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Richard's Rapid Fire
- January 25, 2013Breaking News: Recess Appointments Unconstitutional – CFPB Implications Today, the U.S. Court of Appeals for the D.C. Circuit ruled unanimously that recess appointments made by President Barack Obama to the National Labor Relations Board were unconstitutional. This ruling, if upheld, could have sweeping impact on appointments made when the President bypassed the Senate. We are going over the...
- January 18, 2013CFPB Issues Mortgage Servicing Rules Nearly 300 members dialed joined CBA’s call on Monday, January 14, 2013, to discuss the impact of QM and to hear from K&L Gates and the CBA Advocacy team. With regard to QM, Director Cordray told me the 3% cap on mortgage broker compensation is a work in progress. While we appreciate the CFPB's efforts to date, we still have some concerns, outlined in our...
- January 11, 2013QM The much-awaited "grandfather of all rules," QM, finally arrived from the CFPB this week. CBA will hold a membership call this Monday, January 14, 2013, at 2 p.m. ET to discuss the new rule and what it means for retail banks. At first blush we think it is a balanced approach, but have some concerns about the timing for implementation. Join us on the call for a full analysis with guest speaker...
- January 4, 2013Fiscal Cliff The good news is we did not go over the fiscal cliff. Our nation's leaders worked together over the weekend to negotiate the fiscal cliff deal: After nearly 17 months of a self-imposed deadline, Congressional Leaders acted at the very last minute, only leading to another showdown over the debt limit in two short months. The deal included various tax provisions after Vice President...