CFPB Proposes to Ban Medical Bills from Credit Reports
June 11, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The proposal would stop credit reporting companies from…
OCC Bulletin 2024-13 – Retail Nondeposit Investment Products: Revised Comptrollerâs Handbook Booklet and Rescissions
June 11, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the âRetail Nondeposit Investment Productsâ booklet of the Comptrollerâs Handbook. This booklet discusses risks and risk management practices associated with the recommendation or sale of nondeposit investment products to retail customers. This booklet also provides examiners with a framework for evaluating…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts
June 11, 2024 / Source: FinCEN
June 11, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re⊠Action Type Notice and Request for Comment, Forms Renewal/Update
FinCEN Year in Review for Fiscal Year 2023
June 9, 2024 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued its Year in Review for Fiscal Year 2023. The Year in Review is intended to help stakeholders gain insight into the collection and use of Bank Secrecy Act data, including FinCENâs efforts to support law enforcement and national security agencies. The Year in Review includes statistics from fiscal…
U.S. Department of Treasury Releases Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
June 6, 2024 / Source: Treasury
WASHINGTON ââŻToday, the U.S. Department of the Treasury (Treasury) released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. Building on Treasuryâs recent work on cybersecurity and fraud in AI and recent initiatives by other federal agencies, Treasury is seeking public comment on the uses of AI in the financial services…
Acting Comptroller Discusses Artificial Intelligence and Financial Stability
June 6, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Councilâs AI Conference. In addition, Mr. Hsu released complimentary remarks to expand upon how the use and weaponization of AI pose financial stability risks, and offered thoughts…
CFPB Launches Process to Recognize Open Banking Standards
June 5, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPBâs upcoming Personal Financial Data Rights Rule. Todayâs rule identifies the attributes that standard setting bodies must demonstrate…
HUD Finalizes Deal to Promote Energy Efficiency and Climate Resilience for New York Families
June 5, 2024 / Source: HUD
NEW YORK CITY – Today, the U.S. Department of Housing and Urban Developmentâs (HUD) Office of Multifamily Housing Programs, announced it has completed a $192,000 loan transaction under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management to help finance energy efficiency and climate resilience renovations of the Revive 103 apartment community in New…
Semi-Annual Report of the Consumer Financial Protection Bureau
June 4, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2023 and ending September 30, 2023. FULL REPORT View the report
CFPB Warns Against Deception in Contract Fine Print
June 4, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections. When financial institutions take…
FDIC Survey Highlights Potential Bankable Moments at IRSâs Volunteer Income Tax Assistance Providers
June 4, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) released a report today providing insight into the role the Internal Revenue Serviceâs (IRS) Volunteer Income Tax Assistance (VITA) providers have in helping unbanked Americans access banking products and services. The FDICâs research suggests VITA providers are well-positioned to expand economic inclusion during bankable moments, such as when a client…
HUD Launches New Program to Invest in Manufactured Home Communities
June 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), announced the launch of its new Manufactured Home Community loan product, which will provide an FHA-insured financing option for the purchase, refinance, and revitalization of manufactured home communities. This action will help entities to preserve, stabilize, and revitalize these vital sources…
CFPB Creates Registry to Detect Corporate Repeat Offenders
June 3, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry will also help the CFPB to identify repeat offenders and recidivism trends. The new registry is…
HUD and VA Make $78 Million Available to Help Homeless Veterans Find Permanent Housing
June 3, 2024 / Source: HUD
WASHINGTON – Today, The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) is making $78 million available in HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers to Public Housing Agencies (PHAs) across the country, for over 7,000 vouchers. Through this program, HUD and VAâs mission is to end homelessness by…
READOUT: FinCEN Director Gackiâs Travel to Iowa for Engagements on Fentanyl and Beneficial Ownership Reporting
June 3, 2024 / Source: FinCEN
Immediate Release June 03, 2024 DES MOINES, IowaâOn May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders participated in two roundtables coordinated with Iowa Representative Zach Nunnâs office. During the first roundtable with local law enforcement representatives on efforts to combat fentanyl trafficking, Director Gacki emphasized that FinCEN is leveraging…
Summary of Deposits Survey and Filing for June 30, 2024
June 3, 2024 / Source: FDIC
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30, 2024 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by…
Agencies Issue Host State Loan-to-Deposit Ratios
June 2, 2024 / Source: FDIC
Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios that are used to evaluate compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act. Each respective host state loan-to-deposit ratio shows the ratio of total loans in a state to total deposits in the state for all banks that have that state…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
June 2, 2024 / Source: FRB
The Federal Reserve Board on Friday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, and their expectations for…
CFPB Sues Student Loan Servicer PHEAA for Pursuing Borrowers for Loans Discharged in Bankruptcy
June 2, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPBâs lawsuit asks the court…
CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs
May 30, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB analysis, the closing costs borrowers pay in connection with…
HUD Makes $150 Million Available for Affordable Housing in Tribal Communities
May 30, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the availability of $150 million in funding. This funding is designated for affordable housing projects benefiting low-income families in American Indian and Alaska Native communities through the Indian Housing Block Grant (IHBG) Competitive program. The announcement was made by HUD Principal Deputy Assistant…
FTC Staff Provides Annual Report to CFPB On 2023 Activities Regarding Financial Acts
May 30, 2024 / Source: FTC
The staff of the Federal Trade Commission has provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2023 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). The report highlights the FTCâs enforcement actions and initiatives under these laws and their…
Banksâ responsibility for scams
May 29, 2024 / Source: CFPB
The Electronic Fund Transfer Act provides important protections when consumers suffer unauthorized withdrawals from their accounts. For instance, so long as a person promptly notifies their bank that access to their account has been stolen, the law limits the personâs losses to $50. As the name suggests, the Electronic Fund Transfer Act applies to transfers…
Treasury Releases First Ever Non-fungible Token Illicit Finance Risk Assessment
May 29, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury published a 2024 Non-fungible Token (NFT) Illicit Finance Risk Assessment. The risk assessment explores how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing. The assessment finds that NFTs are highly susceptible to use in…
OCC Launches Project REACh 2.0
May 29, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit. Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal,…