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CFPB finalizes rule that lays the foundation for open banking

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. Announced on Tuesday, the new rule mandates that financial providers — including banks, credit card issuers and mortgage companies — share personal financial data for free with their peers when customers request it.

Banks 448
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Powell acknowledges concerns about Basel III bank proposal 

Housing Wire

Powell acknowledged the mounting opposition to Basel III from the banking sector, assuring lawmakers of forthcoming broad revisions to the regulatory framework that is aimed at recalibrating risk assessment methodologies and capital reserves. banks to earmark billions more in capital reserves.

Banks 448
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Bayview settles for $20M with 53 state regulators over cyberattack

Housing Wire

The settlement, announced Wednesday by the Conference of State Bank Supervisors , involves 53 state financial regulatory agencies. They concluded that Bayview and its affiliates delayed the regulatory process by not promptly complying with requests during the early stages of the inquiry. million customers.

Staging 418
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FDIC finds banks violated RESPA on mortgage brokerage payments

Housing Wire

The FDIC supervises approximately 3,000 state-chartered banks and thrifts not members of the Federal Reserve System. Violations identified vary across different stages of the loan process.

Banks 448
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Opinion: The evolution of the independent mortgage bank

Housing Wire

These current mortgage markets are what make it challenging for independent mortgage banks (IMBs). The fate of the specialist when the market shifts The independent mortgage banks most of us think of when someone mentions IMBs originated as a result of the Savings and Loan Crisis of the 1980s. Today, many might feel sorry for the IMB.

Banks 418
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Flagstar Bank to back trio of mortgage-tech startups

Housing Wire

Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. The post Flagstar Bank to back trio of mortgage-tech startups appeared first on HousingWire. The current program will end Feb.

Banks 406
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Texas Capital Bank objects to DOJ motion to halt discovery in Ginnie Mae case

Housing Wire

Texas Capital Bank (TCB), a warehouse lender that is suing Ginnie Mae over loans made by TCB to now-bankrupt lender Reverse Mortgage Funding (RMF), has objected to a motion by U.S. That is because the bank is seeking targeted information related to the cancellation of liens stemming from RMF’s portfolio of reverse mortgage-backed securities.

Banks 435