Reps to CFPB: Higher HMDA exemption level, less ‘adverse impact’

first_imgNineteen members of the U.S. Congress–all members of the House Financial Services Committee–wrote to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray this week expressing numerous concerns about the impact on consumers of recently finalized requirements under the Home Mortgage Disclosure Act (HMDA).The CFPB finalized new reporting requirements in October, which CUNA believes will add to the already heavy reporting burden faced by credit unions.“In light of the potential of the new rule to reduce consumer access to mortgage credit, we write to request that the CFPB provide analysis on the effects of applying higher exemption thresholds based on an institution’s annual mortgage origination volume,” the letter reads. “Higher thresholds would help alleviate the potential adverse impact of the final rule.”The CFPB’s rule exempts institutions originating less than 25 closed-end mortgages and fewer than 100 open-end lines of credit in each of the two preceding years, which covers roughly 1,400 estimates, according to the CFPB. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Upper Kedron homes on large blocks are in big demand

first_img24 Inverary Place, Upper KedronA COUPLE who had been living overseas for a few decades chose a five-bedroom home in Upper Kedron for their return to Australia. The house at 24 Inverary Place was the third biggest seller across the northwest for the week when it sold for $727,500. Agent for the sale David Tyler from Century 21 Ferny Grove said that one of the key selling factors for the home was its spacious 700sq m block.“Upper Kedron is changing a lot and there is a lot more smaller blocks these days,” Mr Tyler said.More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoInside 24 Inverary Place, Upper KedronHe said it was common to see homes built on 350sq m blocks in the neighbourhood, leading to many buyers seeking out homes on the older and larger blocks.The home had a few notable extras including three-phase power in the workshop, a security camera and solar and smart lighting, installed when the vendor worked from home. “The master bedroom was a good size and it is in a nice quiet cul-de-sac,” he said. The current median sales price for Upper Kedron is $614,000 according to data from CoreLogic.Median prices have increased by 14.8 per cent over the last five years.last_img read more

ECON rapporteur sets out stall on investor ESG duties proposal

first_imgPension funds would have to carry out “due diligence” in relation to environmental, social and corporate governance (ESG) factors under amendments to a European Commission proposal that have been tabled by the politician leading the European Parliament’s response.According to Paul Tang, a Dutch national in the parliament’s socialists and democrats group, due diligence means “an ongoing process through which investors identify, avoid, mitigate, account for and communicate about how actual or potential adverse ESG factors and risks are integrated in investment decision-making and risk management systems”.Tang is the “rapporteur” on the Commission’s proposal for a regulation “on disclosures relating to sustainable investments and sustainability risks”, which is part of the implementation of its sustainable finance action plan. He is responsible for leading on the development of the parliament’s position on the Commission’s proposal within the committee on economic and monetary affairs (ECON).Under Tang’s version of the Commission’s proposal, investors would have to carry out due diligence in line with recommendations set out under the OECD’s “guidelines for multinational enterprises”. Tang’s proposed legislative text states that by carrying out due diligence in the prescribed way, investors would “not only be able to avoid negative impacts of their investments on society and the environment, but also avoid financial and reputational risks, respond to expectations of their clients and beneficiaries, and contribute to global goals on climate and sustainable development”.“In doing so, financial market participants will be obliged to move beyond a merely financial understanding of their investor duties,” the text added. The due diligence processes would have to be published on investors’ websites.More specific obligations – such as minimum standards – would be set out under so-called delegated acts to be adopted by the Commission, according to Tang’s proposal.Member consultation, executive pay Source: PVDAPaul Tang MEPThe member of the European Parliament (MEP) has also proposed that pension funds be required to actively consult beneficiaries when deciding what investments would be in their “best interests”.“Without prejudice to the discretion for trustees or responsible appointees for final choice of investment strategy, and in accordance with due diligence processes… the ‘best interest’ of beneficiaries is to be determined in active consultation with beneficiaries,” Tang wrote.Under Tang’s proposal, this requirement would be introduced by way of an amendment to the prudent person rule set out in IORP II, the revised EU pension fund directive that member states have until mid-January to implement.Proposed changes to pension fund regulations in the UK in relation to members’ views have caused concern at the country’s pension fund association. In the EU context, PensionsEurope and some other industry associations have been critical of calls for pension funds to be required to seek members’ views. The MEP has also proposed more demanding requirements in relation to the pay policies of financial market participants, saying they should be used “as a mechanism to avoid unwanted sustainability risks and to encourage sustainable investments”.Under his version of the regulation, executive directors of financial market participants would be required to “set out sustainable investment targets of minimum 50%” when establishing performance measurement criteria for variable pay.The targets could be based on achieving objectives in line with the UN Sustainable Development Goals.Under’s Tang’s version of the Commission’s legislative proposal, financial market participants would also face broader disclosure requirements.Other members of the European Parliament’s ECON committee have until 19 September to table their own amendments to the Commission’s proposal. The MEPs will then negotiate on the committee’s position, with a vote scheduled to take place on 5 November.last_img read more

