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New Treasury Department Data Shows Homeowner Assistance Fund Helped Keep More than 300,000 Families In Their Homes
July 9, 2023 / Source: Treasury
Treasury’s Homeowner Assistance Fund, passed as part of the American Rescue Plan, has reached more underserved communities than prior federal mortgage assistance and foreclosure prevention programs WASHINGTON – The U.S. Department of the Treasury today released Homeowner Assistance Fund (HAF) data through March 31, 2023, which demonstrates a substantial increase in assistance to homeowners. As of March…
HUD Announces More Than $3.1 Billion to Help People Experiencing Homelessness
July 6, 2023 / Source: HUD
In response to a growing homelessness crisis, HUD makes largest-ever single-year investment in communities’ homelessness response systems. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced that it will provide more than $3.1 billion in competitive funding to homeless services organizations across the country for supportive services and housing programs for people…
CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans
July 6, 2023 / Source: CFPB
This month, more than 7,100 people who were charged illegal advance fees by Timemark, Inc. to renegotiate, settle, reduce, or alter the terms of their federal student loans will receive a check in the mail. Payments will be sent on July 6, 2023, through Epiq Systems. If you do not receive a check and believe…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 5, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary…
Minutes of the Federal Open Market Committee, June 13-14, 2023
July 5, 2023 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on June 13–14, 2023. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Treasury Releases Assessment of Small Insurer Competitiveness in the Terrorism Risk Insurance Marketplace
July 2, 2023 / Source: Treasury
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has released its 2023 “Study of Small Insurer Competitiveness in the Terrorism Risk Insurance Marketplace.” In addition to providing updates on the role of small insurers in the terrorism insurance marketplace, the Report identifies new insights available from FIO’s expanded cyber insurance data collection, and…
Former Atlanta business-owner sentenced to prison for obtaining millions of dollars in COVID-19 relief fraud, tax identity theft and credit card fraud
July 2, 2023 / Source: FDIC OIG
ATLANTA – Jose Fernandez has been sentenced for seeking over $5 million by submitting fraudulent Paycheck Protection Program (“PPP”) applications, filing false tax returns using stolen identities, using credit cards he obtained with stolen identities, and check fraud. He ultimately obtained more than $2 million in fraudulent funds, which he then used for his personal…
FFIEC Announces Availability of 2022 Data on Mortgage Lending
June 29, 2023 / Source: FFIEC
WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage…
Federal Reserve names organizations certified as ready for FedNow® Service
June 29, 2023 / Source: FRB
CHICAGO – The Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification in advance of the FedNow Service’s launch planned for late July. Many of these organizations will be live when the FedNow Service launches or shortly after, with financial institutions ready to send and receive…
Credit Administration: Final Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts
June 29, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), in consultation with state bank and credit union regulators, today published the final “Policy Statement on Prudent Commercial Real Estate Loan Accommodations…
The CFPB’s 2022 Fair Lending Annual Report to Congress
June 29, 2023 / Source: CFPB
Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. In 2022, the CFPB’s fair lending work centered on the consumers and communities most affected by unlawful discrimination. These efforts included working with…
Federal Reserve Board releases results of annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession
June 28, 2023 / Source: FRB
The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. “Today’s results confirm that the banking system remains strong and resilient,” Vice Chair for…
Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?
June 28, 2023 / Source: CFPB
The views expressed here are those of the authors and do not necessarily reflect the views of the Consumer Financial Protection Bureau. Links or citations in this post do not constitute an endorsement by the CFPB. In response to the COVID-19 pandemic, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act,…
Treasury’s Federal Insurance Office Releases Report Assessing Climate-Related Risk, Gaps in Insurance Supervision
June 27, 2023 / Source: Treasury
Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) released a report entitled, Insurance Supervision and Regulation of Climate-Related Risks. The report, which is in response to President Biden’s Executive Order on Climate-Related Financial Risk, assesses climate-related issues and gaps in the supervision and regulation of insurers. While the business of insurance in the United States is…
Treasury Releases Analysis of the Boom in U.S. Construction of Manufacturing Facilities Driven by Invest in America Agenda
June 27, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office Economic Policy released an analysis of the surge in construction spending for manufacturing in the United States. Since the end of 2021, and the passage of President Biden’s Invest in America Agenda – Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS…
OCC Reports Improvement in Mortgage Performance for First Quarter of 2023
June 27, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2023 compared to the previous quarter. The OCC Mortgage Metrics Report, First Quarter 2023 showed that 97.6 percent of mortgages included in the report were current and performing at…
CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize
June 27, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar). By unlawfully processing…
Acting Comptroller of the Currency Kicks Off Summer High School Scholars Internship Program
June 26, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today kicked off the fifth year of the Office of the Comptroller of the Currency’s (OCC) summer High School Scholars Internship Program (HSSIP). In partnership with the District of Columbia’s Department of Employment Services Summer Youth Employment Program, the OCC recruits rising seniors and recent high school…
Protecting consumers’ right to challenge discrimination
June 26, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions. Under the law, consumers…
Accepting applications for CFPB advisory committees
June 26, 2023 / Source: CFPB
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They…
Quality Control Standards for Automated Valuation Models: Notice of Proposed Rulemaking
June 25, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
June 25, 2023 / Source: FDIC
Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…
Treasury Department Releases Fact Sheet Detailing Investments in the Economic Future of Latino Communities
June 25, 2023 / Source: Treasury
Fact sheet comes as part of today’s first Treasury Department summit on investing in the economic future of Latino communities WASHINGTON – Today, the U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Latino households, businesses, and communities. This fact sheet comes as part of the first…
OCC Hosts Credit and Operational Risk Workshops in Charlottesville
June 22, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops August 1-2 in Charlottesville, Va., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on August 1 covers the roles of the board and management, credit…
Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics
June 22, 2023 / Source: FDIC
Introduction I would like to thank the Peterson Institute and Adam Posen for inviting me to speak with you today. The topic I would like to discuss this morning is the Basel III capital framework. Strong, high quality capital is essential to fostering resilience in the banking system through economic cycles and periods of economic…