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Financial Regulation News
CSBS, NASCUS urge FHFA not to make changes that would reduce access to funding
The Conference of State Bank Supervisors (CSBS) and the National Association of State Credit Union Supervisors (NASCUS) are urging the Federal Housing Finance Agency (FHFA) not to make any changes to the Federal Home Loan Bank System that would hurt the ability of institutions to access funding.© Shutterstock In a letter to FHFA officials, the […] The post CSBS, NASCUS urge FHFA not to make changes that would reduce access to funding appeared first on Financial Regulation News.
U.S. senators allege ‘backsliding’ by JPMorgan Chase on climate commitments
Six Democratic senators in Congress want an explanation from JPMorgan Chase (JPM) about why the firm is retreating from its nearly two decades of pledges to help mitigate climate change. © Shutterstock “This reversal represents a long-term threat to the environment — JPM has financed over $430 billion in fossil fuel projects since 2016, more than […] The post U.S. senators allege ‘backsliding’ by JPMorgan Chase on climate commitments appeared first on Financial Regulation News.
FHFA introduces new protections for tenants in multifamily housing
The Federal Housing Finance Agency (FHFA) is rolling out new projections for tenants in multifamily properties financed by Fannie Mae and Freddie Mac.© Shutterstock This marks the first time tenant protections will be a standard component of Fannie and Freddie’s (the Enterprise) multifamily financing. “The tenant protections announced today are the culmination of a collaborative […] The post FHFA introduces new protections for tenants in multifamily housing appeared first on Financial Regulation News.
Senate passes bill to inform veterans of VA Home Loan Program
The U.S. Senate passed legislation to help inform veteran homebuyers of their eligibility for the VA Home Loan Program.© Shutterstock The VA Home Loan Awareness Act of 2023 (S.3068) seeks to promote the VA Home Loan Program, which helps veterans finance their home purchases with features like no down payment, no private mortgage insurance, and […] The post Senate passes bill to inform veterans of VA Home Loan Program appeared first on Financial Regulation News.
U.S. Rep. Issa bill that mandates disclosure of financing for civil lawsuits
U.S. Rep. Darrell Issa (R-CA) introduced a bill that mandates disclosure of third-party litigation financing agreements in civil lawsuits.© Shutterstock Currently, civil litigation is funded by undisclosed third parties, which may include hedge funds, commercial lenders, and sovereign wealth funds operating through shell companies. This practice is particularly challenging in Intellectual Property (IP) litigation due […] The post U.S. Rep. Issa bill that mandates disclosure of financing for civil lawsuits appeared first on Financial Regulation News.
House Republicans call on administration to denounce Canada’s digital services tax
Republicans on the U.S. House Ways and Means Committee urged the Biden administration to initiate a federal investigation into Canada’s digital services tax (DSTs), a 3-percent levy that applies to revenue from companies that provide digital services to Canadian users or that sell Canadian user data.© Shutterstock “The United States cannot permit trading partners to […] The post House Republicans call on administration to denounce Canada’s digital services tax appeared first on Financial Regulation News.
Citibank gets hit with fines by Fed, OCC for insufficient progress on risk management issues
The U.S. Office of the Comptroller of the Currency (OCC) amended an Oct. 7, 2020, Cease and Desist Order against Citibank related to deficiencies in its risk management, compliance, data governance, and internal controls.© Shutterstock The amendment is based on the bank’s failure to meet remediation milestones and make sufficient progress towards compliance. The amendment […] The post Citibank gets hit with fines by Fed, OCC for insufficient progress on risk management issues appeared first on Financial Regulation News.
Proposed rules would force loan servicers to help homeowners before foreclosure, CFPB says
On Wednesday, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would require mortgage servicers to help homeowners before foreclosure. © Shutterstock The proposal, if finalized, would also make it simpler for servicers to offer assistance by reducing paperwork requirements, improving communications with borrowers and ensuring information is provided in a language borrowers […] The post Proposed rules would force loan servicers to help homeowners before foreclosure, CFPB says appeared first on Financial Regulation News.
Rep. Hill leading coalition to expand hours of interbank settlement services
U.S. Rep. French Hill (R-AR) is leading a bipartisan coalition of Congress members who are urging the Federal Reserve to modernize the nation’s existing payments infrastructure.© Shutterstock Specifically, the coalition would like to see operating days and hours of interbank settlement services expanded to support operations over weekends and holidays, and ultimately 24 hours a […] The post Rep. Hill leading coalition to expand hours of interbank settlement services appeared first on Financial Regulation News.
