OCC Reports Slight Improvement in Mortgage Performance

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019.

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-110.html

OCC Reports Slight Improvement in Mortgage Performance

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019.

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-110.html?utm_source=RSS_feed&utm_medium=RSS

Report examines consumer bankruptcy trends

The Consumer Financial Protection Bureau’s latest quarterly consumer credit trends report probed the nuances of consumer bankruptcy trends and its wide-ranging impact.© Shutterstock The analysis describes how the volume and types of bankruptcy filings have changed throughout the period 2001 – 2018, including the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Great […]

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The Consumer Financial Protection Bureau’s latest quarterly consumer credit trends report probed the nuances of consumer bankruptcy trends and its wide-ranging impact.

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The analysis describes how the volume and types of bankruptcy filings have changed throughout the period 2001 – 2018, including the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Great Recession.

The breakdown noted the significance of how and by whom the bankruptcy system is being used, which is critical to review because of the role bankruptcy can play in helping consumers recover from financial shocks, the relationship between bankruptcy and debt collection and the impact the system can have on the cost and availability of credit.

The scope of work included data analysis from the Bureau’s Consumer Credit Panel (CCP), which officials said is a longitudinal, nationally representative sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies.

The report determined from 2001 to 2004, about 75 percent of personal bankruptcy filers used Chapter 7; bankruptcy petitions generally result in a discharge or dismissal; less than half of Chapter 13 filers complete their repayment plans and receive a discharge; and median credit scores increase steadily from year-to-year after consumers file a bankruptcy petition.

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Read more / Original news source: https://financialregnews.com/report-examines-consumer-bankruptcy-trends/

Senate bill seeks to increase accountability of data brokers

Democratic Senators introduced a bill to increase accountability and enhance transparency on data brokers like Equifax that collect and sell personal information about consumers. © Shutterstock The Data Broker Accountability and Transparency Act would prohibit data brokers from engaging in discriminatory data use practices and give consumers the right to stop them from sharing their […]

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Democratic Senators introduced a bill to increase accountability and enhance transparency on data brokers like Equifax that collect and sell personal information about consumers.

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The Data Broker Accountability and Transparency Act would prohibit data brokers from engaging in discriminatory data use practices and give consumers the right to stop them from sharing their personal information for marketing purposes. It also requires data brokers to develop privacy and data security programs and procedures. Further, it empowers the Federal Trade Commission (FTC) to create a centralized website for consumers to view a list of data brokers and information regarding consumer rights.

“For too long, data brokers have profited off of our personal information at the expense of our privacy,” Sen. Ed Markey (D-MA), one of the bill’s sponsors, said. “Companies, which American consumers have never heard of, continue to play fast and loose with our data, and our laws have failed to keep pace with this industry’s bad behavior. As the recent Equifax settlement made clear, we need strong, enforceable rules of the road to hold data brokers accountable and empower consumers. I thank Senator Blumenthal and Senator Smith for partnering with me on the Data Broker Accountability and Transparency Act.”

Sens. Richard Blumenthal (D-CT) and Tina Smith (D-MN) also sponsored the bill.

“Companies like Equifax have gotten away with their reckless handling and selling of personal consumer information,” Blumenthal said. “Congress must put power back in the hands of American consumers. This common-sense bill ensures that all Americans have a right to know if their personal data has been exploited or contains errors, and holds data brokers accountable for their shameless privacy and security violations.”

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Read more / Original news source: https://financialregnews.com/senate-bill-seeks-to-increase-accountability-of-data-brokers/

Federal Banking Agencies Issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $4…

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-109.html?utm_source=RSS_feed&utm_medium=RSS

Federal Banking Agencies Issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $4…

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-109.html

Agencies issue final rule to exempt residential real estate transactions of $400,000 or less from appraisal requirements

Agencies issue final rule to exempt residential real estate transactions of $400,000 or less from appraisal requirements

Agencies issue final rule to exempt residential real estate transactions of $400,000 or less from appraisal requirements

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20190927a.htm

Community bankers testify before Congress on FedNow payments system

The Independent Community Bankers of America (ICBA) testified in front of two Congressional committees this week to speak in support of the Federal Reserve’s decision to build a real-time payments system.© Shutterstock The Federal Reserve’s proposed FedNow system is designed to ensure direct access to faster payments for all financial institutions and their customers. “The […]

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The Independent Community Bankers of America (ICBA) testified in front of two Congressional committees this week to speak in support of the Federal Reserve’s decision to build a real-time payments system.

