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HUD Updates Tools to Help Americans Buy Homes
July 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), is making available translated versions of 19 single family mortgage documents used in the servicing of FHA-insured mortgages. These documents will be available in Chinese, Korean, Spanish, Tagalog, and Vietnamese. The educational resources are accessible from FHA’s language access…
CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
July 2, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account…
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 2, 2024 / Source: Treasury
Brussels — The EU–U.S. Joint Financial Regulatory Forum took place on 25-26 June 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was hosted by the European Commission and the U.S. Department of the Treasury. EU participants included representatives of the European Commission, the European…
U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
July 2, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for an additional $10 million in technical assistance (TA) funding allocated to four states, two territories, the District of Columbia, and one Tribal government under the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant Program. Included in…
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
July 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021. Since…
Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel
July 1, 2024 / Source: Treasury
Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Mexico-based money launderer and China-based members of a money laundering organization with criminal links to the Sinaloa Cartel as part of ongoing efforts to disrupt the flow of illicit narcotics into the United States. This action is the…
Federal Reserve Board fines Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering law
July 1, 2024 / Source: FRB
The Federal Reserve Board on Monday fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering laws. The Board’s action was taken in coordination with an action by the Department of Financial Protection and Innovation of the State of California, the state supervisor of…
FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs
June 30, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be…
The CFPB is working to reinforce the foundation of a fair, nondiscriminatory and competitive mortgage market
June 30, 2024 / Source: CFPB
The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report data about the loans and applications they receive and the loans they originate. These data allow regulators and the public to assess whether mortgage lenders are meeting the housing needs of their communities. HMDA can be an effective, quantitative tool for uncovering discrimination, but…
FATF Holds Plenary in Singapore, Advances Key Illicit Finance Initiatives
June 30, 2024 / Source: Treasury
SINGAPORE — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency. During the Plenary, the FATF took several key actions, including adopting the Mutual Evaluation Reports (MERs) for India and Kuwait,…
The CFPB’s 2023 fair lending annual report to congress
June 26, 2024 / Source: CFPB
Today, the CFPB released its Fair Lending Annual Report to Congress, describing how we took action against unlawful discrimination and advanced access to fair credit in calendar year 2023. The CFPB used every tool at our disposal to carry out our fair lending work, from enforcement and supervision to guidance and rulemaking, including close coordination with…
OCC Reports Mortgage Performance for First Quarter of 2024
June 26, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist Financing
June 26, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule under section 311 of the USA PATRIOT Act (section 311) that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of…
Biden-Harris Administration Takes Additional Steps to Increase Housing Supply and Lower Housing Costs Across the Country
June 26, 2024 / Source: HUD
WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding $85 million in grant funding for the Pathways to Removing Obstacles to Housing (PRO Housing) program. PRO Housing aims to identify and remove barriers to affordable housing production and preservation, and lower housing costs. PRO Housing…
CFPB Extends Compliance Dates for Small Business Lending Rule
June 25, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB v. CFSA. The Texas court also required the…
Speech – Moving Toward Better Balance and Implications for Monetary Policy
June 25, 2024 / Source: FRB
Governor Lisa D. Cook Thank you, Barbara. It is a fitting time to be speaking again to the Economic Club of New York, because this month marks two years since my first Federal Open Market Committee (FOMC) meeting.1 At that meeting, we kicked off a series of large interest-rate increases, all of which I supported, because…
OCC Reports First Quarter 2024 Bank Trading Revenue
June 25, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.6 billion in the first quarter of 2024. The first quarter trading revenue was $4.0 billion, or 34.2 percent, more than in the previous quarter and $2.0 billion, or 11.1 percent, less than a…
CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals
June 24, 2024 / Source: CFPB
Today, the Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home. When buying or selling a home, an accurate home valuation is critical. Mortgage lenders use this valuation to determine how much they will lend on a…
OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines
June 24, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to revise its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). The proposed rulemaking is part of the OCC’s effort to ensure that large banks are adequately prepared and have developed a…
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
June 24, 2024 / Source: Treasury
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen is delivering remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing, as part of the Biden Administration’s push to lower costs. In announcing these new initiatives, Secretary Yellen will note that “[G]iven…
HUD Approves Agreement with Michigan Housing Provider Resolving Allegations of Discrimination Under the Violence Against Women Act and the Fair Housing Act
June 23, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Conciliation Agreement with Michigan housing provider, Czapp Real Estate, LLC., resolving allegations that the Respondent denied housing to a woman because of her disability and status as a survivor under the Violence Against Women Act (VAWA). The…
Agencies Announce Results of Resolution Plan Review for Largest and Most Complex Banks
June 23, 2024 / Source: FDIC
The Federal Deposit Insurance Corporation and Federal Reserve Board today announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The agencies did not identify any weaknesses…
Federal Reserve Board announces it will extend until September 6, 2024, the comment period on proposal to expand operating days of the Federal Reserve Banks’ two large-value payments services, Fedwire Funds Service and the National Settlement Service
June 23, 2024 / Source: FRB
The Federal Reserve Board on Friday announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, Fedwire® Funds Service and the National Settlement Service (NSS), to include weekends and holidays. The Board extended the comment period to…
Treasury Issues Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
June 23, 2024 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury (Treasury) today issued a Notice of Proposed Rulemaking (NPRM) to implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Outbound Order). The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM)…
OCC Approves Final Rule on Automated Valuation Models
June 20, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…