Month: December 2017

US considers mortgage credit check shake-up

Banking News – US considers finance credit check shake-up
&nbspCritics nag current system outdated and locks millions out of home ownership
Fiscal Times – Fiscal Air force – https://www.ft.com/content/1893f46c-e736-11e7-8b99-0191e45377ec

Financial Advice for Millennials

Private Finance – Fiscal Advice for Millennials
 How does a private-finance magazine appeal to a new age group in need of a solid culture in the nitty-gritty?
Kiplinger Private Finance – https://www.kiplinger.com/article/credit/T047-C015-S002-fiscal-advice-for-millennials.html

FDIC hits Puerto Rican bank with fine over flood insurance violations

Banking News – FDIC hits Puerto Rican bank with fine over flood indemnity violations
&nbspOriental Bank in San Juan was ordered to pay just over $153,000 for failing to say borrowers that they were vital to hold flood indemnity. The fine was one of several November enforcement actions made public Friday by the FDIC.
Union Banking – http://www.americanbanker.com/news/fdic-hits-puerto-rican-bank-with-fine-over-flood-indemnity

Bankers anxious as Trump mulls credit union regulator for CFPB

Banking News – Bankers nervous as Trump mulls credit union valve for CFPB
&nbspIn his current spot as chair of the Inhabitant Credit Union Handing out, J. Mark McWatters has freely advocated for cutting back the CFPB’s administration of the credit union diligence.
Union Banking – http://www.americanbanker.com/news/bankers-nervous-as-trump-mulls-credit-union-valve-mark-mcwatters-for-cfpb

Reg relief, GSEs to dominate banking policy on Capitol Hill in ’18

Banking News – Reg relief, GSEs to dominate banking policy on Capitol Hill in ’18
&nbspA dictatorial relief package is likely to come out of the Senate in the new year, and lawmakers could follow it up with a housing finance reform push. But the midterm elections could cause some reform initiatives to grind to a halt.
Union Banking – http://www.americanbanker.com/news/reg-relief-gses-to-dominate-banking-policy-on-capitol-hill-in-18

Citi joins Morgan Stanley, UBS, in exiting broker pact

Banking News – Citi joins Morgan Stanley, UBS, in exiting broker pact
&nbspThe Protocol for Broker Recruiting, signed in 2004, was calculated to allay lawsuits when advisers left to join a competitor. Recent high-profile defections have raised concerns that the accord could unravel.
Union Banking – http://www.americanbanker.com/articles/citi-joins-morgan-stanley-ubs-in-exiting-broker-pact

Regulation and Policy: What to Watch for in 2018

Banking News – Parameter and Policy: What to Watch for in 2018
&nbspInside, a look at the state of policy play on a range of key diligence issues that may impact 2018 midterm elections.
Union Banking – http://www.americanbanker.com/investigate-report/parameter-and-policy-what-to-watch-for-in-2018

Pressure builds on big banks to boost giving after tax windfall

Banking News – Difficulty builds on huge banks to boost giving after tax hand-out
&nbspIncreases in charitable donations will be more vital than ever for bank reputations, as tax breaks and a lighter touch from fiscal regulators revive public rage about the fiscal crisis.
Union Banking – http://www.americanbanker.com/news/difficulty-builds-on-banks-to-boost-giving-after-tax-hand-out

New CEO’s challenge: Bring bank into 21st century

Banking News – New CEO’s challenge: Bring bank into 21st century
&nbspCarter Bank & Trust’s founder shunned internet banking and handled most executive duties himself. He died in April and his successor, Litz Van Dyke, is now working at early speed to bring up to date this once-conventional Virginia bank.
Union Banking – http://www.americanbanker.com/news/new-ceos-challenge-bring-bank-into-21st-century

Time to reform Fannie and Freddie is now

Banking News – Time to reform Fannie and Freddie is now
&nbspThe GSEs are on their way to paying back the money they owed the regime under the first bailout deal made at the height of the fiscal crisis, making 2018 an convenient time for an fix of the housing finance market.
Union Banking – http://www.americanbanker.com/opinion/time-to-reform-fannie-and-freddie-is-now

‘I need some Excedrin after reading this’: Comments of the year

Banking News – ‘I need some Excedrin after reading this’: Observations of the year
&nbspFrom the self of bankers in the 21st century to the dictatorial turmoil in Washington to the huge impact of equipment on the diligence, readers articulated an array of strong opinions about what happened in 2017.
Union Banking – http://www.americanbanker.com/slideshow/i-need-some-excedrin-after-reading-this-observations-of-the-year

Annual Staff Reports on Credit Rating Agencies Show Improvements

Banking News – Annual Staff Reports on Credit Rating Agencies Show Improvements
&nbsp

Credit rating agencies under Securities and Chat Fee administration show stuck-up falling in line, augmented in rank equipment assets, and nonstop struggle, according to two SEC staff reports unhindered today on nationally recognizable arithmetic rating organizations (NRSROs).

“NRSROs are long-lasting to show a greater awareness of their obligations as corresponding entities,” said Jessica S. Kane, Acting Boss of the SEC’s Office of Credit Ratings.  “The staff will take up again to engage with the firms and monitor the makings risks to promote falling in line, strengthen power, and ensure that NRSROs provide robust leak for the benefit of investors.”

The annual exam report, vital by the 2010 Dodd-Frank Act, summarizes the staff examinations of each NRSRO. The staff experimental improvements in the firms’ falling in line monitoring and domestic audit functions. The report notes that NRSROs have further refined their policies, procedures, and reins related to securities laws and rules. 

The annual report, mandated by the 2006 Credit Rating Agency Reform Act, discusses the state of struggle, intelligibility, and conflicts of appeal among NRSROs and identifies applicants for NRSRO registration. The staff notes that smaller NRSROs take up again to actively compete with more customary rating agencies, and some are specializing in fastidious rating categories and classes.

The later SEC staff contributed to the examinations and reports:  Diane Audino, Michael Bloise, David Bobillot, Sondra Boddie, Rita Bolger, Patrick Boyle, Aaron Byrd, Roseann Catania, Kristin Costello, Doreen Crawford, Scott Davey, Franco Destro, Jill Flory, Ilya Fradkin, William Garnett, Kenneth Godwin, Michael Gonzalez, Barry Huang, Julia Kiel, Russell Long, Chichita Nickens, David Nicolardi, Sam Nikoomanesh, Kevin O’Neill, Harriet Orol, Abraham Putney, Jeremiah Roberts, Mary Ryan, Cynthia Sargent, Charles Schiller, Andrew Smith, Alexa Strear, Warren Tong, Evelyn Tuntono, Chris Valtin, Kevin Vasel, Andrew Vita, and Michele Wilham.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2017-238