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HUD Announces Funding to Help House Vulnerable Residents in Communities Damaged by Hurricane Beryl
August 29, 2024 / Source: US Department of Housing and Urban Development
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $3.6 million to help assist unhoused people after a natural disaster in communities across Oklahoma and Texas that were damaged by Hurricane Beryl, earlier this summer. Through HUDâs Rapid Unsheltered Survivor Housing (RUSH) program, grant awards will help cities and jurisdictions provide…
Federal Reserve Board announces final individual capital requirements for all large banks, effective on October 1
August 29, 2024 / Source: Board of Governors of the Federal Reserve System
Following its stress test earlier this year, the Federal Reserve Board on Wednesday announced final individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are informed by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The table shows each bank’s common equity…
Promoting competition in payments
August 29, 2024 / Source: CFPB
As consumers increasingly move and store their money using mobile device apps, we have seen a rise in Big Tech conglomerates extending their reach into banking and payments. There has been a recent market development that might affect the availability of payment apps for Americans who use Apple iOS devices. Last September, the CFPB published…
CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards
August 27, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting âcash backâ at large retail stores when making a purchase with a debit or prepaid card. These cash-back fees are occurring against the backdrop…
Telemarketer Fees to Access the FTCâs National Do Not Call Registry to Increase in 2025
August 27, 2024 / Source: FTC
The Federal Trade Commission announced today an update to the fees telemarketers must pay to access phone numbers on the National Do Not Call (DNC) Registry in FY 2025, which starts on October 1, 2024. All telemarketers calling consumers in the United States are required to download the numbers on the National DNC Registry to ensure…
HUD Takes Action to Support Community Living for People with Disabilities
August 27, 2024 / Source: HUD
WASHINGTON – On the heels of the 34th anniversary of the Americans with Disabilities Act and the 25th anniversary of the landmark Supreme Court decision on Olmstead v. L.C., the U.S. Department of Housing and Urban Development (HUD) is taking policy actions to support community living for people with disabilities. Specifically, HUD published guidance that creates new alternative requirements…
FinCEN Reminds Financial Institutions to Remain Vigilant to Suspicious Transactions Associated with Synthetic Opioids
August 26, 2024 / Source: FinCEN
WASHINGTONâDuring Overdose Awareness Week as the nation honors and remembers loved ones lost to the drug overdose epidemic, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids. FinCEN continues its efforts to…
FTC Sends Refunds to Consumers Harmed by Lanier Law Mortgage Relief Scheme
August 26, 2024 / Source: FTC
The Federal Trade Commission is sending more than $222,000 in refunds to consumers harmed by a deceptive mortgage relief operation known as Lanier Law. The scheme collected thousands of dollars in upfront fees from homeowners by promising to lower their monthly payments but then failed to deliver. The FTC first took action against Lanier Law in…
What we’re learning: Medical debt’s impact on Alaska Native communities
August 26, 2024 / Source: CFPB
This week, CFPB Director Rohit Chopra will visit Alaska to meet with state officials, Tribal leaders, and consumer advocates to discuss the consumer finance issues impacting Alaskansâ lives. Since the CFPB opened its doors in 2011, we have received thousands of complaints from Alaskans who had problems with their credit reports, mortgages, credit cards, and…
Speech – Chair Jerome H. Powell
August 25, 2024 / Source: FRB
At âReassessing the Effectiveness and Transmission of Monetary Policy,â an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming Four and a half years after COVID-19’s arrival, the worst of the pandemic-related economic distortions are fading. Inflation has declined significantly. The labor market is no longer overheated, and conditions are…
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JULY 2024
August 25, 2024 / Source: HUD
WASHINGTON – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for July 2024: New Home SalesSales of new single-family houses in July 2024 were at a seasonally adjusted annual rate of 739,000, according to estimates released jointly today by the U.S. Census Bureau…
As Russia Feels Effects of Multilateral Sanctions Campaign, Treasury Takes Further Action Against Russiaâs International Supply Chains
August 25, 2024 / Source: Treasury
WASHINGTON â Building on the sanctions already imposed on Russia in response to its continued war of aggression against Ukraine, today the U.S. Department of the Treasury and the Department of State targeted nearly 400 individuals and entities both in Russia and outside its bordersâincluding in Asia, Europe, and the Middle Eastâwhose products and services…
