Archive for October, 2008
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Oct 30, 2008
1 CommentHeard at the CRA & Fair Lending Colloquium
By Edward Kramer Here are some brief comments from some of the many regulatory and industry experts speaking earlier this week at the CRA & Fair Lending Colloquium: There is no evidence whatsoever to blame CRA for the current crisis in mortgage lending. To the contrary, CRA loans are performing very well, and represent only...
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Oct 30, 2008
1 CommentComptroller Dugan Cautions on Loan Modifications and Loss Mitigation Efforts, and Stresses Need for Self Assessments
By Edward Kramer At the OCC’s Fair Lending Conference last month, Comptroller of the Currency John Dugan highlighted two areas of particular interest to bankers/lenders. In addition to the below excerpts, his complete text can be found at the link below. Probably the most important is, don’t lose focus on fair lending during these challenging...
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Oct 23, 2008
No CommentsFTC gives enforcement delay
by Ted Dreyer The Federal Trade Commission has delayed enforcement of the Red Flags Rule until May 1, 2009, to give businesses under their jurisdiction additional time to develop and implement written identity theft prevention programs. This does not affect other agencies’ enforcement of the November 1, 2008 deadline for institutions subject to their oversight...
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Oct 17, 2008
No CommentsMore Signs of Stricter Regulatory Enforcement To Come
By Edward Kramer Today’s National Mortgage News Online reports that Senate Banking Committee chairman Christopher Dodd is calling for more aggressive enforcement of the consumer protection laws and regulations by bank regulators. The brief article noted that during a committee hearing yesterday on the genesis of the economic crisis, Senator Dodd blamed the current financial crisis on...
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Oct 15, 2008
No Comments“It’s A Wonderful Life,” Again
By Edward Kramer In the 1946 movie classic, It’s A Wonderful Life, George Bailey, the owner of a small savings & loan that provides mortgages to middle and lower middle income families, sees his business saved by those who know him best. Bailey’s compassion and great reputation outweighs the lending greed of others who want...
