episode, we explore the pros and cons of the Biden proposal, what it means for consumers, and how it will impact lending institutions' strategy and operations.

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

The former executive at Lend America, who has remained out of prison since his 2011 guilty plea, will not be incarcerated for his acts.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

If enacted, the rule will bring the agency into compliance with the GSEs and the Biggert-Waters Flood Insurance Reform Act.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.

Taylor, Bean & Whitaker's former chairman and CEO, Lee Farkas, led a $2.9 billion mortgage fraud scheme during the housing crash but was released early from prison due to susceptibility of COVID-19 transmission.

The proposals offer lenders both cause for celebration and for concern.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

The final version of the amended rule, like the original proposal, makes fair lending claims tougher to prove; but it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.

Gov. Gavin Newsom late Monday signed a stopgap measure to rein in evictions, offering limited protections for tenants and aid to landlords hit financially by the coronavirus pandemic.

The decision is the latest development in an ongoing dispute between the shuttered company and its regulator.