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Wolters Kluwer released the results of its annual Regulatory and Risk Management Indicator survey, which showed an overall decline in the banking industry’s regulatory and risk management “pain index” compared with last year. Tim Burniston, senior advisor for regulatory strategy with Wolters Kluwer Compliance Solutions, spoke with Dodd Frank Update about some of the key takeaways from this year’s survey. Read on for more details.

A poll from the Consumer Bankers Association found that a majority of Americans believe Congress and the Consumer Financial Protection Bureau need to do more to ensure large fintech and crypto firms are subject to increased levels of oversight by federal regulators. The poll also found that consumers trust banks more than other financial service providers when it comes to protecting their money. Read on for more details.

Two groups of state attorneys general filed separate amicus briefs with the U.S. Supreme Court urging the court to grant the Consumer Financial Protection Bureau’s (CFPB) petition for writ of certiorari seeking review of the Fifth Circuit’s decision in Community Financial Services Association of America v. CFPB. The two separate briefs, divided by political affiliation, encourage the court to either uphold or overturn the circuit decision. Read on for more details.

Wells Fargo reached a settlement agreement with the Consumer Financial Protection Bureau to pay a record-breaking $3.7 billion fine relating to consumer abuses tied to mortgages, auto loans, and overdraft fees. This settlement includes more than $2 billion in redress to consumers and a $1.7 billion civil penalty. Read on for more details.

A recent study from Urban Institute found that 80 percent of homes on the market are unaffordable for households earning median incomes or less. Read on for more details.

The Secure and Fair Enforcement (SAFE) Banking Act failed to find inclusion in the last big bill of the lame duck session of the 117th Congress. The bill, which offers safe harbor to banks offering products and services to the cannabis industry, was excluded from the National Defense Authorization Act. Read on for more details.

The Senate has voted to confirm all three of President Joe Biden’s nominees to the Federal Deposit Insurance Corp. board of directors, including its chair. Read on for more details.

In legislation recently introduced to the Senate, Senate Banking Committee Chair Sherrod Brown (D-Ohio) is looking to close “shadow” banking loopholes, also referred to as industrial loan companies, which allow retail and tech companies to offer banking services without meeting the oversight and regulatory requirements of other financial institutions. Read on for more details.

New legislation proposed by Sens. Elizabeth Warren (D-Mass.) and Pat Toomey (R-Pa.) aims to increase transparency within the Federal Reserve System. The bill would make each of the 12 regional Federal Reserve banks subject to the Freedom of Information Act as well as make a high-level Fed position presidentially appointed. Read on for more details.

In the Dec. 13–14 Federal Open Market Committee meeting, the Federal Reserve Committee voted to increase the federal funds rate by 50 basis points. Read on for more details.

American’s sentiment toward the housing market increased slightly in November, according to Fannie Mae’s Home Purchase Sentiment Index, marking the first increase in nine months and edging just above the all-time low in October. Read on for more details.

The Consumer Financial Protection Bureau proposed a registry which would require certain nonbank financial institutions to register with the bureau when they become subject to federal, state, or local consumer financial protection agency or court orders. Read on for more details.

A report from the U.S. House of Representatives Select Subcommittee on the Coronavirus Crisis detailed poor performance of many fintech companies to administer the Paycheck Protection Program (PPP). The report showed that many fintech companies failed to properly screen for fraud in PPP applications. Read on for more details.

The Consumer Financial Protection Bureau released a report on servicemembers’ usage of credit protections under the Servicemembers Civil Relief Act (SCRA). SCRA was designed to provide legal and financial protections to active duty servicemember. This report specifically focuses on the interest rate reduction benefit and protection against repossession provided by SCRA. Read on for more details.

The Federal Reserve and Federal Deposit Insurance Corp. announced the results of their joint review of the resolution plans submitted by the eight largest and most complex domestic banking organizations in 2021. The resolution plans required the financial institutions to provide details of their strategies for the rapid and orderly resolution of a bankruptcy in the event of their material financial distress or failure. Read on for more details.

Recent data from Black Knight indicates that over 8 percent of all homes purchased with a mortgage in 2022 are now considered underwater as the housing market begins to correct. Read on for more details.

FINRA announced a targeted examination of member firms that are engaged in retail communications about crypto asset products and services. FINRA is requiring members to produce any communications that were distributed by the member firm or its affiliates on its behalf, which refer to, relate to, or concern a crypto asset or service involving the transaction or holding of a crypto asset. Read on for more details.

The Consumer Financial Protection Bureau brought action against Loan Doctor to address claims that the company and its founder violated consumer financial protection laws by deceiving consumers into thinking they were depositing funds into a guaranteed return savings product within a commercial bank. Read on for more details.

The Consumer Financial Protection Bureau recently announced it has started sharing customer complaint data with local governments. The data will give federal, state, and local government agencies access to more granular information about consumer complaints and companies’ responses than what is available to the public. Read on for more details.

