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FDIC Releases Documents Related to Supervision of Crypto-Related Activities
February 6, 2025 / Source: FDIC
WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities. Acting Chairman Travis Hill issued the following statement in connection with the release: “I have been critical in the past of the FDIC’s approach to crypto assets…
Federal Reserve Board releases the hypothetical scenarios for its annual stress test
February 6, 2025 / Source: FRB
The Federal Reserve Board on Wednesday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, the Board released two hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking system. The exploratory analysis…
Treasury Targets Oil Network Generating Hundreds of Millions of Dollars for Iran’s Military
February 6, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC). The oil was shipped on behalf of Iran’s Armed Forces General…
United States Department of the Treasury Announces New Appointments
February 6, 2025 / Source: Treasury
WASHINGTON – Secretary of the Treasury Scott Bessent announced today President Trump’s intent to nominate Luke Pettit and Jason De Sena Trennert for positions at the United States Department of the Treasury. “Luke and Jason will be critical to implementing President Trump’s agenda to drive progress for the American people by revitalizing the economy, lowering…
FDIC Issues List of Banks Examined for CRA Compliance
February 4, 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 November 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Federal Reserve Board announces termination of two enforcement actions with Wells Fargo
February 4, 2025 / Source: FRB
The Federal Reserve Board on Tuesday announced the termination of two enforcement actions with Wells Fargo. Both were issued in 2011, with the first relating to deficient practices in residential mortgage loan servicing and foreclosure processing (PDF) and the second relating to deficient mortgage lending practices at a former subsidiary (PDF). The termination of these enforcement actions does…
OCC Releases CRA Performance Evaluations for 20 National Banks and Federal Savings Associations
February 3, 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 January 1, 2025, through January 31, 2025. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and…
Statement on Designation of Treasury Secretary Scott Bessent as Acting Director of the Consumer Financial Protection Bureau
February 3, 2025 / Source: CFPB
WASHINGTON, D.C. – On January 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB). “I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Secretary Bessent.
Brief Remarks on the Economy, and Perspective on Mutual and Community Banks
February 2, 2025 / Source: FRB
Let me begin by saying my thoughts and prayers are with the families of the passengers and crew who perished in the tragic flight accident in Washington, D.C. Wednesday evening. Thank you for the invitation to speak to you today.1 It is a pleasure to be with you virtually for your CEO Summit. I always enjoy…
Agencies Announce Second Public Outreach Meeting As Part of Their Review of Regulations
February 2, 2025 / Source: FDIC
Federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…
CFPB Updates List of Consumer Reporting Companies
January 30, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records. People can use the list to, among other things, request their…
CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices
January 30, 2025 / Source: CFPB
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise allows customers to send, receive, and store remittances through a mobile app and prepaid…
U.S. Department of the Treasury Withdraws from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
January 30, 2025 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury’s (Treasury) Federal Insurance Office (FIO) today notified the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) that it is withdrawing its membership. Withdrawal from NGFS is one part of implementing President Trump’s Executive Orders Putting America First in International Environmental Agreements and Unleashing…
CFPB Finds Servicemembers Pay More in Auto Lending Market
January 29, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report showing that United States servicemembers pay higher costs and face greater financial risks than civilian borrowers when taking out credit to buy a car. The report analyzes more than 20 million auto loans originated between 2018 and 2022, and finds that servicemembers typically…
Federal Reserve issues FOMC statement
January 29, 2025 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run….
FHFA House Price Index Up 0.3 Percent in November; Up 4.2 Percent from Previous Year
January 28, 2025 / Source: FHFA
Washington, D.C. – U.S. house prices rose 0.3 percent in November, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 4.2 percent from November 2023 to November 2024. The previously reported 0.4 percent price growth in October was revised upward to 0.5 percent. However, in a repeat of previous HPI updates,…
CFPB Report Finds Continued Challenges for Households that Rent
January 28, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released two reports looking at national rental payment data from September 2021 to November 2024. The percentage of renters who paid late fees in the last year reached 23% in February 2023. While the rate declined to slightly less than 14% in November 2024, the CFPB’s…
Scott Bessent sworn in as 79th Secretary of the Department of Treasury
January 28, 2025 / Source: Treasury
WASHINGTON – Scott Bessent was sworn in as the 79th Secretary of the Treasury by Supreme Court Justice Brett M. Kavanaugh on January 28, 2025. Shortly following the ceremony, Mr. Bessent was welcomed at the doors of the U.S. Treasury at 1500 Pennsylvania Avenue by department employees. Mr. Bessent’s first working day included meetings with…
CFPB Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores
January 26, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report about financial outcomes for cash-out refinance mortgage borrowers. Cash-out borrowers had an initial sharp improvement in credit scores, followed by a gradually worsening of their scores. Scores in general, however, stayed above their pre-refinance levels. The report confirms that borrowers often do use…
CFPB Finds More Vehicles Eligible for Repossession Than Pre-Pandemic
January 23, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report showing that the rate of auto repossessions at the end of 2022 surpassed pre-pandemic levels. Additionally, lenders were increasingly more likely to use third parties, called forwarders, to manage the repossession process. The use of a third party generally increases consumer costs. The…
FTC Sends More Than $5 Million in Refunds to Consumers Harmed by Bogus Credit Repair Scheme
January 21, 2025 / Source: FTC
The Federal Trade Commission is sending more than $5 million in refunds to consumers harmed by a deceptive credit card debt relief scheme known as ACRO Services. The FTC filed a lawsuit in November 2022 against ACRO Services, which operated under multiple names such as American Consumer Rights Organization, Consumer Protection Resources, Reliance Solutions, Thacker & Associates, and…
Statement from Acting Chairman Travis Hill
January 21, 2025 / Source: FDIC
WASHINGTON – On January 20, 2025, Travis Hill became Acting Chairman of the Federal Deposit Insurance Corporation (FDIC). Acting Chairman Hill issued the following statement: “It is my honor and privilege to serve as Acting Chairman of the FDIC. While the FDIC faces a broad range of issues, and as always will fulfill our mandate to…
FDIC Withdraws from the Network of Central Banks and Supervisors for Greening the Financial System
January 21, 2025 / Source: FDIC
WASHINGTON – Effective today, the Federal Deposit Insurance Corporation (FDIC) has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The work of NGFS is not within the FDIC’s authorities and mandate, and thus the FDIC has withdrawn.
CFPB Orders Equifax to Pay $15 Million for Improper Investigations of Credit Reporting Errors
January 20, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes. The CFPB found Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters…
Strengthening Appraisal Oversight: Progress at the Appraisal Subcommittee
January 20, 2025 / Source: CFPB
I am very pleased to provide this informal report on the progress made by the Appraisal Subcommittee (ASC) since I became Chair. Before detailing our successes, I would like to acknowledge and thank Jim Park, whose tenure as ASC Executive Director just ended on January 1, 2025. I want to express my gratitude for his…