Community banks more optimistic about economic conditions
Community banks are more optimistic about future economic conditions, according to the CSBS Community Bank Sentiment Index.© Shutterstock The index, produced quarterly by the Conference of State Bank Supervisors, ticked up 1 point to 99 compared to last quarter’s survey. But the index is up sharply from its all-time low of 73 points one year […] The post Community banks more optimistic about economic conditions appeared first on Financial Regulation News.
PROVE IT Act seeks to bolster American manufacturing, energy production
A newly introduced bill in Congress would support and promote U.S. manufacturing and energy production over foreign competitors by showcasing the lower greenhouse gas (GHG) emissions of American-made products. © Shutterstock “We should embrace the fact that American industries produce cleaner and with better standards than anywhere else in the world,” said U.S. Rep. John Curtis […] The post PROVE IT Act seeks to bolster American manufacturing, energy production appeared first on Financial Regulation News.
CTrust launches credit scoring platform for cannabis businesses
CTrust is launching a cannabis credit scoring platform, available to financial institutions, investors, and business owners.© Shutterstock CTrust’s Cannabis Trust Score (CTS) and Report provides a credit score with detailed insights into the financial health and credit risk of state-licensed cannabis-related businesses (CRBs). The platform was invented by Dotan Melech, the CEO of CTrust, whose […] The post CTrust launches credit scoring platform for cannabis businesses appeared first on Financial Regulation News.
Federal Home Loan Bank of Chicago to allow use of VantageScore credit scores
The Federal Home Loan Bank of Chicago is working with VantageScore to allow its member financial institutions to pledge mortgage collateral using VantageScore credit scores, serving as an alternative to the FICO credit score model. © Shutterstock VantageScore considers rental payments and other consumer credit data in its scoring algorithms that are not included in […] The post Federal Home Loan Bank of Chicago to allow use of VantageScore credit scores appeared first on Financial Regulation News.
Rule would expand CFIUS coverage of real estate transactions near military installations
On Monday, the U.S. Department of the Treasury, announced a proposed rule that would expand Committee on Foreign Investment in the United States (CFIUS) jurisdictions over transactions near military installations. © Shutterstock The Treasury, as chair of the CFIUS, oversees various transactions by foreign persons regarding real estate across the country. Part of the Foreign […] The post Rule would expand CFIUS coverage of real estate transactions near military installations appeared first on Financial Regulation News.
CFOs have highest level of optimism about economy since 2021
Chief financial officers (CFOs) at U.S. companies have the highest level of confidence in the economy since the third quarter of 2021, according to a new survey from business consultant Grant Thornton.© Shutterstock Grant Thornton’s Q2 2024 CFO survey found that 58 percent of CFOs are confident about the economy, while 63 percent are confident […] The post CFOs have highest level of optimism about economy since 2021 appeared first on Financial Regulation News.
Greater profitability for companies with Next-Generation supply chain capabilities, report finds
New research from Accenture has found that companies with the most mature supply chains are 23 percent more profitable than their competition. © Shutterstock The analysis into more than 1,000 companies across 15 countries and 10 industries found that companies that use generative AI, advanced machine learning and other autonomous decision-making technologies are more likely […] The post Greater profitability for companies with Next-Generation supply chain capabilities, report finds appeared first on Financial Regulation News.
Lincoln Financial survey examines key investor trends
Lincoln Financial Group released a report on the key market trends and themes currently on the minds of investors, including the election. © Shutterstock The company’s quarterly Market Intel Exchange said investors are keeping a close eye on how the election results may affect investment portfolios and various market sectors. The report said that in […] The post Lincoln Financial survey examines key investor trends appeared first on Financial Regulation News.
U.S. Chamber lays out initiative for economy to achieve 3 percent annual growth
The U.S. Chamber of Commerce launched an initiative that seeks to achieve at least 3 percent annual real economic growth over the next decade.© Shutterstock Through its Growth and Opportunity Imperative, the Chamber is calling on candidates and elected officials to support policies that would help achieve this goal. The 3 percent annual growth rate […] The post U.S. Chamber lays out initiative for economy to achieve 3 percent annual growth appeared first on Financial Regulation News.
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