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Federal Deposit Insurance Corporation (FDIC)

Multiple Agencies Agree to Potential Basel Changes

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The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have adopted a final rule modifying the definition of the denominator of the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision. The revisions to the supplementary leverage ratio apply to all banking organizations subject to the advanced approaches risk-based capital rule.Click to continue

Regulators Target AMCs With Joint Proposed Rule

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A new regulation is slated to be implemented on appraisal management companies (AMCs) would be subject if, in a given year, it oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states.Click to continue

CFPB to Closely Examine Mobile Financial Services

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The Consumer Financial Protection Bureau (CFPB) has announced that it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.Click to continue

FDIC-Insured Banks and Savings Institutions Report $3.1 Billion Year-Over-Year Loss in Q1

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Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $37.2 billion in the first quarter of 2014, down $3.1 billion (7.6 percent) from earnings of $40.3 billion the industry reported a year earlier. The decline in earnings was mainly attributable to a $7.1 billion (10.7 percent) decline in non-interest income.Click to continue

FDIC Warns Institutions of Increased Cyber Attacks

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The Federal Deposit Insurance Corporation (FDIC) is urging financial institutions to actively utilize available resources to identify and help mitigate potential cyber-related risks. It is important for financial institutions of all sizes to be aware of the constantly emerging cyber threats and government-sponsored resources available to help identify these threats on a real-time basis.Click to continue

Colorado LO Fesses Up to Real Estate Kickback Scheme

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Christopher Tumbaga of Colorado Springs, Colo. pleaded guilty to one count of bank fraud and to one count of illegally receiving kickbacks for procuring loans. The charges stem from Tumbaga's involvement in a two‐year long scheme to defraud TARP‐ recipient Colorado East Bank & Trust of Lamar, Colo., out of approximately $1.2 million. The plea was entered before U.S. District Judge William J. Martinez in federal court in Denver.Click to continue

Feds to Further Tighten Rules Against AMCs

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Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.Click to continue

FDIC-Insured Institutions Report $40 Billion in Earnings in Q4

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Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. This is the 17th time in the last 18 quarters — since the third quarter of 2009 — that earnings have registered a year-over-year increase. The improvement in earnings was mainly attributable to an $8.1 billion decline in loan-loss provisions.Click to continue

Florida Man Sentenced in Straw Buyers Scam

Cherry Red Gavel/Credit: Comstock

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Pamela C. Marsh, United States Attorney for the Northern District of Florida announced that Lawrence Allen Wright of Niceville, Fla., was sentenced on Tuesday by Senior Federal District Court Judge Lacey A. Collier to 75 months in federal prison and ordered to pay more than $3.7 million in restitution. Wright’s sentence is a result of his guilty plea last October to a seven-count Information charging:Click to continue