Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Newly minted Federal Reserve Vice Chair for Supervision Michelle Bowman is aiming to do something that escaped both her predecessors: finalize the U.S. implementation of the so-called Basel III framework. In her first speech since being confirmed to the central bank’s top regulatory role, Bowman outlined […]
Is third time the charm for Basel III endgame? Read More »
Diane Tomb is out as CEO of the American Land Title Association, and there are indications that the departure was not voluntary. Chris Morton, previously senior vice president of public affairs and chief advocacy officer, has been named as Tomb’s replacement. Morton had been in that role since 2020 when he first joined ALTA. “We
ALTA shakes up leadership: Tomb out, Morton in as CEO Read More »
Sheila Bair, former chair of the Federal Deposit Insurance Corp., in 2023.Bloomberg News The former Chair of the Federal Deposit Insurance Corp. Tuesday said she is concerned that the current push to deregulate banks could lead to a calamity in the financial system down the road. Bair, speaking before the Brookings Institution Tuesday, expressed concern
Former FDIC chair fears deregulation could spur new crisis Read More »
Bloomberg News Cara Petersen, the principal deputy enforcement director at the Consumer Financial Protection Bureau, has resigned from the agency, stating in an email to staff that the bureau’s leadership under the Trump administration has “no intention to enforce the law in any meaningful way.” On Tuesday, Petersen sent an email to the CFPB’s enforcement
CFPB’s top enforcement official, Cara Petersen, resigns Read More »
Regulators decision to lift Wells Fargo’s asset cap after seven years leaves the San Francisco-based bank better positioned for growth but won’t result in significant near-term gains, CFO Michael Santomassimo said.Eric Thayer/Bloomberg Wells Fargo has more flexibility, and its bankers can go about their business in a more “front-footed” fashion, now the Federal Reserve has
Wells Fargo: End of asset cap is not a “light-switch moment” Read More »
A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and
Trigger leads bill advances on Capitol Hill Read More »
A Washington state financial regulator slapped a $185,000 fine on mortgage brokerage Xpert Home Lending, and will revoke its ability to originate loans in the state if the firm does not follow an agreed upon consent order. The mortgage broker was accused of a handful of infractions including failing to license a number of its
State regulator slaps mortgage brokerage with $185K fine Read More »
Federal Reserve Gov. Michelle Bowman, who was confirmed as the central bank’s next vice chair for supervision this week.Bloomberg News Bank ratings, examination practices and capital requirements are all poised for reforms under the Federal Reserve’s new chief regulator. In her first speech since being confirmed as Fed vice chair for supervision, Michelle Bowman outlined
Bowman’s reform agenda targets ratings, supervision, capital Read More »
The Department of Housing and Urban Development’s own counsel is reportedly concerned that Trump administration-induced staff cuts could disrupt mortgage operations and increase fraud and litigation risks. The revelations stem from an internal HUD document seen by Bloomberg Citylab, according to an article published Thursday. Staff departures at the regulator could allegedly “greatly delay”‘ or
HUD memo reportedly warns of staff cut impact on mortgages Read More »
Federal Reserve Gov. Michelle BowmanBloomberg News WASHINGTON — Michelle Bowman has been confirmed by the U.S. Senate to be the Federal Reserve vice chair for supervision. The Senate confirmed Bowman’s nomination in a 48-46 vote, split along party lines. Once she is sworn in, Bowman will serve as the top bank regulator at the Fed,
Bowman confirmed as top regulator at Fed Read More »