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CFPB Launches Process to Recognize Open Banking Standards
June 5, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. Today’s rule identifies the attributes that standard setting bodies must demonstrate…
HUD Finalizes Deal to Promote Energy Efficiency and Climate Resilience for New York Families
June 5, 2024 / Source: HUD
NEW YORK CITY – Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs, announced it has completed a $192,000 loan transaction under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management to help finance energy efficiency and climate resilience renovations of the Revive 103 apartment community in New…
Semi-Annual Report of the Consumer Financial Protection Bureau
June 4, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2023 and ending September 30, 2023. FULL REPORT View the report
CFPB Warns Against Deception in Contract Fine Print
June 4, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections. When financial institutions take…
FDIC Survey Highlights Potential Bankable Moments at IRS’s Volunteer Income Tax Assistance Providers
June 4, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) released a report today providing insight into the role the Internal Revenue Service’s (IRS) Volunteer Income Tax Assistance (VITA) providers have in helping unbanked Americans access banking products and services. The FDIC’s research suggests VITA providers are well-positioned to expand economic inclusion during bankable moments, such as when a client…
HUD Launches New Program to Invest in Manufactured Home Communities
June 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), announced the launch of its new Manufactured Home Community loan product, which will provide an FHA-insured financing option for the purchase, refinance, and revitalization of manufactured home communities. This action will help entities to preserve, stabilize, and revitalize these vital sources…
CFPB Creates Registry to Detect Corporate Repeat Offenders
June 3, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry will also help the CFPB to identify repeat offenders and recidivism trends. The new registry is…
HUD and VA Make $78 Million Available to Help Homeless Veterans Find Permanent Housing
June 3, 2024 / Source: HUD
WASHINGTON – Today, The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) is making $78 million available in HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers to Public Housing Agencies (PHAs) across the country, for over 7,000 vouchers. Through this program, HUD and VA’s mission is to end homelessness by…
READOUT: FinCEN Director Gacki’s Travel to Iowa for Engagements on Fentanyl and Beneficial Ownership Reporting
June 3, 2024 / Source: FinCEN
Immediate Release June 03, 2024 DES MOINES, Iowa—On May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders participated in two roundtables coordinated with Iowa Representative Zach Nunn’s office. During the first roundtable with local law enforcement representatives on efforts to combat fentanyl trafficking, Director Gacki emphasized that FinCEN is leveraging…
Summary of Deposits Survey and Filing for June 30, 2024
June 3, 2024 / Source: FDIC
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30, 2024 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by…
Agencies Issue Host State Loan-to-Deposit Ratios
June 2, 2024 / Source: FDIC
Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios that are used to evaluate compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act. Each respective host state loan-to-deposit ratio shows the ratio of total loans in a state to total deposits in the state for all banks that have that state…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
June 2, 2024 / Source: FRB
The Federal Reserve Board on Friday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, and their expectations for…
CFPB Sues Student Loan Servicer PHEAA for Pursuing Borrowers for Loans Discharged in Bankruptcy
June 2, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB’s lawsuit asks the court…
CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs
May 30, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB analysis, the closing costs borrowers pay in connection with…
HUD Makes $150 Million Available for Affordable Housing in Tribal Communities
May 30, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the availability of $150 million in funding. This funding is designated for affordable housing projects benefiting low-income families in American Indian and Alaska Native communities through the Indian Housing Block Grant (IHBG) Competitive program. The announcement was made by HUD Principal Deputy Assistant…
FTC Staff Provides Annual Report to CFPB On 2023 Activities Regarding Financial Acts
May 30, 2024 / Source: FTC
The staff of the Federal Trade Commission has provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2023 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). The report highlights the FTC’s enforcement actions and initiatives under these laws and their…
Banks’ responsibility for scams
May 29, 2024 / Source: CFPB
The Electronic Fund Transfer Act provides important protections when consumers suffer unauthorized withdrawals from their accounts. For instance, so long as a person promptly notifies their bank that access to their account has been stolen, the law limits the person’s losses to $50. As the name suggests, the Electronic Fund Transfer Act applies to transfers…
Treasury Releases First Ever Non-fungible Token Illicit Finance Risk Assessment
May 29, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury published a 2024 Non-fungible Token (NFT) Illicit Finance Risk Assessment. The risk assessment explores how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing. The assessment finds that NFTs are highly susceptible to use in…
OCC Launches Project REACh 2.0
May 29, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit. Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal,…
Fictitious Regulatory Notifications: Fictitious Notification Regarding the Release of Funds Supposedly Under the Control of the Office of the Comptroller of the Currency
May 29, 2024 / Source: OCC
Consumers have reported receiving various forms of fictitious correspondence via email, Google Chat, and the U.S. Postal Service related to up-front fee scams involving fictitious inheritance or beneficiary payouts. The notifications appear to be initiated by senior officials of the Office of the Comptroller of the Currency (OCC) regarding funds purportedly held by the OCC….
FDIC Advisory Committee on Economic Inclusion to Meet Next Week
May 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 4, 2024, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss enhancing deposit insurance awareness, insights from our research about Volunteer Income Tax Assistance providers, and increasing…
Acting Comptroller Discusses Recovery Planning
May 28, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu discussed recovery planning via livestream in remarks May 27 at the Entrepreneurship, Markets and Technology: Regulation’s Challenges in a Changing World Conference in Zurich, Switzerland. In his remarks, Mr. Hsu discussed the importance of recovery planning and how it can mitigate the too-big-to-fail problem. He highlighted the…
Treasury Amends Regulations to Increase Support for the Cuban People and Independent Private Sector Entrepreneurs
May 28, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s (Treasury) Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations, 31 CFR part 515, (CACR) to further implement the policy announced by the Biden-Harris Administration on May 16, 2022 to increase support for the Cuban people. These regulatory amendments update and clarify authorizations in support of internet-based services to…
HUD Makes $26 Million Available to Promote Fair Housing and Root Out Discrimination
May 26, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is awarding $26 million in non-competitive funding available to HUD’s state and local fair housing enforcement agencies across the country under its Fair Housing Assistance Program (FHAP). The FHAP is an intergovernmental partnership between the federal government and state and local agencies to provide protection…
New FTC Data Shed Light on Companies Most Frequently Impersonated by Scammers
May 26, 2024 / Source: FTC
New data from the Federal Trade Commission shows that Best Buy/Geek Squad, Amazon, and PayPal are the companies people report scammers impersonate most often. A newly released data spotlight shows that consumers in 2023 submitted about 52,000 reports about scammers impersonating Best Buy or its Geek Squad tech support brand, followed by about 34,000 reports about scammers…