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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Developments Regarding Large Asset Manager Ownership of Banks
December 30, 2024 / Source: CFPB
Our country has long understood the importance of preventing commercial interests from gaining an unfair advantage by consolidating ownership of railroads, electric utilities, banks, and other essential infrastructure with other commercial interests under the same corporate conglomerate or trust. Since banks obtain publicly subsidized funding in the form of federally insured deposits and other government…
Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations
December 29, 2024 / Source: FDIC
Summary: The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the âfederal banking agenciesâ) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of certain no-action position previously…
CFPB Files Lawsuit to Stop Illegal Kickback Scheme to Steer Borrowers to Rocket Mortgage
December 23, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued Rocket Homes to stop them from providing incentives to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage, LLC for loans. The CFPB also sued Jason Mitchell, his real estate brokerage firm, JMG Holding Partners LLC, which does business as The Jason Mitchell…
Due to evolving legal landscape & changes in the framework of administrative law, Federal Reserve Board will soon seek public comment on significant changes to improve transparency of bank stress tests & reduce volatility of resulting capital requirements
December 23, 2024 / Source: FRB
In view of the evolving legal landscape, the Federal Reserve Board will soon seek public comment on significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements. The Board’s stress test evaluates the resilience of large banks by estimating their losses, revenue, and capital…
CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers
December 23, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workersâ âlast mileâ drivers in Walmartâs Spark Driver programâabout how they could access their earnings. The CFPBâs lawsuit alleges that Walmart and Branch opened Branch accounts…
FHFA Releases 3rd Quarter 2024 Foreclosure Prevention and Refinance Report
December 22, 2024 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) today released its third quarter 2024 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,459 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 7,047,721 since the start of conservatorships…
FHFA Finalizes 2025â2027 Housing Goals for Fannie Mae and Freddie Mac
December 22, 2024 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) issued a final rule today that establishes new affordable housing goals for the loan purchases of Fannie Mae and Freddie Mac (the Enterprises) over the next three years, and updates the process for requiring an action plan when an Enterprise misses certain goals. The housing goals, generally…
OCC Issues Annual Report for 2024
December 22, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today published its 2024 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCCâs strategic priorities and initiatives, and shares the agencyâs financial management and condition. The report highlights the OCCâs work to advance…
CFPB Sues JPMorgan Chase, Bank of America, and Wells Fargo for Allowing Fraud to Fester on Zelle
December 20, 2024 / Source: CFPB
Washington, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nationâs largest banks for failing to protect consumers from widespread fraud on Americaâs most widely available peer-to-peer payment network. Early Warning Services, which operates Zelle, along with three of its owner banksâBank of America, JPMorgan Chase, and…
Agencies release annual asset-size thresholds under Community Reinvestment Act regulations
December 19, 2024 / Source: FRB
The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2025 updated Community Reinvestment Act (CRA) “small bank” and “intermediate small bank” asset-size thresholds. The CRA regulations establish the framework and criteria by which the relevant agencies assess a financial institution’s record of meeting the credit needs of its entire community, including…
Treasury Releases Report on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services
December 19, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury) released a report following the issuance of its 2024 Request for Information (RFI) on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in Financial Services, which summarizes key themes from respondent feedback and recommends several next steps. The report highlights increasing AI use throughout the financial sector…
Biden-Harris Administration Awards $225 Million To Preserve and Revitalize Housing
December 19, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the award of $225 million in competitive grant funding for 17 awardees with proposed projects across 26 states through the Preservation and Reinvestment Initiative for Community Enhancement (PRICE) program. PRICE is an innovative grant program â providing funding to preserve and revitalize manufactured…
New tactics from companies trying to charge illegal junk fees
December 19, 2024 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) is working to combat junk fees across the consumer financial marketplace. As companies are stopped from charging many of these fees, people are facing new risks as companies experiment with new sketchy fee tactics, which are often illegal. Some junk fees â like surprise overdraft fees â are charged by the company the…
HUD Invests $12 Million to Strengthen Rural Communities
December 18, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded $12 million in capacity-building grants to five national non-profit organizations through the FY 23-24 Rural Capacity Building program which will fund rural housing development organizations, Community Development Corporations (CDCs), Community Housing Development Organizations (CHDOs), local governments, and Indian tribes (eligible beneficiaries) to carry…
CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics
December 18, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) announced major actions today to protect consumers from illegal credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards programs may be breaking the law, including by illegally devaluing…
FinCEN Warns of Fraud Schemes That Abuse Its Name, Insignia, and Authorities for Financial Gain
December 18, 2024 / Source: FinCEN
WASHINGTONâThe U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued an alert today to raise awareness of fraud schemes abusing FinCENâs name, insignia, and authorities for financial gain. These FinCEN-specific fraud schemes include scams that exploit beneficial ownership information reporting; misuse FinCENâs Money Services Business Registration tool; or involve the impersonation of, or misrepresent affiliation…
Federal Reserve issues FOMC statement
December 18, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee’s 2 percent objective but remains somewhat elevated. The Committee seeks to achieve maximum…
OCC Reports Mortgage Performance for Third Quarter of 2024
December 17, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2024. The OCC Mortgage Metrics Report, Third Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, a slight…
Treasury Disrupts North Korean Digital Assets Money Laundering Network
December 17, 2024 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is sanctioning two individuals and one entity involved in a network that launders millions of dollars of illicit funds generated by the Democratic Peopleâs Republic of Korea (DPRK) information technology (IT) workers and cybercrime to support the DPRK Government. Based in…
CFPB Report Finds Mortgage Companies Create Obstacles for Homeowners After Death or Divorce
December 17, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower. Many homeowners report that their servicers push them to take on new, higher-interest loans instead of keeping their existing mortgage. Homeowners also report recurring requests from…
CFPB Finalizes Rule to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes
December 17, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule mandated by Congress that applies existing residential mortgage protections to Property Assessed Clean Energy (PACE) loans. PACE loans are used by homeowners for clean energy upgrades and disaster readiness that are paid back through their property tax bills. Because of concerns about subprime-style lending that…
Federal Bank Regulatory Agencies Release 2023 Small Business, Small Farm, and Community Development Lending DataÂ
December 16, 2024 / Source: FFIEC
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2023. The Community Reinvestment Act regulations require the agencies to annually disclose these data.The FFIEC also prepared aggregate disclosure statements of small business and small farm lending…
OCC Reports on Key Risks in Federal Banking System
December 16, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2024. The OCC reported that the strength of the federal banking system remains sound. The OCC expects banks to remain diligent and adhere to prudent risk management practices across all…
CFPB Uncovers Illegal Practices Across Student Loan Refinancing, Servicing, and Debt Collection
December 16, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets. The report covers violations related to student loan refinancing, private lending and servicing, debt collection, and federal loan servicing. âCompanies break the law when they mislead…
Data Spotlight: Credit card cash advance fees spike after legalization of sports gambling
December 16, 2024 / Source: CFPB
Sports gambling, particularly through online sports betting platforms, is now legal in 38 states, with nearly $120 billion wagered last year . Some consumers placing bets may be in for a shock, finding their credit card issuer charged $10 or more in âcash advanceâ fees and added interest for each sports gambling transaction made with a credit…