- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-13T19:26:00
A new report by the Financial Stability Oversight Council (FSOC) recommended state regulators and Congress take steps to minimize “significant liquidity risk” posed by the nonbank mortgage servicing industry.
The FSOC report, released Friday, noted that while the nonbank mortgage servicing industry has implemented innovations in technology and mortgage default servicing, the sector as a whole is vulnerable to liquidity risk in the event of a housing market downturn, which would affect many industry players at the same time.
Nonbanks currently originate roughly 65 percent of all mortgages and service more than 50 percent of outstanding mortgage balances, according to the Consumer Financial Protection Bureau. The top 10 nonbanks service almost $5 trillion in mortgages and originate trillions of dollars of mortgages annually, the agency’s director, Rohit Chopra, said in a statement.
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2024-05-13T19:47:00Z By Aaron Nicodemus
The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.
2024-03-26T19:20:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
2024-02-09T14:06:00Z By Kyle Brasseur
Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.
2025-03-10T20:56:00Z By Adrianne Appel
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
2025-01-08T17:13:00Z By Jeff Dale
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
2024-12-30T14:57:00Z By Aaron Nicodemus
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
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