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Biden-Harris Administration Expands Access to Housing for Veterans
August 8, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a new set of policy changes that will help more veterans receive assistance under the HUD-Department of Veteran Affairs (VA) Supportive Housing (HUD-VASH) program, and improve their access to supportive housing developments. Veterans experiencing homelessness often receive VA benefits as a result of an injury or illness that…
CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees
August 8, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers. The proposed order, if entered by the court, would impose a $2 million civil…
CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans
August 7, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances. The report describes how fees often increase loan costs by 30% or…
Consumer advisory: Steer clear of costly and complex loans for solar energy installation
August 7, 2024 / Source: CFPB
As record heat waves hit areas across the country, people are facing higher energy bills to keep their homes cool. Many homeowners are considering solar panels and other solar energy equipment because it offers an opportunity to lower their monthly costs over the long run. Most Americans are eligible for tax credits to partially offset the cost…
U.S. Department of the Treasury Releases New Data on American Consumer Energy Savings Under Inflation Reduction Act
August 7, 2024 / Source: Treasury
WASHINGTON – Today, in advance of the two-year anniversary of the Inflation Reduction Act, the U.S. Department of the Treasury (Treasury) released new data from the IRS and new analysis by the Office of Economic Policy showing that more than 3.4 million American families benefitted from $8.4 billion in tax credits to lower the costs of clean energy and energy efficiency…
Junk fees that harm competition
August 6, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is working to combat junk fees that hamper fair, transparent, and competitive markets and to ensure that companies don’t use fine print to escape accountability when they break the law. The CFPB has addressed illegal junk fees in a variety of consumer financial markets, including bank accounts, credit cards, and international money transfers,…
U.S. Department of the Treasury Announces Up to $83 Million in American Rescue Plan Small Business Support to Drive Economic Growth for 125 Alaska Tribes
August 6, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced the approval of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. Funded by the Biden-Harris Administration’s American Rescue Plan (ARP), this investment supports the nation’s largest Tribal SSBCI consortium and is part of the…
Federal Reserve Board issues final joint guidance to help certain large banks further develop their resolution plans
August 5, 2024 / Source: FRB
The Federal Reserve Board on Monday issued final joint guidance to help certain large banks further develop their resolution plans. The final guidance is largely similar to the proposed guidance from August 2023 and incorporates changes in response to comments received. The Board developed the guidance jointly with the Federal Deposit Insurance Corporation, and it is now…
HUD Delivers Nearly $28 Million Transaction to Build and Preserve Affordable Housing for Illinois Seniors
August 5, 2024 / Source: HUD
WAUKEGAN – Today, the U.S. Department of Housing and Urban Development announced the completion of a nearly $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA), to expand affordable housing options for low-income seniors in Waukegan, Illinois. “The Biden-Harris Administration and HUD are committed to ensuring our country’s seniors can afford their…
FDIC Issues List of Banks Examined for CRA Compliance
August 5, 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 May 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
August 1, 2024 / Source: OCC
On August 1, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA)….
HUD Announces Over $3.5 Billion to Help People Experiencing Homelessness
July 31, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced that it will provide more than $3.5 billion in competitive funding to homeless services organizations across the country for supportive services and housing programs for people experiencing homelessness. “This year’s funding opportunity makes available the largest amount of funding in history under the…
CFPB Director’s Notebook: What We’re Hearing: Financial Challenges Along the Gulf Coast
July 31, 2024 / Source: CFPB
There are many reasons why financial regulators failed to take action in the mid-2000s to prevent the subprime mortgage crisis. High on this list was a lack of attention to local market conditions and the lived experiences of families and businesses around the country. Staying connected to communities is crucial for effective regulation. That’s why…
Federal Reserve issues FOMC statement
July 31, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective….
FDIC Board Approves Proposed Rule to Amend the Agency’s Regulations Governing Parent Companies of Industrial Banks and Industrial Loan Companies
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to amend part 354 of the FDIC Rules and Regulations governing parent companies of industrial banks and industrial loan companies (collectively referred to herein as industrial banks). The proposed amendments would revise part 354 to clarify and…
FDIC Board Approves Proposed Rule to Revise Brokered Deposit Regulations
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements section 29 of the Federal Deposit Insurance Act. Based on the FDIC’s experience since the adoption of…
FDIC Board Approves Request for Information on Deposits
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a request for information (RFI) soliciting the public’s comments on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits. “The request for information seeks more granular information on the composition and characteristics…
FDIC Board Approves Revisions to Section 19 Regulations
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved revisions to regulations under Section 19 of the Federal Deposit Insurance (FDI) Act to conform to the Fair Hiring in Banking Act (FHBA), which became effective on December 23, 2022. “I strongly support these changes which would expand employment opportunities in the…
Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee
July 29, 2024 / Source: Treasury
Introduction Throughout the second quarter of 2024, U.S. economic data continued to show robust growth in output and labor markets, even as inflation slowed further. Headline GDP growth accelerated to 2.8 percent over the past three months, supported by strong underlying demand from household consumption and business investment. Although the pace of job growth moderated somewhat…
HUD Announces Over $150 Million Investment to Tribal Communities for Construction of Innovative, Affordable Housing
July 29, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced awards totaling $150.9 million for new affordable and innovative housing investments in Tribal communities. Principal Deputy Assistant Secretary Richard Monocchio made the announcement today in Anchorage, Alaska, where he presented $6 million to the Cook Inlet Housing Authority to build 51 new housing…
Bank-Fintech Arrangements: Request for Information on Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses
July 28, 2024 / Source: OCC
Summary Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute…
FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements
July 28, 2024 / Source: FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them. A separate regulatory requirement currently requires many financial institutions to also collect…
FDIC Makes Public June Enforcement Actions
July 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024. The administrative enforcement actions in those…
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
July 25, 2024 / Source: FDIC
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory experience has identified…
2023 Financial Institution Diversity Self-Assessment: Voluntary Self-Assessments Accepted Now through October 31, 2024
July 25, 2024 / Source: FDIC
Summary: In accordance with the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies1 (Interagency Statement) developed pursuant to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity…