Consumer Financial Protection Bureau (CFPB)

BCFP and Federal Housing Finance Agency Release NSMO Data

The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) released a new dataset for public use. The data was collected through the National Survey of Mortgage Originations (NSMO). This data gives insights into the experience of borrowers trying to get a residential mortgage. The data is meant to help policymakers, mortgage issuers, and researchers better understand the experience and new mortgage and housing market trends.

 

Financial Crimes Enforcement Network (FinCEN)

FinCEN Revises Geographical Targeting Orders

The Financial Crimes Enforcement Network (FinCEN) issued revised Geographical Targeting Orders (GTOs). These Orders require US title insurance companies to identify individuals using shell companies to buy commercial real estate with cash. The new threshold is set at $300,000 across the board. The threshold used to vary by city. FinCEN is also requiring purchases that meet these standards but are made with virtual currencies be reported. These new GTOs are designed to help in identifying and tracking illicit funds and criminal activity.

 

The Office of the Comptroller of the Currency (OCC)

OCC Allows Financial Institutions Affected by California Fires to Close

The Office of the Comptroller of the Currency (OCC) issued a proclamation allowing some financial institutions that were potentially in danger or otherwise affected by the forest fires in California to close. These institutions included national banks, federal savings associations, and federal branches and agencies of foreign banks. The hope is that only banks directly affected by unsafe conditions will close and will make every possible effort to reopen quickly once it is again safe to meet the needs of their customers.

 

Securities and Exchange Commission

Enforcement Division of SEC issues FY 2018 Report

The Enforcement Division of the Securities Exchange Commission issued its annual report on efforts to protect investors and the integrity of the market. The report details specific actions of the SEC to bring relief to harmed investors and address problems with initial coin offerings and digital assets.

SEC Adopts New Rule Regarding Information Broker Provide to Investors on Order Handling

The SEC voted to adopt new rules that increase and enhance the amount of information that broker-dealers need to provide to investors regarding order handling. This increase in information sharing is designed to help investors better understand the way that broker-dealers handle their orders and provide information regarding the impact of routing decisions on order execution quality.