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OCC Increases 2025 Assessments for National Banks and Federal Savings Associations
November 28, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced an increase in assessment rates for the 2025 calendar year. The increases are primarily targeted at large banks and other institutions requiring increased supervisory resources. The OCC increased the rates in the general assessment fee schedule for assets above $40 billion by 16 percent…
FTC Takes Aim at Top Fraud Driving Losses Among Older Americans
November 28, 2024 / Source: FTC
The Federal Trade Commission has approved final amendments to its Telemarketing Sales Rule (TSR) that will extend the ruleâs coverage to so-called âinboundâ telemarketing calls made for technical support services. These would include calls made by consumers to companies pitching technical support services through advertisements or direct mail solicitations. âThe Commission will not sit idle as older…
FHFA Announces Conforming Loan Limit Values for 2025
November 26, 2024 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2025. In most of the United States, the 2025 CLL value for one-unit properties will be $806,500, an increase of $39,950 (or 5.2 percent) from 2024. National Baseline…
HUD Announces 2025 Loan Limits
November 26, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Developmentâs (HUD) Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2025 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) mortgage insurance programs. Loan limits for most of the country will increase in the coming year due to the continued appreciation of…
An analysis of the first seven months of the federal student loan return to repayment
November 26, 2024 / Source: CFPB
The COVID-19 emergency multi-year pause on federal student loan interest and payments ended September 1, 2023, and many borrowers faced challenges during the transition into repayment. In this report, we use credit record data to look at how student loan borrowers fared after returning to repayment. Key findings include: Overall, this analysis indicates that many…
FHFA Unveils Enterprisesâ Three-Year Plans to Improve Housing Opportunities for the Underserved
November 25, 2024 / Source: FHFA
Washington, D.C. â Fannie Mae and Freddie Mac (the Enterprises) will seek to extend housing access in rural underserved markets, enhance their support for manufactured housing, and continue addressing liquidity needs for first-time homebuyers, among a host of activities outlined in plans published today by the Federal Housing Finance Agency (FHFA). As required under two separate…
FinCEN Joins Public-Private Partnership to Combat Fraud and Scams Impacting Innocent Americans
November 25, 2024 / Source: FinCEN
WASHINGTONâThe U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) has joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, convened by the Aspen Instituteâs Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups,…
U.S. Department of the Treasury Releases New Report Showing State Small Business Credit Initiative Has Supported $3.1 Billion in New Financing for Small Businesses
November 25, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury (Treasury) released a new report summarizing data from the State Small Business Credit Initiative (SSBCI) for the first two years of the program, from the first transaction on August 5, 2022 through December 31, 2023. The American Rescue Plan reauthorized and expanded SSBCI, which providesâŻnearly $10 billion…
Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions
November 24, 2024 / Source: FRB
The Federal Reserve Board on Friday announced pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the…
Federal Reserve announces additional information about the periodic review of its monetary policy strategy, tools, and communications
November 24, 2024 / Source: FRB
The Federal Reserve on Friday announced additional information about the periodic review of its monetary policy strategy, tools, and communicationsâthe framework it uses to pursue its congressionally-assigned goals of maximum employment and price stability. The review is focused on two specific areas: the Federal Open Market Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy,…
SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports
November 24, 2024 / Source: SEC
Washington D.C., Nov. 22, 2024 â The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to…
U.S. Secretary of the Treasury Janet L. Yellen to Announce $76 Million in Funding for Community Lenders as Part of 30th Anniversary Celebration of the Community Development Financial Institutions Fund
November 21, 2024 / Source: Treasury
WASHINGTON â Today, as part of the 30th anniversary celebration of the Community Development Financial Institutions (CDFI) Fund, U.S. Secretary of the Treasury Janet L. Yellen is announcing $76 million in Technical Assistance (TA) awards for 256 CDFIs to build their capacity to provide financial products and services to low-income and underserved people and communities across…
CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal âDebankingâ
