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HUD Issues Fair Housing Act Guidance on Applications of Artificial Intelligence
May 2, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular concerns: the tenant screening process and its application to the advertising of housing opportunities through online platforms that use targeted ads. Today’s announcement is…
HUD Announces Nearly $90 Million to Make Low-income Families’ Homes Safer and Healthier
May 2, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced nearly $90 million available to reduce residential health hazards for low-income families, including lead-based paint hazards, carbon monoxide, mold, radon, fire safety, and asbestos, advancing President Biden’s Lead Pipe and Paint Action Plan. With this investment, since 1993, HUD has made more than $3.5 billion…
More competition and less complexity: How the CFPB is working to lower prices in the credit card market
May 2, 2024 / Source: CFPB
Consumers are faced with making complex decisions around pricing across a multitude of markets. Americans see this as they look to plan summer trips. From flights to rental cars to amusement park tickets, it can feel like there’s too much fine print and too many junk fees not included in the upfront price. Some argue…
HUD Issues New Guidance to Protect Borrowers from Appraisal Bias
May 1, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic bias in home appraisals. FHA’s new requirement for lenders participating in its Single Family program will enable borrowers to request a re-assessment of the…
CFPB Highlights the Hidden Costs of Health Savings Accounts
May 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay. There were approximately 36 million health savings accounts in 2023 – holding more than $116 billion. These accounts provide tax benefits to help offset the costs of high…
Federal Reserve issues FOMC statement
May 1, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective. The…
Remarks by James L. Anderson, Deputy General Counsel, FDIC, on Merger Policies of the Federal Banking Agencies before the Subcommittee on Financial Institutions and Monetary Policy Committee on Financial Services, U.S. House of Representatives
May 1, 2024 / Source: FDIC
Introduction Chairman Barr, Ranking Member Foster, and members of the Subcommittee, thank you for the opportunity to appear today to discuss the Federal Deposit Insurance Corporation’s (FDIC) role in bank merger transactions. My testimony today will summarize the statutory framework under which the FDIC evaluates bank merger transactions, the current merger application submission and review…
CFPB Publishes Research Finding Higher Price Complexity Leads Consumers to Pay More
April 30, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of buyers and sellers interacting in simple markets, and found that participants tended to pay more when prices…
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Ways & Means, U.S. House of Representatives
April 30, 2024 / Source: Treasury
Chairman Smith, Ranking Member Neal, and Members of the Committee: Thank you for the invitation to testify. The Biden Administration has driven a historic economic recovery over the past three years. GDP growth has been strong, growing 3.0 percent over the past four quarters. Inflation has decreased significantly since its peak, though we have more…
FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
April 29, 2024 / Source: FinCEN
Immediate Release April 29, 2024 The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information reporting requirements…
CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports
April 29, 2024 / Source: CFPB
Submit a Complaint Search /Newsroom CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports People living in the South continue to be most likely to have medical bills on their reports APR 29, 2024 SHARE & PRINT WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released research showing that 15 million Americans still have…
Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee
April 29, 2024 / Source: Treasury
April 29, 2024 INTRODUCTION Over the past three months, incoming U.S. economic data continue to show robust growth in the labor market, household consumption, and business investment, even as inflation remains well below its peak. Although headline GDP growth slowed more than expected in the first quarter, underlying demand from households and businesses remained remarkably…
Supervisory Highlights, Issue 33 (Spring 2024)
April 28, 2024 / Source: CFPB
This is the 33rd edition of Supervisory Highlights. The findings in this report cover select examinations regarding mortgage servicing, that were completed from April 1, 2023 through December 31, 2023. FULL REPORT Read the full report
U.S. Department of the Treasury’s Federal Insurance Office Launches New Partnership with the National Science Foundation on Terrorism and Catastrophic Cyber Risks
April 28, 2024 / Source: Treasury
WASHINGTON – This week, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) hosted the 2024 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) Annual Conference. IFTRIP is a forum of 15 nations, including the United States, supporting initiatives for closer international collaboration among sovereign-backed terrorism reinsurance pools. FIO began serving as chair of…
FDIC Names Five New Members to Advisory Committee on Community Banking
April 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced five new members of the agency’s Advisory Committee on Community Banking: Composed of a cross-section of community bankers from around the country, the FDIC’s Advisory Committee shares input on a broad range of community bank policy and regulatory matters. On May 2, 2024, the Advisory…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Reviewing Investments in and Takeovers of Banks
April 25, 2024 / Source: CFPB
Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the…
FDIC Board of Directors Releases Semiannual Update on Restoration Plan
April 25, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released the first semiannual update of 2024 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). Staff project that the reserve ratio remains on track to reach the statutory minimum of 1.35 percent ahead of the deadline of September 30, 2028. …
Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act
April 25, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the…
Fact Sheet: HUD Prioritizes Resilient, Efficient, and Green Homes and Community Development
April 25, 2024 / Source: HUD
WASHINGTON – Under the Biden-Harris Administration, the U.S. Department of Housing and Urban Development (HUD) is improving the lives of the families and communities that HUD serves by reducing energy and insurance costs and improving resilience. As the nation drives toward a clean energy and carbon free future, HUD is ensuring that low-income and historically disadvantaged…
CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing
April 24, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules…
Overdraft/NSF Revenue in 2023 down more than 50% versus pre-pandemic levels, saving consumers over $6 billion annually
April 24, 2024 / Source: CFPB
The CFPB continues to closely monitor trends in overdraft/non-sufficient funds (NSF) fee revenue and practices. With 2023 data now available, we can compare overdraft and NSF revenue last year to 2022, when many banks changed their fee policies, and to pre-pandemic levels. Our most recent analysis finds the following: Since the CFPB heightened its supervisory…
Federal Reserve Board announces it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation to acquire Discover Financial Services
April 24, 2024 / Source: FRB
The Federal Reserve Board on Wednesday announced it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation of McLean, Virginia, to acquire Discover Financial Services of Riverwoods, Illinois. The comment period is being extended to provide additional time for interested parties to comment on the proposal….
G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector
April 23, 2024 / Source: Treasury
WASHINGTON — The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial…
Treasury Designates Iranian Cyber Actors Targeting U.S. Companies and Government Agencies
April 23, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two companies and four individuals involved in malicious cyber activity on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command (IRGC-CEC). These actors targeted more than a dozen U.S. companies and government entities through cyber operations, including…
HUD and Terner Housing Innovation Labs Advance Affordable Housing Initiatives
April 23, 2024 / Source: HUD
DETROIT – Last week, the U.S. Department of Housing and Urban Development (HUD) and Terner Labs cohosted an event in Detroit, Michigan, uniting leaders from the public sector, housing experts, researchers, and technologists for the third iteration of their Housing & Technology Symposium series. HUD leaders also traveled to Minneapolis, Minnesota to highlight innovative affordable housing partnerships. “These…