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HUD Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination
July 15, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has charged multiple entities with housing discrimination for issuing a biased appraisal and then denying a refinance loan application in Denver, Colorado. HUD’s Charge against the appraiser, Maksym Mykhailyna; appraisal company, Maverick Appraisal Group; appraisal management company, Solidifi U.S. Inc.; and…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
July 12, 2024 / Source: FDIC
Federal bank regulatory agencies today released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe…
FFIEC Publishes 2023 Data on Mortgage Lending
July 11, 2024 / Source: CFPB
WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive source of publicly available information on mortgage market activity….
FinCEN Issues Supplemental Alert on Israeli Extremist Violence in the West Bank
July 11, 2024 / Source: FinCEN
Immediate Release July 11, 2024 Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a supplemental alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The supplemental alert builds upon FinCEN’s previous alert issued February 1, 2024, and provides additional red flags to assist U.S. financial institutions in…
HUD Reaches Groundbreaking Settlement with The Appraisal Foundation to Ensure Equal Opportunity in the Appraisal Profession
July 11, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into an historic Conciliation Agreement with The Appraisal Foundation (TAF), an organization responsible for setting standards and qualifications for real estate appraisers and providing voluntary guidance for all industry valuation professionals. This Agreement resolves a Secretary-initiated complaint against TAF alleging discriminatory barriers preventing…
CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
July 10, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a homeowner asks for help. The proposed changes would also…
Federal Reserve Board fines Citigroup $60.6 million for violating the Board’s 2020 enforcement action
July 10, 2024 / Source: FRB
The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board’s 2020 enforcement action. Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk. The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains…
OCC Amends Enforcement Action Against Citibank, Assesses $75 Million Civil Money Penalty
July 10, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order). The amendment is based on the bank’s failure to…
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts
July 9, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars repossessed. Specifically, the CFPB…
Speech – Promoting an Inclusive Financial System
July 9, 2024 / Source: FRB
Governor Michelle W. Bowman Good afternoon and welcome back to the second half of today’s conference on Financial Inclusion Practices and Innovations.1 It is really a pleasure to join you to discuss this important topic. This morning, our panelists provided their perspectives on issues related to supervision and regulation and payment frictions and innovations both domestically…
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives
July 9, 2024 / Source: Treasury
As Prepared for Delivery Chairman McHenry, Ranking Member Waters, and Members of the Committee: Thank you for the invitation to testify in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies. The United States built the international financial institutions 80 years ago with our allies and partners. Today, U.S….
FDIC Issues List of Banks Examined for CRA Compliance
July 8, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Treasury Issues Proposed Rule to Expand CFIUS Coverage of Real Estate Transactions Near Military Installations
July 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM or proposed rule) that would expand CFIUS’s jurisdiction over certain transactions by foreign persons involving real estate in the United States. Pursuant to legislation that…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
July 4, 2024 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary…
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Notice of Proposed Rulemaking
July 4, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is proposing to revise its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches (recovery planning guidelines) at 12 CFR 30, appendix E. The OCC invites the public to comment on all aspects of the proposal….
HUD Updates Tools to Help Americans Buy Homes
July 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), is making available translated versions of 19 single family mortgage documents used in the servicing of FHA-insured mortgages. These documents will be available in Chinese, Korean, Spanish, Tagalog, and Vietnamese. The educational resources are accessible from FHA’s language access…
CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
July 2, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account…
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 2, 2024 / Source: Treasury
Brussels — The EU–U.S. Joint Financial Regulatory Forum took place on 25-26 June 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was hosted by the European Commission and the U.S. Department of the Treasury. EU participants included representatives of the European Commission, the European…
U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
July 2, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for an additional $10 million in technical assistance (TA) funding allocated to four states, two territories, the District of Columbia, and one Tribal government under the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant Program. Included in…
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
July 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021. Since…
Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel
July 1, 2024 / Source: Treasury
Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Mexico-based money launderer and China-based members of a money laundering organization with criminal links to the Sinaloa Cartel as part of ongoing efforts to disrupt the flow of illicit narcotics into the United States. This action is the…
Federal Reserve Board fines Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering law
July 1, 2024 / Source: FRB
The Federal Reserve Board on Monday fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering laws. The Board’s action was taken in coordination with an action by the Department of Financial Protection and Innovation of the State of California, the state supervisor of…
FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs
June 30, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be…
The CFPB is working to reinforce the foundation of a fair, nondiscriminatory and competitive mortgage market
June 30, 2024 / Source: CFPB
The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report data about the loans and applications they receive and the loans they originate. These data allow regulators and the public to assess whether mortgage lenders are meeting the housing needs of their communities. HMDA can be an effective, quantitative tool for uncovering discrimination, but…
FATF Holds Plenary in Singapore, Advances Key Illicit Finance Initiatives
June 30, 2024 / Source: Treasury
SINGAPORE — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency. During the Plenary, the FATF took several key actions, including adopting the Mutual Evaluation Reports (MERs) for India and Kuwait,…