November 21, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies â specifically those handling more than 50 million transactions per year â follow federal law just like large…
FTC Sends Refunds to Consumers Harmed by Credit Bureau Centerâs Fake Rental Property Ads and Deceptive Promises of âFreeâ Credit Reports
November 21, 2024 / Source: FTC
The Federal Trade Commission is sending payments totaling nearly $1.9 million to consumers who were harmed by fake rental ads and deceptive promises of âfreeâ credit reports from Credit Bureau Center LLC. In a lawsuit announced in 2017, the FTC alleged that the Credit Bureau Center, formerly known as MyScore LLC, impersonated property owners and offered…
Statement by Martin J. Gruenberg on âOversight of Prudential Regulatorsâ before the Committee on Financial Services, United States House of Representatives
November 20, 2024 / Source: FDIC
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am pleased to appear at todayâs hearing entitled âOversight of Prudential Regulators.â I appreciate the opportunity to report on the Federal Deposit Insurance Corporationâs (FDIC) recent work in protecting insured deposits and supervising state-chartered banks that are not members of the Federal Reserve system…
Speech – Approaching Policymaking Pragmatically
November 20, 2024 / Source: FRB
Governor Michelle W. Bowman Good afternoon.1 It is a pleasure to join you for today’s meeting of the Forum Club of the Palm Beaches. It is truly humbling for me to be invited to speak to your membership, in the company of the many influential leaders, authors, and other public figures this organization has hosted since…
Making Ends Meet in 2024: Insights from the Making Ends Meet Survey
November 20, 2024 / Source: CFPB
Overall financial stability and well-being deteriorated from 2023 to 2024. The deterioration occurred across demographic groups and measures. Financial well-being measured using the CFPBâs scale fell and the share of consumers with the lowest financial well-being increased. More households had difficulty paying bills or expenses. Fewer households could cover a month of expenses if they…
HUD Awards $73 Million to Support Grantees with Vital Technical Assistance
November 19, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will award $73 million in cooperative agreements under the Community Compass Technical Assistance and Capacity Building Program (Community Compass) to 34 non-profit and for-profit organizations, including 6 new organizations to help HUD grantees, such as local governments and housing agencies, effectively use HUD resources to expand access…
Treasury Targets Fentanyl Traffickers and Other Key Contributors to U.S. Opioid Crisis
November 19, 2024 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned a network of nine Mexican nationals involved in fentanyl, heroin, and other deadly drug trafficking and money laundering. Individuals designated in this network also engage in human smuggling in furtherance of their drug trafficking activities. Additionally, as members of the…
Treasury Targets Key Hamas Leaders and Financiers
November 19, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating six senior Hamas officials, including the terrorist groupâs representatives abroad, a senior member of the Hamas military wing, the Izz Al-Din Al-Qassam Brigades, as well as individuals involved in supporting the terrorist groupâs fundraising efforts and weapons smuggling…
FDIC Announces Extension of Comment Period for Deposit Insurance Recordkeeping Rule for Banksâ Third-Party Accounts
November 18, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDICâs proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits. Comments on the proposal must be received by…
Treasury Issues Final Regulations to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security
November 18, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a final rule to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities. The final rule is the first substantive update to the monitoring and enforcement provisions of the…
In 2024, FHA Supported Homeownership for More Than 790,000 Americans
November 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced that through the Federal Housing Administration (FHA), in 2024, HUD served more than 790,000 people. This announcement is part of the release of the Annual Report to Congress Regarding the Financial Status of FHAâs Mutual Mortgage Insurance Fund for fiscal year 2024. The report describes the…
CFPB Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
November 17, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions. The report details how millions of student borrowers have received relief through new income-driven repayment plans, cancellation programs, and various adjustments…
HUD Delivers Over $37 Million to Build and Preserve Affordable Housing in Reno, Nevada
November 14, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development announced the completion of a $37 million Rental Assistance Demonstration (RAD) transaction with the Reno Housing Authority to expand affordable housing options for low-income individuals and families. This transaction will support the development of 150 new affordable rental homes in Reno, Nevada, and enable the…