News from Dodd-Frank

[Mike SP]

FHFA becomes latest federal agency to withdraw from green finance coalition

The Federal Housing Finance Agency announced it would withdraw from a coalition of more than 100 central banks, formed to promote green finance to help combat climate change.

[Mike SP]

What is the pivotal legal question when determining mortgage fraud?

Dodd Frank Update asked David Friend, owner of David Friend Mortgage Consulting, what industry professionals and borrowers can learn from recent mortgage fraud allegations and if there is anything that can be done to safeguard against potentially unwarranted fraud claims

Fed approves first rate cut since December 2024, signals two more this year

The Federal Open Market Committee voted to lower the federal funds target range for the first time since December of last year, citing weakening in the labor market and the need to keep inflation in check

CFPB to consider numerous rule rescissions in Spring 2025 Unified Agenda

The Consumer Financial Protection Bureau released its Spring 2025 Unified Agenda offering compliance personnel a glimpse of the agency’s rulemaking priorities for the coming months.

Former CFPB attorneys say a ‘surgical’ approach is best for revisiting mortgage rules

For loan originators and mortgage servicers, two former Consumer Financial Protection Bureau attorneys about what would be best for the industry and consumers.

CFPB outlines plans for data privacy, larger participant rulemakings

"You have what are very rapidly becoming entrenched positions among data aggregators, data providers and data recipients. They have very different stakes in the success of this rule," former Consumer Financial Protection Bureau attorney Mike G. Silver told Dodd Frank Update when discussing the bureau’s plans to revisit its Personal Financial Data Rights rule.

CFPB seeks to establish legal standard for nonbank supervisory designations

The Consumer Financial Protection Bureau is seeking to standardize its process for designating nonbank financial institutions as covered entities for the purposes of regulatory supervision.

SEC, CFTC outline plan to harmonize regulatory approaches to novel assets

A pair of federal regulatory bodies outlined a plan for harmonizing approaches to novel or innovative financial products, including cryptocurrencies.

Mr. Cooper shareholders approve Rocket merger

Mr. Cooper Group Inc. shareholders voted to adopt the company’s merger agreement with Rocket Companies, Inc. at a special meeting held Sept. 3.

Treasury proposes requiring CDFI applicants to disclose DEI, climate-related funding plans

The Treasury Department raised concerns among credit union advocates with a newly proposed disclosure requirement for Community Development Financial Institutions Fund applicants.

House passes NDAA bill without CDFI amendments

The House passed its version of the National Defense Authorization Act without certain amendments supported by community banking and credit unions trade groups. These industry advocates are hoping to see the amendments incorporated into the Senate version.