HUD Announces $3.7 Million for Home Repairs for Seniors
August 22, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded more than $3.7 million to two nonprofit organizations and a local housing authority to enable low-income elderly persons to remain in their homes through low-cost, low barrier, high impact home modifications. These modifications will reduce older adultsâ risk of falling, improve general safety,…
OCC Announces Enforcement Actions for August 2024
August 22, 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…
CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order
August 21, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today ordered Fay Servicing to pay a $2 million penalty for violations of mortgage servicing laws, as well as for violations of a 2017 agency order that addressed its illegal foreclosure practices. The company failed to implement the orderâs requirements and continued to break the law. Fay Servicing took prohibited foreclosure…
HUD Celebrates 50 Years of Investing in Communities, Helping Families Access Affordable Housing, and Ensuring Safe and Affordable Manufactured Homes
August 21, 2024 / Source: HUD
WASHINGTON – This week, the U.S. Department of Housing and Urban Development (HUD) commemorates the 50th anniversary of the Housing and Community Development (HCD) Act of 1974, which created several programsâincluding the Housing Choice Voucher program, the Project Based Rental Assistance program and Community Block Development Grant programâto provide access to quality, safe, affordable homes for…
Former CEO of failed bank sentenced to prison
August 20, 2024 / Source: OIG
WICHITA, KAN. â A Kansas man was sentenced to 293 months in prison for using his former position as chief executive officer (CEO) of a bank to embezzle tens of millions of dollars in a cryptocurrency scheme which led the bank to fail at a complete loss of equity for investors. According to court documents,…
Speech – Remarks on the Economic Outlook and Financial Inclusion
August 20, 2024 / Source: FRB
Governor Michelle W. Bowman Good morning. It is really a pleasure to join you here in Alaska.1 Getting outside of Washington, D.C. and hearing about the unique issues that affect Alaskans provides valuable insights that inform my work at the Federal Reserve. A part of the mission of the Federal Reserve is to support an economy…
Treasury Sanctions Former Haitian President for Drug Trafficking
August 20, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned the former President of Haiti, Michel Joseph Martelly (Martelly), pursuant to Executive Order (E.O.) 14059 of December 15, 2021, âImposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.â âTodayâs action against Martelly emphasizes the significant and destabilizing role…
Speech – At the Summer Workshop on Money, Banking, Payments, and Finance, Washington, D.C.
August 19, 2024 / Source: FRB
Governor Christopher J. Waller Thank you, Matt. I am delighted to welcome you all in person to the 2024 Summer Workshop on Money, Banking, Payments, and Finance, jointly organized by the Federal Reserve Board, the Bank of Canada, and the Study Center Gerzensee.1 I want to thank the organizers for putting together such an interesting program…
FTC Files Amicus Brief Saying COPPA Canât Force Parents Into Arbitration
August 19, 2024 / Source: FTC
The Federal Trade Commission filed an amicus brief in a lawsuit brought by a group of parents who are suing IXL Learning, Inc. The FTCâs brief disputes the companyâs argument that under the Childrenâs Online Privacy Protection Act and the COPPA Rule, the schoolsâ agreement to binding arbitration also applied to parents. The plaintiffs in…
Questions and Answers Regarding FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo
August 18, 2024 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) recently published a series of Questions and Answers (Q&As) related to the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo (part 328). The Q&As are a collection of the most frequently asked questions…
What Buy Now, Pay Later lenders are doing to be upfront with borrowers
August 18, 2024 / Source: CFPB
One of the ways that the CFPB promotes more innovation in the market and competition for consumers is by increasing transparency about how existing laws apply to emerging products. Thatâs why we have issued more guidance, and more specific guidance, to encourage new market entrants to focus on technological or business innovation instead of innovative…
Accounting:Â Bank Accounting Advisory Series Updated
August 15, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among banks.1 The BAAS…
HUD’s National Fair Housing Training Academy Partners with International Association of Official Human Rights Agencies
August 15, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a renewed partnership between its National Fair Housing Training Academy (NFHTA) and the International Association of Official Human Rights Agencies (IAOHRA) at this weekâs 2024 IAOHRA conference in St. Louis, MO. Commemorating NFHTAâs 20th anniversary and IAOHRAâs 75th anniversary, this partnership marks a growing relationship between the Federal government,…