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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,…
Fictitious Regulatory Notifications:Â Fictitious Notification Regarding the Release of Funds Supposedly Under the Control of the Office of the Comptroller of the Currency
May 29, 2024 / Source: OCC
Consumers have reported receiving various forms of fictitious correspondence via email, Google Chat, and the U.S. Postal Service related to up-front fee scams involving fictitious inheritance or beneficiary payouts. The notifications appear to be initiated by senior officials of the Office of the Comptroller of the Currency (OCC) regarding funds purportedly held by the OCC….
FDIC Advisory Committee on Economic Inclusion to Meet Next Week
May 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 4, 2024, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss enhancing deposit insurance awareness, insights from our research about Volunteer Income Tax Assistance providers, and increasing…
Acting Comptroller Discusses Recovery Planning
May 28, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu discussed recovery planning via livestream in remarks May 27 at the Entrepreneurship, Markets and Technology: Regulation’s Challenges in a Changing World Conference in Zurich, Switzerland. In his remarks, Mr. Hsu discussed the importance of recovery planning and how it can mitigate the too-big-to-fail problem. He highlighted the…
Treasury Amends Regulations to Increase Support for the Cuban People and Independent Private Sector Entrepreneurs
May 28, 2024 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs (Treasury) Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations, 31 CFR part 515, (CACR) to further implement the policy announced by the Biden-Harris Administration on May 16, 2022 to increase support for the Cuban people. These regulatory amendments update and clarify authorizations in support of internet-based services to…
HUD Makes $26 Million Available to Promote Fair Housing and Root Out Discrimination
May 26, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is awarding $26 million in non-competitive funding available to HUDâs state and local fair housing enforcement agencies across the country under its Fair Housing Assistance Program (FHAP). The FHAP is an intergovernmental partnership between the federal government and state and local agencies to provide protection…
New FTC Data Shed Light on Companies Most Frequently Impersonated by Scammers
May 26, 2024 / Source: FTC
New data from the Federal Trade Commission shows that Best Buy/Geek Squad, Amazon, and PayPal are the companies people report scammers impersonate most often. A newly released data spotlight shows that consumers in 2023 submitted about 52,000 reports about scammers impersonating Best Buy or its Geek Squad tech support brand, followed by about 34,000 reports about scammers…
HUD Finalizes Deal to Promote Energy Efficiency Climate Resilience and Housing Affordability for California Families as Part of President Bidenâs Investing in America Agenda
May 26, 2024 / Source: HUD
GLENDALE – Today, the U.S. Department of Housing and Urban Development (HUD)’s Office of Multifamily Housing Programs announced the completion of a $363,131 loan transaction under the Green and Resilient Retrofit Program (GRRP) with Palmer Park Housing Partners, LP as part of President Bidenâs Investing in America Agenda. This funding from the Inflation Reduction Actâthe largest…
OCC Announces Enforcement Actions for May 2024
May 23, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the…
The CFPB is protecting the military community and providing relief
May 23, 2024 / Source: CFPB
Complaints to CFPB from servicemembers, veterans, and their families just crossed the 400,000 mark. Last year, the CFPB saw total complaints from the military community increase by 27% from 2022 and 98% compared to 2021âwith complaints ranging from credit reporting errors to mortgage problems to financial fraud and scams. Each of these complaints represents a…
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN APRIL 2024
May 23, 2024 / Source: HUD
WASHINGTON â The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for April 2024: New Home SalesSales of new singleâfamily houses in April 2024 were at a seasonally adjusted annual rate of 634,000, according to estimates released jointly today by the U.S. Census…
FDIC Publishes 2024 Risk Review
May 22, 2024 / Source: FDIC
Report highlights risks in banking system including Commercial Real Estate and Consumer Loans WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry. The FDICâs Risk Review is an annual publication and based on year-end banking data from the…
CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans
May 22, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. These include a right to dispute charges and demand a refund…
Federal Reserve Board issues Economic Well-Being of U.S. Households in 2023 report
May 21, 2024 / Source: FRB
The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as higher prices remained a challenge for most households and workers continued to benefit from a strong labor…
HUD Makes $5 Million Available for Historically Black Colleges and Universities to Conduct Housing and Community Development Research
May 21, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released a $5 million notice of funding opportunity (NOFO) to fund research at one or more Research Centers of Excellence at Historically Black Colleges and Universities (HBCUs). The funded Centers will conduct research projects on topics of strategic interest to HUD and produce research that provides evidence-based…
Biden-Harris Administration Announces Nearly $67 Million in New Funding to Make Homes More Energy Efficient and Climate Resilient
May 21, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $67 million in new grant and loan awards for 12 properties under its Green and Resilient Retrofit Program (GRRP) as part of President Bidenâs Investing in America agenda, bringing the total funding awarded under this program to more than $610 million. These grants and…
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
May 21, 2024 / Source: FinCEN
Release Date May 21, 2024 Customer Identification Programs for Registered Investment Advisers and Exempt ⌠Action Type Notice of Proposed Rulemaking (NPRM)
CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers
May 20, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. The CFPB found Western Benefits also misrepresented that it was affiliated with and endorsed by…
Speech – U.S. Economic Outlook and Housing Price Dynamics
May 20, 2024 / Source: FRB
Vice Chair Philip N. Jefferson At the Mortgage Bankers Associationâs Secondary and Capital Markets Conference and Expo 2024 New York, New York Thank you, Mark, for the kind introduction, and good morning to all of you.1Â I am happy to be here. Today, I will do three things. First, I’ll share with you my current outlook…
In Boston, Treasury Launches New Public-Private FinCEN Exchange Series to Fight Fentanyl Trafficking
May 20, 2024 / Source: FinCEN
BOSTONâToday, as part of the Treasury Departmentâs Counter-Fentanyl Strike Force, the Financial Crimes Enforcement Network (FinCEN), in partnership with IRS Criminal Investigation (CI), announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The âPromoting Regional Outreach to Educate Communities on the Threat of Fentanylâ (or PROTECT) series of FinCEN Exchange…