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Federal Reserve Board announces Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, and will continue to serve as governor
January 6, 2025 / Source: FRB
The Federal Reserve Board announced on Monday that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors. Barr, who…
CFPB Sues Mortgage Company for Setting Borrowers Up to Fail in Manufactured Home Loans
January 6, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home. The CFPB alleges that Vanderbilt’s business model ignored clear and obvious red flags that the borrowers could not afford the loans. As a result, many families found themselves…
FDIC Issues List of Banks Examined for CRA Compliance
January 5, 2025 / 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 October 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record of…
The Financial Security of Small Business Owners: Evidence from the Making Ends Meet Survey
January 5, 2025 / Source: CFPB
Small businesses1 are critical to the U.S. economy, employing 47 percent of workers and generating 38 percent of private sector revenue.2 Owners of small businesses often rely on their personal assets and consumer credit to finance their enterprises. Thus, small business owners face unique challenges that may ultimately impact both their personal and business finances. In this…
Treasury Department and Federal Housing Finance Agency Amend Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac
January 2, 2025 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) today announced an agreement to amend the Preferred Stock Purchase Agreements (PSPAs) between Treasury and each of Fannie Mae and Freddie Mac (the GSEs) to help ensure that the eventual release of the GSEs from conservatorship will be orderly…
OCC Releases CRA Performance Evaluations for 16 National Banks and Federal Savings Associations
January 2, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2024, through December 31, 2024. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and…
Protecting you from unlawful debt collection at work
January 2, 2025 / Source: CFPB
Dealing with debt collection can be a source of significant stress for many people trying to navigate an already challenging financial landscape. Unscrupulous companies may use aggressive tactics to collect debts, including contacting people in the workplace, which can be illegal. This can threaten your employment or put pressure on you to pay debts even…