On Sunday, here in Hawai’i, and everywhere else I guess, is Lei Day. I was all set to go down the 5th grade joke path, until I saw this story about napping and ran out of room in today’s commentary. Utah’s Michael Pickard thought he was allowed to take a nap at work. He fell asleep and was fired a week later. The Labor Commission ultimately sided with Pickard, finding his dismissal to be either discriminatory or retaliatory, and now a Utah state appeals court has agreed. Regulators, courts, and the lending business all go hand-in-hand. The pricing margins that lenders and banks have help ensure that compliance departments function, buybacks can be handled, and legal matters dealt with. For example, the Office of the Comptroller of the Currency entered into a Consent Order with Anchorage Digital Bank, which requires Anchorage to create a compliance committee and take steps to remediate alleged shortcomings with respect to the implementation and effectiveness of Anchorage’s Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) program. And in matters involving the CFPB, Attorney Brian Levy opines in his latest musings, “If you think (Director) Chopra is simply another Cordray, you are missing the boat. While he’s definitely not an industry advocate, and he’s not shy about regulating without APA-backed rulemaking, he’s got a very different agenda from the “old-school” consumer advocates or populist banking industry haters whose agenda dominated the early years of the CFPB. Chopra has also shown that he is willing to go his own way by not playing well in the sandbox with other regulators. (Today’s podcast is available here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking.)
Source: Mortgage News Daily