Current Industry News
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017.
OCC Finalizes ‘True Lender’ Rule
The OCC today issued a long-awaited final rule establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party. Under the final rule, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
A new US House of Representatives bill would exempt PPP loans from small banks’ asset totals
Under the legislation, when regulators calculate the asset totals of banks and credit unions with less than $15 billion in assets, Paycheck Protection Programs (PPP) loans would not be counted, American Banker reports. This would shield small financial institutions (FIs) from additional regulatory requirements that banks with more than $10 billion have to deal with under the Dodd-Frank Act.
The DOJ is investigating Visa’s $5.3 billion bid for Plaid on antitrust grounds
It’s not just big tech that’s getting the antitrust treatment from the Department of Justice. Late Monday afternoon, the Department of Justice tipped its hand that it was investigating Visa’s proposed $5.3 billion acquisition of the venture-backed Plaid, which allows applications to connect with a users’ bank account.