Compliance by states that do have an AMC regulatory body begins one year from the day the new regulations go live, which would put the deadline at the beginning of Q3 2016, according to FHFA. Compliance means adopting minimum registration and supervisory protocols for AMCs, including those that are subsidiaries of federally insured depository institutions.
Read More »Banks Ask Second Circuit Court to Dismiss FDIC’s Mortgage-Backed Securities Suit
At the heart of the FDIC's claim is that the banks misled Alabama-based Colonial Bank, an FDIC-insured institution, as to the quality of $300 million worth of mortgage-backed securities they sold to Colonial in the run-up to the financial crisis. As a result of the soured securities, Colonial suffered huge losses and went into receivership in 2009. FDIC sued the banks three years later in 2012, claiming the banks violated the Securities Act of 1933.
Read More »Increased Litigation Expenses Cut Into Q4 Earnings for FDIC-Insured Institutions
Increased litigation expenses at a few larger banks caused the Q4 aggregate net income for commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC Chairman was still encouraged by the numbers, however.
Read More »FDIC’s ‘America Saves Week’ Could Help Many Consumers Achieve Homeownership
With a little help from the Federal Deposit Insurance Corporation (FDIC), American consumers can overcome the single biggest obstacle to homeownership – saving for a down payment – and increase their savings to a level that will allow them to finally own a home.
Read More »Dallas Fed to Host Government Outreach Meeting on Regulatory Burdens February 4
Three government agencies – the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – have announced additional outreach meetings to discuss their collective effort to reduce regulatory burden placed on them by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).
Read More »Government Agencies to Host Outreach Meeting to Discuss Financial Regulatory Burden
Three government agencies - the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – will host the first in a series of outreach meetings in December 2 in Los Angeles.
Read More »Financial Regulators Finalize QRM Rule
Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans.
Read More »Maryland Charter Bank Shuts Down
Chartered as a national bank in 1880, NBRS converted to a Maryland charter in 2002. Following the financial crisis of last decade, the bank took years of losses from non-performing assets and was never able to find enough capital to return to sound condition, said Acting Commissioner Gordon Cooley of the state's financial regulation office.
Read More »Risk Retention Rule Nearing Completion
Federal Reserve governor Daniel Tarullo echoed Gruenberg's statement, though he was less concrete on a timeline: "I don't know whether I'd say by the end of the year, but I think we're definitely in the home stretch." As it was proposed in 2011, the rule originally called for securities issuers to hold on to 5 percent of a mortgage's risk after selling it unless the borrower made a 20 percent down payment.
Read More »Drop In Mortgage Loan Charge-Offs Leads to Smaller Losses for Banks
Fewer charge-offs for mortgages have resulted in the smallest losses for banks on loans since before the recession, according to the Federal Deposit Insurance Corp.'s Quarterly Banking Report for Q2 2014 released on August 28.
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