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HUD Announces Over $150 Million Investment to Tribal Communities for Construction of Innovative, Affordable Housing
July 29, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced awards totaling $150.9 million for new affordable and innovative housing investments in Tribal communities. Principal Deputy Assistant Secretary Richard Monocchio made the announcement today in Anchorage, Alaska, where he presented $6 million to the Cook Inlet Housing Authority to build 51 new housing…
Bank-Fintech Arrangements: Request for Information on Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses
July 28, 2024 / Source: OCC
Summary Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute…
FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements
July 28, 2024 / Source: FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them. A separate regulatory requirement currently requires many financial institutions to also collect…
FDIC Makes Public June Enforcement Actions
July 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024. The administrative enforcement actions in those…
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
July 25, 2024 / Source: FDIC
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory experience has identified…
2023 Financial Institution Diversity Self-Assessment: Voluntary Self-Assessments Accepted Now through October 31, 2024
July 25, 2024 / Source: FDIC
Summary: In accordance with the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies1 (Interagency Statement) developed pursuant to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity…
Agencies Announce Public Outreach Meeting As Part of Their Review of Regulations
July 25, 2024 / Source: FDIC
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…
CFPB Report Highlights Junk Fees Charged by School Lunch Payment Platforms
July 25, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report on payment processing companies that help school districts process children’s school lunch payments. These private companies process payments made by parents who may have limited or zero payment alternatives. With a captive customer base, these companies can have broad control over fees assessed…
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JUNE 2024
July 24, 2024 / Source: HUD
WASHINGTON – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for June 2024: New Home SalesSales of new single-family houses in June 2024 were at a seasonally adjusted annual rate of 617,000, according to estimates released jointly today by the U.S. Census Bureau…
CFPB Warns Against Intimidation of Whistleblowers
July 24, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law enforcement may intimidate…
FTC, DOJ, and International Enforcers Issue Joint Statement on AI Competition Issues
July 23, 2024 / Source: FTC
Today, FTC Chair Lina M. Khan, alongside international antitrust enforcers and the Department of Justice, Antitrust Division, issued a statement affirming a commitment to protecting competition across the artificial intelligence (AI) ecosystem to ensure effective competition that provides fair and honest treatment for both consumers and businesses. Jonathan Kanter, Assistant Attorney General with the U.S….
Webinar: Understanding Beneficial Ownership Information and How to Report
July 23, 2024 / Source: FinCEN
Immediate Release July 23, 2024 The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the U.S. Small Business Administration (SBA) will host a virtual information session on beneficial ownership information (BOI) reporting requirements on Wednesday, July 24 at 2 p.m. Eastern Time (ET). The Corporate Transparency Act requires many companies doing business…
CFPB to distribute more than $53 million to consumers harmed by BrightSpeed Solutions
July 23, 2024 / Source: CFPB
In July, 122,507 consumers harmed by BrightSpeed Solutions and its founder, Kevin Howard, will begin receiving refund checks in the mail. The CFPB brought a lawsuit against the privately-owned, third-party payment processor and its founder, Kevin Howard, for knowingly facilitating payments for companies that tricked consumers into expensive and unnecessary antivirus software or services. In…
Final Rule on Real Estate Valuations: Quality Control Standards for Automated Valuation Models
July 22, 2024 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau (the agencies) jointly issued a Final Rule to implement the quality control standards mandated by the…
FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information
July 22, 2024 / Source: FinCEN
Immediate Release July 22, 2024 The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will publish in the Federal Register a 30-day notice pursuant to the Paperwork Reduction Act of 1995 (PRA) for beneficial ownership information requests (BOI requests). This notice follows a 60-day notice on BOI requests that FinCEN previously issued for public…
HUD Offers Housing Counselor Certification Exam in Additional Languages
July 22, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today the availability of a newly updated certification exam for housing counselors. In addition to content updates, the exam and associated training materials are now available in Spanish, Traditional Chinese, Korean, and Vietnamese. The announcement was made last week by Deputy Assistant Secretary for…
HUD Launches New $175 Million Opportunity to Build Housing
July 22, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) made $175 million available through first-of-its-kind funding for new construction, acquisition, or rehabilitation of permanent supportive housing. Through one-time awards under the Continuum of Care (CoC) program, the CoCBuilds Notice of Funding Opportunity (NOFO) will enable communities to develop new units of rental housing with…
Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
July 21, 2024 / Source: FDIC
Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are intended to align with changes concurrently proposed by the U.S. Department of the…
Federal Reserve Board takes action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program
July 21, 2024 / Source: FRB
The Federal Reserve Board on Friday took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program. Green Dot violated consumer law in its marketing, selling, and servicing of prepaid debit card products, and its offering of…
Data Spotlight: Developments in the Paycheck Advance Market
July 21, 2024 / Source: CFPB
JUL 18, 2024 Contents Executive Summary A significant driver of demand for consumer credit and financial products derives from the mismatch between when a family receives income and when a family must make payments for expenses. To reduce their costs, employers have a strong incentive to delay the payment of compensation to workers, which drives…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
July 18, 2024 / Source: CFPB
WASHINGTON, D.C. – Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified…
CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
July 18, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products to workers….
Treasury Maintains Pressure on Houthi Illicit Shipping and Finance Schemes
July 18, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating and identifying as blocked property a dozen persons and vessels, respectively, that have played a critical role in financing the Houthis’ destabilizing regional activities as part of the network of Sa’id al-Jamal. Today’s action includes Indonesia-based Malaysian and…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
July 17, 2024 / Source: CFPB
WASHINGTON, D.C. – Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated…
HUD Proposes New Rule to Govern the Sale of FHA Mortgage Notes
July 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is proposing a new rule to govern the sale of seriously delinquent single family mortgage loans insured by the Federal Housing Administration (FHA). These rules will help expand available affordable homes for families and improve stability of communities. “Every day, the Biden-Harris Administration and HUD are…