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CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail
August 13, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. Under contract-for-deed deals, the seller agrees to turn over a home’s deed only after the buyer completes a series of payments. The deals often have little oversight,…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
August 13, 2024 / Source: FinCEN
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access Release Date August 13, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
CFPB Comment on Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
August 12, 2024 / Source: CFPB
The Honorable Janet YellenSecretaryU.S. Department of the Treasury1500 Pennsylvania Ave NWWashington, DC 20220 Thank you for the opportunity to comment on this important issue in the financial services sector. The Consumer Financial Protection Bureau (CFPB) is a unit of the Federal Reserve System charged with ensuring that consumer financial markets are fair, transparent, and competitive.1 As…
Proposed Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022
August 11, 2024 / Source: FDIC
Summary: The FDIC is issuing a joint Notice of Proposed Rulemaking (“NPR”) as required by the Financial Data Transparency Act of 2022 (“FDTA”) (PDF). Joining the FDIC in issuing the NPR are the Department of the Treasury; Board of Governors of the Federal Reserve System; Office of the Comptroller of the Currency; Consumer Financial Protection Bureau;…
Classification of Interactive Teller Machines as Domestic Branches or Remote Service Units
August 11, 2024 / Source: FDIC
Summary: Statutory Background Section 18(d) of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. § 1828(d)) requires a state nonmember bank to obtain the FDIC’s consent before establishing a domestic branch. Section 3(o) of the FDI Act (12 U.S.C. § 1813(o)) specifically excludes automated teller machines (ATMs) and remote service units (RSUs) from the…
2023 Financial Literacy Annual Report
August 11, 2024 / Source: CFPB
AUG 09, 2024 The 2023 Financial Literacy Annual Report describes the CFPB’s financial literacy activities and strategy to improve the financial literacy of consumers. This year’s report includes information about the CFPB’s efforts to be a source of unbiased, objective information consumers can trust, as well as examples of effective financial education using the CFPB’s…
FDIC Establishes Initial Submission Dates for Resolution Plans and Informational Filings For Covered Institutions
August 8, 2024 / Source: FDIC
Summary: This FIL supplements FIL 34-2024 regarding Final Rulemaking on Resolution Plans Required for Insured Depository Institutions with $100 Billion or More in Total Assets; Informational Filings Required for Insured Depository Institutions with At Least $50 Billion but Less Than $100 Billion in Total Assets (final rule) issued on June 20, 2024. This final rule was published in the Federal…
Treasury’s FinCEN Launches Nationwide Public Service Announcements to Inform Business Owners about Beneficial Ownership Reporting Requirements
August 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new beneficial ownership reporting requirements. To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio…
Biden-Harris Administration Expands Access to Housing for Veterans
August 8, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a new set of policy changes that will help more veterans receive assistance under the HUD-Department of Veteran Affairs (VA) Supportive Housing (HUD-VASH) program, and improve their access to supportive housing developments. Veterans experiencing homelessness often receive VA benefits as a result of an injury or illness that…
CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees
August 8, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers. The proposed order, if entered by the court, would impose a $2 million civil…
CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans
August 7, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances. The report describes how fees often increase loan costs by 30% or…
Consumer advisory: Steer clear of costly and complex loans for solar energy installation
August 7, 2024 / Source: CFPB
As record heat waves hit areas across the country, people are facing higher energy bills to keep their homes cool. Many homeowners are considering solar panels and other solar energy equipment because it offers an opportunity to lower their monthly costs over the long run. Most Americans are eligible for tax credits to partially offset the cost…
U.S. Department of the Treasury Releases New Data on American Consumer Energy Savings Under Inflation Reduction Act
August 7, 2024 / Source: Treasury
WASHINGTON – Today, in advance of the two-year anniversary of the Inflation Reduction Act, the U.S. Department of the Treasury (Treasury) released new data from the IRS and new analysis by the Office of Economic Policy showing that more than 3.4 million American families benefitted from $8.4 billion in tax credits to lower the costs of clean energy and energy efficiency…
Junk fees that harm competition
August 6, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is working to combat junk fees that hamper fair, transparent, and competitive markets and to ensure that companies don’t use fine print to escape accountability when they break the law. The CFPB has addressed illegal junk fees in a variety of consumer financial markets, including bank accounts, credit cards, and international money transfers,…
U.S. Department of the Treasury Announces Up to $83 Million in American Rescue Plan Small Business Support to Drive Economic Growth for 125 Alaska Tribes
August 6, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced the approval of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. Funded by the Biden-Harris Administration’s American Rescue Plan (ARP), this investment supports the nation’s largest Tribal SSBCI consortium and is part of the…
Federal Reserve Board issues final joint guidance to help certain large banks further develop their resolution plans
August 5, 2024 / Source: FRB
The Federal Reserve Board on Monday issued final joint guidance to help certain large banks further develop their resolution plans. The final guidance is largely similar to the proposed guidance from August 2023 and incorporates changes in response to comments received. The Board developed the guidance jointly with the Federal Deposit Insurance Corporation, and it is now…
HUD Delivers Nearly $28 Million Transaction to Build and Preserve Affordable Housing for Illinois Seniors
August 5, 2024 / Source: HUD
WAUKEGAN – Today, the U.S. Department of Housing and Urban Development announced the completion of a nearly $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA), to expand affordable housing options for low-income seniors in Waukegan, Illinois. “The Biden-Harris Administration and HUD are committed to ensuring our country’s seniors can afford their…
FDIC Issues List of Banks Examined for CRA Compliance
August 5, 2024 / 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 May 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
August 1, 2024 / Source: OCC
On August 1, 2024, 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) published in the Federal Register their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA)….
HUD Announces Over $3.5 Billion to Help People Experiencing Homelessness
July 31, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced that it will provide more than $3.5 billion in competitive funding to homeless services organizations across the country for supportive services and housing programs for people experiencing homelessness. “This year’s funding opportunity makes available the largest amount of funding in history under the…
CFPB Director’s Notebook: What We’re Hearing: Financial Challenges Along the Gulf Coast
July 31, 2024 / Source: CFPB
There are many reasons why financial regulators failed to take action in the mid-2000s to prevent the subprime mortgage crisis. High on this list was a lack of attention to local market conditions and the lived experiences of families and businesses around the country. Staying connected to communities is crucial for effective regulation. That’s why…
Federal Reserve issues FOMC statement
July 31, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective….
FDIC Board Approves Proposed Rule to Amend the Agency’s Regulations Governing Parent Companies of Industrial Banks and Industrial Loan Companies
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to amend part 354 of the FDIC Rules and Regulations governing parent companies of industrial banks and industrial loan companies (collectively referred to herein as industrial banks). The proposed amendments would revise part 354 to clarify and…
FDIC Board Approves Proposed Rule to Revise Brokered Deposit Regulations
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements section 29 of the Federal Deposit Insurance Act. Based on the FDIC’s experience since the adoption of…
FDIC Board Approves Request for Information on Deposits
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a request for information (RFI) soliciting the public’s comments on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits. “The request for information seeks more granular information on the composition and characteristics…