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Federal Reserve Board issues Economic Well-Being of U.S. Households in 2023 report
May 21, 2024 / Source: FRB
The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as higher prices remained a challenge for most households and workers continued to benefit from a strong labor…
HUD Makes $5 Million Available for Historically Black Colleges and Universities to Conduct Housing and Community Development Research
May 21, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released a $5 million notice of funding opportunity (NOFO) to fund research at one or more Research Centers of Excellence at Historically Black Colleges and Universities (HBCUs). The funded Centers will conduct research projects on topics of strategic interest to HUD and produce research that provides evidence-based…
Biden-Harris Administration Announces Nearly $67 Million in New Funding to Make Homes More Energy Efficient and Climate Resilient
May 21, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $67 million in new grant and loan awards for 12 properties under its Green and Resilient Retrofit Program (GRRP) as part of President Biden’s Investing in America agenda, bringing the total funding awarded under this program to more than $610 million. These grants and…
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
May 21, 2024 / Source: FinCEN
Release Date May 21, 2024 Customer Identification Programs for Registered Investment Advisers and Exempt … Action Type Notice of Proposed Rulemaking (NPRM)
CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers
May 20, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. The CFPB found Western Benefits also misrepresented that it was affiliated with and endorsed by…
Speech – U.S. Economic Outlook and Housing Price Dynamics
May 20, 2024 / Source: FRB
Vice Chair Philip N. Jefferson At the Mortgage Bankers Association’s Secondary and Capital Markets Conference and Expo 2024 New York, New York Thank you, Mark, for the kind introduction, and good morning to all of you.1 I am happy to be here. Today, I will do three things. First, I’ll share with you my current outlook…
In Boston, Treasury Launches New Public-Private FinCEN Exchange Series to Fight Fentanyl Trafficking
May 20, 2024 / Source: FinCEN
BOSTON—Today, as part of the Treasury Department’s Counter-Fentanyl Strike Force, the Financial Crimes Enforcement Network (FinCEN), in partnership with IRS Criminal Investigation (CI), announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (or PROTECT) series of FinCEN Exchange…
FDIC Announces Settlement with an Arkansas Bank and Nine Former Employees for Violations of Consumer Protection Laws
May 19, 2024 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today announces a settlement with Bank of England, England, Arkansas, for violations of Section 5 of the Federal Trade Commission Act (Section 5), the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Home Mortgage Disclosure Act (HMDA). The bank has stipulated to the…
Brief Remarks on the Economy, Monetary Policy, and Bank Regulation
May 19, 2024 / Source: FRB
Governor Michelle W. Bowman I would like to thank the Pennsylvania Bankers Association for the invitation to join you today.1 I appreciate the opportunity to engage with you on matters that affect the banking industry. Before sharing my thoughts about the current bank regulatory environment, I will discuss my views on the economy and monetary policy….
CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees
May 19, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans. The CFPB alleges that SoLo markets itself as a consumer-friendly alternative to high-cost, short-term loans. Despite advertising zero-interest loans or 0% APR loans, SoLo’s use of dark patterns ensures that almost every…
The CFPB will distribute more than $384 million to consumers deceived by Think Finance, LLC
May 16, 2024 / Source: CFPB
The CFPB is compensating consumers who it alleged were deceived by Think Finance, LLC, into repaying loans they did not legally owe. Think Finance, LLC, made false demands and illegally took money from consumers’ bank accounts for debts that were not owed under laws in 17 states, according to the CFPB’s lawsuit. Many states have…
Biden-Harris Administration Awards Nearly $40 Million to Expand Housing Counseling for Underserved Communities
May 16, 2024 / Source: HUD
WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding nearly $40 million to expand comprehensive housing counseling services for homebuyers, homeowners, and renters throughout America. These awards – through the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling – will fund…
Statement on Supreme Court Decision in CFPB v. CFSA
May 16, 2024 / Source: CFPB
The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America: “For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial…
Acting Comptroller Testifies on Agency Activities
May 16, 2024 / Source: OCC
WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) activities and four critical agency priorities before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. In his testimony, Mr. Hsu discussed the condition of the federal banking system and recent regulatory initiatives. He also…
Treasury Announces 2024 National Illicit Finance Strategy
May 16, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), which provides a blueprint of the U.S. government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities. The 2024 Strategy addresses the key risks from the 2024 National Money Laundering, Terrorist Financing, and…
Innovation and the Evolving Financial Landscape
May 15, 2024 / Source: FRB
Governor Michelle W. Bowman At The Digital Chamber DC Blockchain Summit 2024, Washington, D.C. I would like to thank the Digital Chamber for the invitation to share my perspectives on innovation in the financial system.1 I welcome opportunities like this to engage in discussions that include both the public and private sector on this important topic….
Acting Comptroller Testifies on Agency Priorities
May 15, 2024 / Source: OCC
WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) priorities before the Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Hsu discussed the OCC’s work to guard against complacency, adapt to digitalization, manage climate-related financial risk, and promote fairness in banking….
Biden-Harris Administration Announces $1.1 Billion for Tribal Housing and Community Development
May 15, 2024 / Source: HUD
WASHINGTON – Today, U.S. Department of Housing and Urban Development (HUD) Acting Secretary Adrianne Todman welcomed the Tribal Intergovernmental Advisory Committee at HUD Headquarters where she announced awarding a record $1.1 billion in funding for the Indian Housing Block Grant (IHBG) program and a $75 million funding opportunity for the Indian Community Development Block (ICDBG) program…
HUD Announces $30 Billion Investment to Keep American Families Housed
May 14, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced $30 billion in renewal funding for the Housing Choice Voucher Program (HCV). This funding will help Public Housing Authorities (PHAs) continue to provide assistance to families and individuals who are in need of affordable housing options. “These housing choice vouchers will create stability…
Agencies announce public meeting on proposed acquisition by Capital One of Discover; public comment period extended
May 14, 2024 / Source: FRB
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois. The proposal includes the merger of Discover Bank, of Greenwood, Delaware, into Capital One, National Association,…
CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices
May 14, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today distributed more than $384 million to about 191,000 consumers harmed by Think Finance. Think Finance, a Texas-based online lender, deceived borrowers into repaying loans they did not owe. The CFPB distributed the money through its victims relief fund. The CFPB’s victims relief fund, also known as the…
Agencies announce inflation-adjusted dollar thresholds for Regulation CC funds availability
May 13, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain…
SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
May 13, 2024 / Source: FinCEN
WASHINGTON—Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity…
HUD and Rocket Mortgage, LLC Reach Agreement on Montana Fair Lending Complaint for Home Purchase within Tribal Lands
May 13, 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 Rocket Mortgage, LLC resolving allegations that Rocket Mortgage denied a mortgage loan application based on race because the home being purchased was located within the Tribal boundaries of a federally recognized reservation. Read the Agreement….
U.S. Department of the Treasury, IRS Announce Application Opening Date and Increased Available Capacity for Second Year of Program to Spur Clean Energy Investments and Lower Energy Costs in Underserved Communities
May 13, 2024 / Source: Treasury
WASHINGTON—Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that applications will open at 9:00 a.m. ET on May 28, 2024 for the 2024 Program Year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. All applications submitted within the first 30 days, by 11:59 pm ET on…