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Washington
Inside Washington (02/24/2012)
  • WASHINGTON (2/27/12)--Since it began accepting complaints about mortgage servicers online in December, the Consumer Financial Protection Bureau (CFPB) has fielded 2,300 complaints from consumers, Christopher C. Haspel, a senior adviser for securitization and servicing at the agency, said Thursday (American Banker Feb. 24). The most common complaint is that servicers repeatedly request documentation, although borrowers have already provided the information, said Haspel, speaking at a mortgage servicing conference sponsored by the Mortgage Bankers Association. Reforming the mortgage markets is one of the CFPB's primary responsibilities under the Dodd-Frank Act, and among its top priorities. The agency's goal is to form a single set of standards with input from other regulators, Haspel said …
  • WASHINGTON (2/27/12)--The Federal Deposit Insurance Corp. (FDIC) said it hopes a new study will help it build a better definition of community banks beyond asset size. Banks generally below $1 billion are considered "community" financial institutions. Richard Brown, the FDIC's chief economist, said the study will help the agency look at other attributes such as lending, core deposits and geographic service areas (American Banker Feb. 24). Banks with as much as $20 billion assets could be considered community financial institutions if they focus on serving their communities, said Randy Dennis, a banking consultant in Little Rock, Ark. The study indicated that non-community banks are on average 64 times larger than community banks--$17 billion compared with $280 million. The large banks were only 12 times larger in 1985 …


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