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The Federal Reserve’s proposed FedNow system is designed to ensure direct access to faster payments for all financial institutions and their customers.

“The Federal Reserve is uniquely positioned to provide access to real-time payments because it already provides payments services to nearly 11,000 financial institutions of different sizes and charter types,” Steen said. “The Fed has not only the authority but the duty, to build and operate our real-time settlement system. Now, the Fed must move quickly to establish the service,” Robert Steen, chairman and CEO of Bridge Community Bank in Mount Vernon, Iowa, speaking before both the Senate Banking Committee and the House Financial Services Committee’s Task Force on Financial Technology.

The U.S. payments system lags much of the rest of the world in faster payments, Steen said. He contends that the Clearing House’s for-profit payments network is a monopoly unable to provide ubiquitous access to financial institutions and consumers. FedNow will ensure competition, choice, universal access and affordability, Steen said. ICBA has been a long-time advocate for the Fed’s role in real-time payments.

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Read more / Original news source: https://financialregnews.com/community-bankers-testify-before-congress-on-fednow-payments-system/

Sen. Bennet praises advancement of SAFE Banking Act

Sen. Michael Bennet (D-CO) recently applauded the House of Representatives’ advancement of the SAFE Banking Act of 2019, noting it addresses issues in medicinal or recreational cannabis states.© Shutterstock Bennet said the legislation, authored by Rep. Ed Perlmutter (D-CO), targets logistical and public safety problems. Currently, cannabis businesses operating under state laws have been mostly […]

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Sen. Michael Bennet (D-CO) recently applauded the House of Representatives’ advancement of the SAFE Banking Act of 2019, noting it addresses issues in medicinal or recreational cannabis states.

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Bennet said the legislation, authored by Rep. Ed Perlmutter (D-CO), targets logistical and public safety problems. Currently, cannabis businesses operating under state laws have been mostly denied access to the banking system because banks providing services can be prosecuted under federal law.

Without the ability to access bank accounts, accept credit cards or write checks, businesses must operate using large amounts of cash, creating safety risks for businesses and surrounding communities, according to proponents of the bill.

“The lack of access to banking services for marijuana businesses is a public safety issue in Colorado and across the country,” Bennet said. “This common-sense bill would allow our banking system to serve marijuana businesses the same way they serve any other legal places of business. I’m grateful to Congressman Perlmutter for his leadership in pushing this bill across the finish line. We will continue our efforts to move this bill in the Senate.”

Under the bill, federal banking regulators would be prohibited from penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business. It would also prevent regulators from terminating or limiting a bank’s federal deposit insurance solely because the bank is providing services to a state-sanctioned cannabis business or associated business, or recommending or incenting a bank to halt or downgrade providing any kind of banking services to these businesses. The legislation would also stop federal banking regulators from taking any action on a loan to an owner or operator of a cannabis-related business.

The post Sen. Bennet praises advancement of SAFE Banking Act appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/sen-bennet-praises-advancement-of-safe-banking-act/

Jay Gallagher Named Deputy Comptroller for Systemic Risk Identification Support and Specialty Supervision

The Office of the Comptroller of the Currency (OCC) today announced Jay Gallagher as Deputy Comptroller for Systemic Risk Identification Support and Specialty Supervision.

The Office of the Comptroller of the Currency (OCC) today announced Jay Gallagher as Deputy Comptroller for Systemic Risk Identification Support and Specialty Supervision.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-108.html?utm_source=RSS_feed&utm_medium=RSS