Hernandez put on disabled list with ribcage injury

first_img Newsroom GuidelinesNews TipsContact UsReport an Error Pederson suffered an AC joint injury two years ago as well while making a diving play in Triple-A. He said the pain and poor range of motion he woke to on Wednesday was “pretty similar.” He went on the DL for two weeks that time.“I can’t really put deodorant on. It’s tough to get dressed — all pretty much as expected,” Pederson said of the day after. “I’m doing treatment and stuff, and the training staff is going to get me right as soon as possible.”Rotation worriesDodgers ace Clayton Kershaw was scheduled to have his back examined by Dr. Robert Watkins onn Wednesday afternoon. Given that Kershaw has not thrown his usual between-starts bullpen, it becomes increasingly unlikely that he will be able to make his next scheduled start on Friday — regardless of the results of Wednesday’s exam.“I think we’re still holding out hope,” Roberts said before Wednesday’s game. “Things can always change. But that’s where we are now.”With Hyun-Jin Ryu and Brandon McCarthy each scheduled to make at least one more rehab start, Mike Bolsinger now pitching as a reliever and Ross Stripling and Carlos Frias still building up their pitch counts, the Dodgers might have exhausted all of their internal options to replace Kershaw in the rotation Friday if necessary.That has sent the Dodgers’ front office shopping outside the organization. One report has linked them with Erasmo Ramirez, a 26-year-old right-hander currently pitching out of the Tampa Bay Rays’ bullpen. Ramirez won 11 games for the Rays last season and has made 63 starts for the Seattle Mariners and Rays over five seasons. Overall, he is 25-24 with a 4.18 ERA and 1.26 WHIP in the major leagues.“That’s a possibility. I think anything’s possible,” Roberts said of a trade being made to add an option for the rotation. “If something comes to fruition, it does. If it doesn’t, it doesn’t. But obviously somebody has to start Friday if it’s not Clayton.”Urias staysThe kid stays in the picture.Circumstances have overtaken the Dodgers’ plan to shut down 19-year-old rookie Julio Urias in mid-season to cap his innings and save him for later in the season. With the Dodgers struggling just to fill out a five-man rotation, Roberts acknowledged that Urias will continue to start for the Dodgers for the time being.“I think that Julio has continued to earn the right to have some starts here,” Roberts said. “With where we’re at with this rotation, he’s given us valuable innings.“I would say the odds of Julio being in the rotation up until the All-Star break are very high.”Urias is 1-2 with a 4.09 ERA in seven starts. He threw a career-high 100 pitches and went six innings for the first time Tuesday to earn his first major-league win. MILWAUKEE >> Joc Pederson hit the wall at Miller Park so hard it injured Kike’ Hernandez’s ribs.A day after Pederson suffered a shoulder injury on his game-saving catch, it wasn’t Pederson but Hernandez who went on the DL to clear a roster spot for right-hander Brock Stewart. Hernandez was placed on the DL with left ribcage inflammation and won’t be eligible to return until after the All-Star break.Hernandez said he “tweaked something” in his left side while making throws from the outfield during some extra defensive work with coach George Lombard during the Dodgers’ most recent homestand. He got treatment but the pain flared up again during the series in Pittsburgh.“I guess I shouldn’t have played those games in Pittsburgh,” Hernandez said. “But when you only play once or twice a week, you don’t really want to say, ‘No.’ ”center_img Hernandez walked three times when he started Monday’s day game and joked that was only because it hurt to swing.He said he had X-rays taken in Milwaukee on Tuesday, which were negative. If there is no improvement before the Dodgers return to Los Angeles this weekend, Hernandez will likely undergo an MRI.“We had to make a move (to add Stewart), so it was either Joc or me,” Hernandez said. “I guess my thing can get worse (by playing). Joc really can’t.”Pederson could still land on the DL depending on how quickly his shoulder recovers. Dodgers manager Dave Roberts acknowledged that as “a possibility.”“It’s going to be a two- or three-day thing and then at that point in time we’ll make a decision,” Roberts said.last_img read more