Nonbank

Nonbanks need to get serious about self-regulation

12/14/18

The alternative is waiting for state and federal regulators to take steps that could disrupt the flow of capital and put some firms out of business.

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OCC sees sharp drop in mortgages serviced by large banks

12/12/18

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

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CFPB fines mortgage lender over claims it deceived veterans

12/06/18

The CFPB ordered Village Capital & Investment in Henderson, Nev., to issue refunds and pay a penalty for allegedly misrepresenting the cost savings in a refi product.

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Nonbanks' rapid growth poses risks to industry: FDIC's McWilliams

11/15/18

FDIC Chairman Jelena McWilliams questioned whether regulators and banks are fully capturing the emerging risks of a new shadow banking system.

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'There is likely to be some pain': Citi’s Corbat on nonbank lending

11/14/18

Citigroup CEO Michael Corbat added to the chorus of bankers offering warnings about credit risks that loom outside of the banking industry.

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Prudential, the last nonbank SIFI, sheds the label

10/17/18

The Financial Stability Oversight Council announced Wednesday that it was rescinding the SIFI label for Prudential, a culmination of almost a decade of fierce debate about how regulators should address the risk of nonbank financial firms.

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Calif. investigating role of lead generators in high-cost lending

09/26/18

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

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Warren wades into CRA overhaul with revamp plan of her own

09/25/18

The senator’s bill to reform the 40-year-old law and expand housing investments could gain clout as Democrats look to pick up congressional seats and she eyes a presidential run.

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Fed will have the say on key parts of OCC’s fintech charter

09/18/18

The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.

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'Just a matter of time' before Amazon, Google enter mortgages: loanDepot CEO

09/17/18

LoanDepot's CEO Anthony Hsieh delivered a bracing message to mortgage lenders on Monday — strong new competitors are coming into this market, so they need to expand their offerings.

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