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Consumer advisory: Beware of costly, risky, and complex home equity âinvestmentâ contracts
January 15, 2025 / Source: CFPB
With rising interest rates in recent years, homeowners are looking for ways to reduce the costs of getting a home equity loan. Some companies offer what sounds like a great deal: the company will pay you money now, as an âinvestmentâ in your home, and you pay them back later with a share of how…
What Weâre Watching: Language Access in Consumer Finance
January 15, 2025 / Source: CFPB
Approximately 26 million people in the U.S. speak English less than âvery wellâ and are considered to have limited English proficiency.1 To better understand how financial institutions are serving consumers in languages other than English, the CFPB recently engaged with industry associations, financial services providers, and other stakeholders. Through this engagement, we observed increasing recognition that…
FHFA Announces Final Rule Expanding Access to Liquidity for the Federal Home Loan Bank System
January 14, 2025 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) published a final rule today designed to improve access to liquidity for the Federal Home Loan Bank (FHLBank) System by adjusting the treatment of certain short-term FHLBank investments. The rule modifies FHLBank limits on the extension of certain forms of unsecured credit. Previously, an FHLBankâs deposits held…
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by the California wildfires and straight-line winds
January 14, 2025 / Source: FRB
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and…
CFPB Sues Capital One for Cheating Consumers Out of More Than $2 Billion in Interest Payments on Savings Accounts
January 14, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued Capital One, N.A., and its parent holding company, Capital One Financial Corp., for cheating millions of consumers out of more than $2 billion in interest. The CFPB alleges that Capital One promised consumers that its flagship â360 Savingsâ account provided one of the nationâs âbestâ…
Strengthening State-Level Consumer Protections
January 14, 2025 / Source: CFPB
Consumer protection law has long been a core part of keeping markets fair and competitive. And the consumer protection framework has always been a partnership between the federal government and the states. As our markets change, our federal and state laws must keep pace to deal with predatory practices, new actors, and other risks. Today,…
Biden-Harris Administration Awards $100 Million for Communities to Boost Housing Supply and Lower Housing Costs
January 14, 2025 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) awards $100 million in grants to 18 winners benefitting communities across the 15 States to cut red tape, build more homes, and lower the costs of renting and buying a home. These competitive funds â delivered in record time â are provided through HUDâs Pathways…
CFPB Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest US Likely Underinsured Against Flood Risk
January 13, 2025 / Source: CFPB
Washington, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. According to findings, homeowners in coastal areas were most likely to have flood insurance and generally…
CFPB Research Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans
January 13, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released a study of Buy Now, Pay Later (BNPL) borrowers, finding that more than one-fifth of consumers with a credit record used BNPL loans in 2022, with most of those consumers having subprime or deep subprime credit scores. The CFPB research also revealed that more than…
CFPB Proposes Rule to Ban Contract Clauses that Strip Away Fundamental Freedoms
January 13, 2025 / Source: CFPB
Washington, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution. The proposed rule seeks to stop companies from using a variety of contract clauses that limit…
Federal Housing Administration Supports Homeownership Affordability and Provides Greater Program Transparency for Mortgage Servicers
January 13, 2025 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Administration (FHA), announced two actions that increase homeownership affordability and enhance clarity and transparency for mortgage servicers in its Single Family program. First, FHA is providing greater underwriting flexibility for borrowers who rent space inside their homes to qualify for affordable FHA-insured…
HUD Reaches Historic Settlement with PHH Mortgage Corporation to Refund Wrongfully Charged Junk Fees
January 13, 2025 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) reached a historic settlement with PHH Mortgage Corporation (PHH) to resolve allegations that PHH unlawfully charged fees to borrowers when the borrower made a mortgage payment â a violation of HUDâs Federal Housing Administration (FHA) requirements. The settlement provides the largest reimbursement amount to…
HUD Announces $10 Million Funding Opportunity to Support Housing and Community Development Research at Minority-Serving Institutions
January 12, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced the availability of $10 million in funding through its Office of Policy Development & Research (PD&R) to support eligible minority-serving institutions (MSIs) in researching critical housing and community development topics. This funding opportunity aims to advance knowledge in the field while strengthening research capacity within eligible…
CFPB Seeks Input on Digital Payment Privacy and Consumer Protections
January 12, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing existing financial privacy law and how to address intrusive data collection and personalized pricing. Additionally, the CFPB requested…
New protections for payday and installment loans take effect March 30
January 12, 2025 / Source: CFPB
Starting March 30, 2025, payday and installment lenders must begin complying with important new requirements when they try to collect money from borrowersâ accounts. The CFPB issued a regulation in 2017 adopting a two-strikes-and-youâre-out rule for covered lenders. Under that rule, after two tries to withdraw money from a borrowerâs account have failed, covered lenders canât try…
Civil Money Penalties:Â Notice Adjusting Maximum Civil Money Penalties for 2025
January 12, 2025 / Source: OCC
Summary On January 10, 2025, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act…
HUD Streamlines and Modernizes Affordable Housing Regulations, Making Housing More Accessible for Families Nationwide
January 9, 2025 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) published a Final Rule in the Federal Register to modernize and strengthen regulations for the HOME Investment Partnership Program (HOME). HOME is the largest federal grant program specifically for creating housing for disadvantaged households. The regulatory updates, announced today, incorporate feedback from stakeholders, community leaders, and…
Speech – Reflections on 2024: Monetary Policy, Economic Performance, and Lessons for Banking Regulation
January 9, 2025 / Source: FRB
Let me begin by recognizing the devastation caused by the fires in the Los Angeles area. My thoughts and prayers are with those who have been impacted and the first responders who are fighting to bring the fires under control. I would like to thank the California Bankers Association for the invitation to speak to…
FTC Sends Refunds to Consumers Harmed by Mortgage Relief Scheme
January 8, 2025 / Source: FTC
The Federal Trade Commission is sending refunds to consumers who paid a sham mortgage relief operation that told financially distressed homeowners it would help get their mortgages modified, but instead effectively stole their mortgage payments. The FTC first filed suit against the defendants, who operated under the names HOPE Services and HouseHoldRelief, in 2015. The complaint…
U.S. Department of the Treasury Releases Final Rules to Expand Clean Energy Investments and Lower Costs in Low-Income Communities
January 8, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury and the IRS released final rules and procedural guidance for the Section 48E(h) Clean Electricity Low-Income Communities Bonus Credit Amount Program. The 48E(h) program is an expansion of the first-of-its-kind 48(e) bonus credit designed to lower home energy costs and spur clean energy investments in low-income communities and benefitting low-income…
OCC Allows National Banks and Federal Savings Associations Affected by California Wildfires to Close
January 8, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas of California affected by wildfires. In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions…
CFPB Approves Application from Financial Data Exchange to Issue Standards for Open Banking
January 8, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPBâs Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data Rights rule, which was released in October 2024, requires…
Biden-Harris Administration Delivers $12 Billion in Long-Term Assistance to Communities Impacted by Disasters
January 7, 2025 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the allocation of nearly $12 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for communities across 24 states and territories. To provide guidance for the implementation of this funding, HUD also published the Universal Notice for Community Development Block Grants – Disaster Recovery (CDBG-DR)….
CFPB Finalizes Rule to Remove Medical Bills from Credit Reports
January 7, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans. The CFPBâs action will ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending…
CFPB Sues Experian for Sham Investigations of Credit Report Errors
January 7, 2025 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes. The CFPB alleges that Experian does not take sufficient steps to intake, process, investigate, and notify consumers about consumer disputes, resulting in the inclusion of incorrect information on credit reports. Inaccurate or…