The CFPB will distribute more than $384 million to consumers deceived by Think Finance, LLC

May 16, 2024 / Source: CFPB

The CFPB is compensating consumers who it alleged were deceived by Think Finance, LLC, into repaying loans they did not legally owe. Think Finance, LLC, made false demands and illegally took money from consumers’ bank accounts for debts that were not owed under laws in 17 states, according to the CFPB’s lawsuit. Many states have…

Biden-Harris Administration Awards Nearly $40 Million to Expand Housing Counseling for Underserved Communities

May 16, 2024 / Source: HUD

WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding nearly $40 million to expand comprehensive housing counseling services for homebuyers, homeowners, and renters throughout America. These awards – through the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling – will fund…

Statement on Supreme Court Decision in CFPB v. CFSA

May 16, 2024 / Source: CFPB

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America: “For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial…

Acting Comptroller Testifies on Agency Activities

May 16, 2024 / Source: OCC

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) activities and four critical agency priorities before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. In his testimony, Mr. Hsu discussed the condition of the federal banking system and recent regulatory initiatives. He also…

Treasury Announces 2024 National Illicit Finance Strategy

May 16, 2024 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), which provides a blueprint of the U.S. government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities. The 2024 Strategy addresses the key risks from the 2024 National Money Laundering, Terrorist Financing, and…

Innovation and the Evolving Financial Landscape

May 15, 2024 / Source: FRB

Governor Michelle W. Bowman At The Digital Chamber DC Blockchain Summit 2024, Washington, D.C. I would like to thank the Digital Chamber for the invitation to share my perspectives on innovation in the financial system.1 I welcome opportunities like this to engage in discussions that include both the public and private sector on this important topic….

Acting Comptroller Testifies on Agency Priorities

May 15, 2024 / Source: OCC

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) priorities before the Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Hsu discussed the OCC’s work to guard against complacency, adapt to digitalization, manage climate-related financial risk, and promote fairness in banking….

Biden-Harris Administration Announces $1.1 Billion for Tribal Housing and Community Development

May 15, 2024 / Source: HUD

WASHINGTON – Today, U.S. Department of Housing and Urban Development (HUD) Acting Secretary Adrianne Todman welcomed the Tribal Intergovernmental Advisory Committee at HUD Headquarters where she announced awarding a record $1.1 billion in funding for the Indian Housing Block Grant (IHBG) program and a $75 million funding opportunity for the Indian Community Development Block (ICDBG) program…

HUD Announces $30 Billion Investment to Keep American Families Housed

May 14, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced $30 billion in renewal funding for the Housing Choice Voucher Program (HCV). This funding will help Public Housing Authorities (PHAs) continue to provide assistance to families and individuals who are in need of affordable housing options. “These housing choice vouchers will create stability…

Agencies announce public meeting on proposed acquisition by Capital One of Discover; public comment period extended

May 14, 2024 / Source: FRB

The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois. The proposal includes the merger of Discover Bank, of Greenwood, Delaware, into Capital One, National Association,…

CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices

May 14, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today distributed more than $384 million to about 191,000 consumers harmed by Think Finance. Think Finance, a Texas-based online lender, deceived borrowers into repaying loans they did not owe. The CFPB distributed the money through its victims relief fund. The CFPB’s victims relief fund, also known as the…

Agencies announce inflation-adjusted dollar thresholds for Regulation CC funds availability

May 13, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain…

SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers

May 13, 2024 / Source: FinCEN

WASHINGTON—Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity…

HUD and Rocket Mortgage, LLC Reach Agreement on Montana Fair Lending Complaint for Home Purchase within Tribal Lands

May 13, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Conciliation Agreement with Rocket Mortgage, LLC resolving allegations that Rocket Mortgage denied a mortgage loan application based on race because the home being purchased was located within the Tribal boundaries of a federally recognized reservation. Read the Agreement….

U.S. Department of the Treasury, IRS Announce Application Opening Date and Increased Available Capacity for Second Year of Program to Spur Clean Energy Investments and Lower Energy Costs in Underserved Communities

May 13, 2024 / Source: Treasury

WASHINGTON—Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that applications will open at 9:00 a.m. ET on May 28, 2024 for the 2024 Program Year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. All applications submitted within the first 30 days, by 11:59 pm ET on…

Statement by CFPB Director Rohit Chopra on the Financial Stability Oversight Council’s Nonbank Mortgage Company Report

May 12, 2024 / Source: CFPB

For most households, the family home is their most important asset. A safe and stable mortgage market that provides affordable credit and reliable servicing to households is critical for our economy. When policymakers fail to safeguard this market, the American dream becomes a nightmare. Regulators’ failure to prevent the 2008 mortgage crisis led Congress to…

Speech – Financial Stability Risks: Resiliency and the Role of Regulators

May 12, 2024 / Source: FRB

Governor Michelle W. Bowman At the Texas Bankers Association 2024 Annual Meeting, Arlington, Texas I would like to thank the Texas Bankers Association for the invitation to share my thoughts with you at this year’s Annual Meeting.1 My remarks today focus on financial stability and the role of banking regulators in promoting financial stability and resiliency…

Federal Reserve Board releases summary of the exploratory pilot Climate Scenario Analysis (CSA) exercise that it conducted with six of the nation’s largest banks

May 9, 2024 / Source: FRB

The Federal Reserve Board on Thursday released a summary of the exploratory pilot Climate Scenario Analysis (CSA) exercise that it conducted with six of the nation’s largest banks. The summary describes how these banks are using climate scenario analysis to explore the resiliency of their business models to climate-related financial risks. Participating banks took a…

CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

May 9, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding consumers encounter numerous problems with credit card rewards programs. Consumers tell the CFPB that rewards are often devalued or denied even after program terms are met. Credit card companies focus marketing efforts on rewards, like cash back and travel, instead of on low interest…

FinCEN Issues Advisory on Iran-Backed Terrorist Organizations

May 8, 2024 / Source: FinCEN

WASHINGTON — Today, in light of intensified terrorist activity in the Middle East, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights the means by which certain terrorist organizations receive support from…

Speech – Current Assessment of Financial Stability

May 8, 2024 / Source: FRB

Governor Lisa D. Cook Thank you, David. And thank you to the Brookings Institution for hosting me today. I am especially grateful to return to the place where, in my first job as an aspiring economist, I was a research assistant for Alice Rivlin over three decades ago. Today, I would like to talk about…

CFPB to distribute nearly $40 million to consumers misled by fintech company LendUp Loans

May 8, 2024 / Source: CFPB

This month, 118,101 consumers who were deceived by LendUp Loans LLC will receive checks in the mail. LendUp Loans, headquartered in Oakland, California, offered single-payment and installment loans to consumers online and marketed itself as an alternative to payday lenders. A central component of LendUp’s marketing and brand identity was the “LendUp Ladder.” The company…

CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

May 7, 2024 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or even months for balance refunds after closing their accounts – a failure that inflicted significant financial harm on consumers who did not have access…

HUD Revitalizes Housing Voucher Program

May 7, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the publication of a new rule implementing portions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Principal Deputy Assistant Secretary for Public and Indian Housing Richard J. Monocchio made the announcement in DeKalb County, Georgia. “HUD is meeting the moment to address the…

Biden-Harris Administration Announces $5.5 Billion in Grants for Affordable Housing, Community Development, and Homeless Assistance to Drive Economic Growth

May 7, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced $5.5 billion in funding that will go to 1,200 communities through more than 2,400 grants to States, urban counties, insular areas, DC, Puerto Rico, and localities across the country. These annual formula grants provide critical funding for a wide range of activities to address their…