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CFPB starting mandated review of mortgage loan originator rules
March 12, 2023 / Source: CFPB
The mortgage loan originator rules, part of the Truth in Lending Act’s Regulation Z, protect homebuyers from anti-competitive practices, like double-dealing or steering activities, that lead consumers into more expensive loans. The Consumer Financial Protection Bureau is requesting the public’s input on the economic impact of the mortgage loan originator rules on small mortgage companies. We may use…
Joint Statement from the REPO Task Force
March 9, 2023 / Source: Treasury
WASHINGTON – Today, after a virtual meeting, the Deputies of the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released the following statement on the group’s continued work. One year into Russia’s unprovoked and illegal war of aggression against Ukraine, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination…
Treasury Targets Sanctions Evasion Network Moving Billions for Iranian Regime
March 9, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 39 entities constituting a significant “shadow banking” network, one of several multi-jurisdictional illicit finance systems which grant sanctioned Iranian entities, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd. (Triliance), access to the international…
U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share
March 9, 2023 / Source: Treasury
View the full Greenbook here. “This Budget builds on our economic progress by making smart, fiscally responsible investments, which would be more than fully paid for by requiring corporations and the wealthy to pay their fair share. The Budget’s growth-enhancing investments will continue the economic progress of the last two years and further boost the…
Marking International Women’s Day, Treasury Sanctions Iranian Officials and Entities for Serious Human Rights Abuses
March 8, 2023 / Source: Treasury
Coordinated Action with the European Union, the United Kingdom, and Australia WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning several Iranian regime officials and entities, including two senior officials in Iran’s prison system who have been responsible for serious human rights abuses against women and girls. OFAC…
CFPB Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, and Student and Auto Loans
March 8, 2023 / Source: CFPB
Many companies are updating practices and making consumers whole based on supervisory findings WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful…
CFPB and NLRB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices
March 7, 2023 / Source: CFPB
The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that…
Semiannual Monetary Policy Report to the Congress
March 7, 2023 / Source: FRB
Chair Jerome H. Powell Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Chairman Brown, Ranking Member Scott, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report. My colleagues and I are acutely aware that high inflation is causing significant hardship, and…
Acting Comptroller Discusses Trust in Global Banking, Lessons for Crypto
March 6, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed building and maintaining trust in global banking in remarks at the Institute for International Bankers. The Acting Comptroller discussed how the failure of the Bank of Credit and Commerce International (BCCI) in 1991 led to significant changes in how global banks are supervised. He highlighted…
Remarks by Under Secretary for International Affairs Jay Shambaugh at the Institute of International Bankers’ Annual Washington Conference
March 6, 2023 / Source: Treasury
As Prepared for Delivery Thank you for that introduction, Beth. I would like to thank the IIB for inviting me to speak today. The IIB is an important voice in efforts to promote a well-functioning financial system, which makes this a good setting to discuss where we stand in those efforts. I’d will talk about…
Report on the Home Mortgage Disclosure Act Rule Voluntary Review
March 5, 2023 / Source: CFPB
This report contains the findings of the Bureau’s voluntary review of the final rule on the Home Mortgage Disclosure Act the Bureau issued in October 2015 (2015 HMDA Final Rule) and related amendments (collectively, the HMDA Rule). Section 1022(d) of the Dodd-Frank Act requires the Bureau to conduct an assessment of each significant rule or…
Panel on “Design Issues for Central Bank Facilities in the Future”
March 5, 2023 / Source: FRB
Governor Michelle W. Bowman At The Chicago Booth Initiative on Global Markets Workshop on Market Dysfunction, Chicago, Illinois Thanks, Anil. It’s a pleasure to be with you today and to be part of this discussion on how central banks can support the effective functioning of financial markets.1 Financial stability is essential for a well-functioning economy….
Financial Empowerment and Inclusion
March 5, 2023 / Source: FDIC
Know what disability services are available at your bank Banks provide various accommodations and services for customers with disabilities, including digital banking apps, special accounts, and accessibility services. Learning about financial management and financing services that meet your needs, and how to protect yourself from financial scams and exploitation, will help you feel safer and…
CFPB Publishes New Findings on Financial Profiles of Buy Now, Pay Later Borrowers
March 2, 2023 / Source: CFPB
Report finds consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later borrowers use the…
February’s Hot Data Releases
March 2, 2023 / Source: FRB
Governor Christopher J. Waller At the Mid-Size Bank Coalition of America, Los Angeles, California (via webcast) Thank you, Raj, and thank you to the coalition for the invitation to be with you—virtually, at least. I don’t want to take up too much of the time for our discussion but let me frame a few of…
Treasury Sanctions CJNG-Run Timeshare Fraud Network
March 2, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight Mexican companies linked to timeshare fraud on behalf of the Cartel de Jalisco Nueva Generacion (CJNG). CJNG is a violent Mexico-based organization that traffics a significant proportion of the illicit fentanyl and other deadly drugs that enter the…
Treasury Targets DPRK Actors Illicitly Generating Revenue Abroad
March 1, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three entities and two individuals illicitly generating revenue in support of the government of the Democratic People’s Republic of Korea (DPRK).“The DPRK’s unlawful weapons of mass destruction and ballistic missile programs threaten international security and regional stability,” said Under Secretary…
New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits
March 1, 2023 / Source: CFPB
Recipients of public cash assistance programs can be subjected to inadequate customer service and fees that cut into benefits WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to fully access the…
Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023
February 28, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from January 23 and February 1, 2023. For media inquiries, call 202-452-2955 or e-mail [email protected]. Attachment (PDF)
Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2022
February 28, 2023 / Source: Treasury
Washington – Preliminary data from the June 2022 benchmark survey of foreign portfolio holdings of U.S. securities were released today on the Treasury website at https://home.treasury.gov/data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities. Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 28, 2023. The survey was undertaken jointly by Treasury,…
Seeking public input: new proposal for alternative mortgage disclosures for construction loans
February 27, 2023 / Source: CFPB
In the past, under the guise of promoting innovation, individual firms privately lobbied the Consumer Financial Protection Bureau to obtain special regulatory treatment. If they were successful, a firm receiving special treatment could then attract investors and customers by wrongly implying that their business model and practices were endorsed by the government. In other situations, companies…
FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
February 27, 2023 / Source: Treasury
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities. In coordination with…
CFPB Shuts Down Mortgage Loan Business of RMK Financial for Repeat Offenses Against Military Families
February 27, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending. In 2015, the CFPB issued an agency order against RMK for, among other…
Agencies issue 2022 Shared National Credit Program review
February 26, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing…
CFPB finalizes update to administrative enforcement proceedings
February 26, 2023 / Source: CFPB
Congress directed the CFPB to enforce a specific set of laws related to consumer financial protection. The CFPB brings the large majority of its contested enforcement matters in federal district court, and it will continue to do so. However, Congress also envisioned that administrative adjudication would play a role at the CFPB, as it had…