Financial Regulatory Forum

U.S. consumer bureau’s mortgage servicing rules are in the right direction despite shortcomings

By Guest Contributor
August 31, 2012

By Bora Yagiz

NEW YORK, Aug. 31 (Thomson Reuters Accelus) - The Consumer Finance Protection Bureau’s proposed rules earlier this month on mortgage servicing are a step in the right direction in its efforts to uproot the malpractices that were once prevalent in the subprime mortgage market. The proposals suffer from a few shortcomings, however, not the least because the Bureau, with its “one-size-fits-all” approach, seems to have ignored the nuances between the different players within the servicing industry. (more…)

U.S. Fed chief sees growth prospects, “urgent” regulatory reform need

By Reuters Staff
August 21, 2009

Chairman of the Federal Reserve Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington July 22, 2009. (FILE) WASHINGTON, Aug 21 (Reuters) – Following are highlights from U.S. Federal Reserve Chairman Ben Bernanke’s prepared speech to be delivered at the Kansas City Federal Reserve Bank’s conference in Jackson Hole, Wyoming.

U.S. FDIC launches test of toxic asset sale program

By Reuters Staff
July 31, 2009

WASHINGTON, July 31 (Reuters) – The U.S. Federal Deposit Insurance Corp is launching the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.
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CIT survival ensnared in regulatory battle

By Reuters Staff
July 13, 2009

By Elinor Comlay and Karey Wutkowski
NEW YORK/WASHINGTON, July 13 (Reuters) – The survival of CIT Group Inc <CIT.N>, a key source of financing for thousands of small and medium-sized companies, became ensnared in disagreements between regulators in Washington on Monday. (more…)