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OCC Reports Mortgage Performance for Third Quarter of 2024
December 17, 2024 / Source: OCC
WASHINGTON—The 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 — Today, the Department of the Treasury’s 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 People’s 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. – 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. – 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 Data
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
WASHINGTON—The 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. – 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. “Companies 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 “cash advance” fees and added interest for each sports gambling transaction made with a credit…
CFPB Report Finds Significant Drop in Annual Mortgage Applications and Originations in 2023
December 15, 2024 / Source: CFPB
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on trends in the residential mortgage lending market. 2023 showed a significant decline in mortgage lending activities, with loan applications and originations dropping by about a third from 2022. The decline was more prominent in refinancing activity than home purchase, with single-family…
2023 Mortgage Market Activity and Trends
December 15, 2024 / Source: CFPB
This Report provides an overview of residential mortgage lending in 2023 based on the data collected under the Home Mortgage Disclosure Act (HMDA). HMDA is a data collection, reporting, and disclosure statute enacted in 1975. HMDA data are used to assist in determining whether financial institutions are serving the housing credit needs of their local…
CFPB Closes Overdraft Loophole to Save Americans Billions in Fees
December 12, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market. The reforms will allow large banks several…
Treasury’s Office of Cybersecurity and Critical Infrastructure Protection Issues Consumer Advisory to Protect Against Cyber Fraud During the Holiday Shopping Season
December 12, 2024 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) released an advisory to consumers highlighting tips for consumers to avoid cyber and online scams during the holiday season. Since the onset of the COVID pandemic, cyber and fraud scams have significantly increased, costing consumers billions of dollars per…
FDIC-Insured Institutions Reported Net Income of $65.4 Billion in the Third Quarter
December 12, 2024 / Source: FDIC
For Release “The banking industry continued to show resilience in the third quarter. Net interest income and the net interest margin increased substantially this quarter. Asset quality metrics remained generally favorable despite continued weakness in several loan portfolios, which we are monitoring closely. The banking industry still faces significant downside risks from the continued effects of inflation, volatility in…
FinCEN Issues Spanish Translations of Alert and In-Depth Analysis on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
December 11, 2024 / Source: FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) is issuing Spanish translations of its February 2023 alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail and its September 2024 Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act data filed in the six months following the publication…
Acting Comptroller Discusses the Increasing Prevalence of Financial Fraud
December 11, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the rising challenge of financial fraud, emphasizing its pervasive impact on consumers and the broader financial system during a Women in Housing and Finance Public Policy Luncheon. In his written remarks, Acting Comptroller Hsu underscored the need for collective action from all stakeholders, including banks,…
Semi-Annual Report of the Consumer Financial Protection Bureau
December 10, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is pleased to present our Semi-Annual Report to Congress for the period beginning October 1, 2023 and ending March 31, 2024. Full report Read the full report
Joint Statement on the EU-U.S. Joint Financial Regulatory Forum
December 10, 2024 / Source: Treasury
Washington, D.C. — The EU-U.S. Joint Financial Regulatory Forum took place on December 4-5, 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was co-chaired by the U.S. Department of the Treasury and the European Commission. EU participants included representatives of the European Commission, European…
Treasury Sanctions Cybersecurity Company Involved in Compromise of Firewall Products and Attempted Ransomware Attacks
December 10, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning cybersecurity company Sichuan Silence Information Technology Company, Limited (Sichuan Silence), and one of its employees, Guan Tianfeng (Guan), both based in People’s Republic of China (PRC), for their roles in the April 2020 compromise of tens of thousands of firewalls worldwide. Many of…
Federal Reserve Board provides technical clarification that its account access guidelines apply to excess balance accounts
December 9, 2024 / Source: FRB
The Federal Reserve Board on Monday provided a technical clarification that its account access guidelines also apply to excess balance accounts, known as EBAs. An EBA is a limited-purpose account at a Federal Reserve Bank established for maintaining the reserve balances of eligible institutions. An EBA is managed by an agent on behalf of the…
CFPB Kicks Off Rulemaking to Help Mitigate the Financial Consequences of Domestic Violence and Elder Abuse
December 9, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse. The agency is issuing an advance notice of proposed rulemaking to gather additional public input on potential amendments to the regulation that implements the…
CFPB Takes Action Against Student Loan Debt Collector Performant Recovery for Illegal Fee Generating Scheme That Cost Borrowers Thousands of Dollars
December 9, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action to address unlawful student loan debt collection practices by Performant Recovery, Inc. against defaulted borrowers. The CFPB found that Performant delayed borrowers’ loan rehabilitation processes, generating fees for itself and costing individual borrowers thousands of dollars. The CFPB’s order requires Performant to pay a $700,000 penalty…
HUD Awards More Than $72 Million to Empower Native American Communities Across the Nation
December 9, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) awarded $72.6 million to 38 communities through the Indian Community Development Block Grant (ICDBG) program. These grant funds may be used for infrastructure, community buildings, housing rehabilitation, land acquisition, economic development, and more to support American Indian and Alaskan Native families on Indian reservations…
FTC Sends Payments to Consumers Harmed by Vivint’s Misuse of Consumer Credit Reports
December 5, 2024 / Source: FTC
The Federal Trade Commission is sending payments totaling nearly $500,000 to consumers who were harmed by home security company Vivint Smart Homes, Inc., which allegedly misused credit reports to help unqualified customers get financing for the company’s products and services. Image The FTC alleged in a complaint announced in April 2021 that Vivint’s sales representatives obtained…
CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme
December 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is distributing $1.8 billion to 4.3 million consumers charged illegal advance fees or subjected to allegedly deceptive bait-and-switch advertising by a group of credit repair companies including Lexington Law and CreditRepair.com. Together, the payments constitute the largest-ever distribution from the CFPB’s victims relief fund, which is funded by…
CFPB Takes Action Against Climb Credit and Investment Firm 1/0 for Deceiving Borrowers About Coding Bootcamps and Vocational Programs
December 5, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against student lender Climb Credit and its investors, including 1/0 (“One Zero”), filing a proposed order, which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduates’ hiring…