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CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds
May 7, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or even months for balance refunds after closing their accounts – a failure that inflicted significant financial harm on consumers who did not have access…
HUD Revitalizes Housing Voucher Program
May 7, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the publication of a new rule implementing portions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Principal Deputy Assistant Secretary for Public and Indian Housing Richard J. Monocchio made the announcement in DeKalb County, Georgia. “HUD is meeting the moment to address the…
Biden-Harris Administration Announces $5.5 Billion in Grants for Affordable Housing, Community Development, and Homeless Assistance to Drive Economic Growth
May 7, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced $5.5 billion in funding that will go to 1,200 communities through more than 2,400 grants to States, urban counties, insular areas, DC, Puerto Rico, and localities across the country. These annual formula grants provide critical funding for a wide range of activities to address their…
Agencies Issue Proposal on Incentive-Based Compensation
May 6, 2024 / Source: FDIC
Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The…
CFPB Takes Action to Require National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency to Pay More than $5 Million for Student Loan Servicing Failures
May 6, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans. The CFPB alleges that the defendants failed to respond to borrowers seeking…
Prepared Remarks of FinCEN Director Andrea Gacki During the SIFMA AML Conference
May 6, 2024 / Source: FinCEN
Good morning, it is an honor to join you here today for the first time in my capacity as Director of FinCEN. I very much appreciate SIFMA’s invitation to be a part of today’s discussion. I had the opportunity to speak with SIFMA’s AML Committee earlier this year, and I valued that dialogue and your…
Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
May 5, 2024 / Source: FDIC
Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to…
U.S. Department of the Treasury Releases Final Rules to Lower Consumer Costs, Continue U.S. Manufacturing Boom in Batteries and Clean Vehicles, Strengthen Energy Security
May 5, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released final rules on the clean vehicle provisions of the Inflation Reduction Act (IRA) that are lowering costs for consumers, spurring a boom in U.S. manufacturing, and strengthening energy security by building resilient supply chains with allies and partners. Since President…
HUD Issues Fair Housing Act Guidance on Applications of Artificial Intelligence
May 2, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular concerns: the tenant screening process and its application to the advertising of housing opportunities through online platforms that use targeted ads. Today’s announcement is…
HUD Announces Nearly $90 Million to Make Low-income Families’ Homes Safer and Healthier
May 2, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced nearly $90 million available to reduce residential health hazards for low-income families, including lead-based paint hazards, carbon monoxide, mold, radon, fire safety, and asbestos, advancing President Biden’s Lead Pipe and Paint Action Plan. With this investment, since 1993, HUD has made more than $3.5 billion…
More competition and less complexity: How the CFPB is working to lower prices in the credit card market
May 2, 2024 / Source: CFPB
Consumers are faced with making complex decisions around pricing across a multitude of markets. Americans see this as they look to plan summer trips. From flights to rental cars to amusement park tickets, it can feel like there’s too much fine print and too many junk fees not included in the upfront price. Some argue…
HUD Issues New Guidance to Protect Borrowers from Appraisal Bias
May 1, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic bias in home appraisals. FHA’s new requirement for lenders participating in its Single Family program will enable borrowers to request a re-assessment of the…
CFPB Highlights the Hidden Costs of Health Savings Accounts
May 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay. There were approximately 36 million health savings accounts in 2023 – holding more than $116 billion. These accounts provide tax benefits to help offset the costs of high…
Federal Reserve issues FOMC statement
May 1, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective. The…
Remarks by James L. Anderson, Deputy General Counsel, FDIC, on Merger Policies of the Federal Banking Agencies before the Subcommittee on Financial Institutions and Monetary Policy Committee on Financial Services, U.S. House of Representatives
May 1, 2024 / Source: FDIC
Introduction Chairman Barr, Ranking Member Foster, and members of the Subcommittee, thank you for the opportunity to appear today to discuss the Federal Deposit Insurance Corporation’s (FDIC) role in bank merger transactions. My testimony today will summarize the statutory framework under which the FDIC evaluates bank merger transactions, the current merger application submission and review…