In recent months, President Joe Biden announced his nominees for the board of directors for the Federal Deposit Insurance Corp. The Conference of State Bank Supervisors sent a letter to Sens. Sherrod Brown (D-Ohio) and Pat Toomey (R-Pa.) expressing concerns and disappointment over the nominations ahead of confirmation committee hearings. Read on for more details.

U.K.-based crypto lender Nexo Financial has announced plans to leave the U.S. market in coming months. The company pointed to 18 months of talks with regulators that only resulted in “dead ends” as the reason for this decision. This announcement came less than a week after it was confirmed the Consumer Financial Protection Bureau was engaged in a probe into some of Nexo’s products. Read on for more details.

The Mortgage Bankers Association sent a letter to the Consumer Financial Protection Bureau in response to its request for information on how to improve refinancing and mortgage forbearance tools for consumers beyond the short-term pandemic-era programs. Read on for more details.

On Nov. 23, 2022, HomeTrust Mortgage reported a data breach to the Attorney General of Montana. The breach resulted in the names, addresses and Social Security numbers of some customers being compromised. Read on for more details.

The Consumer Financial Protection Bureau released a blog post offering some reprieve to companies subject to reporting requirements under the Home Mortgage Disclosure Act (HMDA). The announcement comes following a September federal court decision which reversed a Trump-era rule which changed HMDA reporting requirements. Read on for more details.

The National Association of Minority Mortgage Bankers of America hosted its annual Connect conference in Orlando, Fla. The conference saw industry professionals come together to meet and hear from industry leaders and regulators about the state of the industry and how to prepare for the future. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) acknowledged its first-known investigation of a crypto company. The public disclosure of the probe comes from an order issued by the CFPB denying the crypto firm’s petition to stop the investigation. The firm’s petition argues that the subject of the investigation is not within the scope of CFPB authority. Read on for more details.

In public remarks at the Brookings Institute, Federal Reserve Chair Jerome Powell said that the central bank’s benchmark interest rate will likely continue to increase. He acknowledged the aggressive action taken by the Fed over the past six months will offer the Fed some “breathing room” to take less aggressive action. Read on for more details.

A New Jersey real estate developer and attorney both admitted to conspiring to orchestrate a mortgage fraud scheme that led to millions in losses. Read on for more details.

Crypto lender BlockFi filed for bankruptcy in New Jersey following fallout from the collapse and ongoing bankruptcy proceedings of crypto exchange FTX. In its filings, the lender pointed to its “substantial exposure” to FTX which created a liquidity crisis. Read on for more details.

The Federal Housing Finance Agency House Price Index showed 0.1 percent growth in third quarter 2022 from the previous quarter. The price index also revealed housing prices remain significantly higher than one year ago. Read on for more details.

The Consumer Financial Protection Bureau and the Federal Trade Commission filed a joint amicus brief in the Eleventh Circuit case of Louis v. Bluegreen Vacations Unlimited. The case involves a servicemember asking the court for the right to sue to invalidate a contract that the servicemember and his wife allege is in violation of the Military Lending Act. Read on for more details.

The Independent Community Bankers of America and the American Bankers Association called on the Federal Housing Finance Agency and federal banking regulators to align their capital rules to avoid penalizing community banks for supporting local communities during the COVID-19 pandemic. Read on for more details.

The Independent Community Bankers Association called on U.S. Senate leaders to take up and pass the Secure and Fair Enforcement (SAFE) Banking Act before the end of the current congressional term. The proposed law would create a safe harbor for those in the cannabis industry to access banking services that are currently unavailable under federal law. Read on for more details.

The share of mortgages in forbearance increased slightly in October, according to the Mortgage Bankers Association’s monthly loan monitoring survey. Read on for more details.

The Federal Trade Commission announced it is extending the deadline for companies to comply with some of the changes to its financial data security safeguard rules. Read on for more details.

The Federal Housing Administration submitted its annual report to Congress on the financial status of its Mutual Mortgage Insurance Fund. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) filed a petition for writ of certiorari with the U.S. Supreme Court asking the high court to hear appeal of the Fifth Circuit case Consumer Financial Services Association of America v. CFPB. If the court grants the writ, it is likely that the case will be heard later this term. Read on for more details.

Lobbying and trade groups, including the Bank Policy Institute, American Bankers Association, and Institute of International Bankers, responded to a request for information (RFI) from the Cybersecurity and Infrastructure Security Agency (CISA) on the Cyber Incident Reporting for Critical Infrastructure Act. The CISA RFI is related to a notice of proposed rulemaking relating to proposed regulations. Read on for more details.

The U.S. Department of the Treasury released a report assessing the impacts of fintechs on competition in consumer finance markets. The report found that fintech firms are spawning new competition within the market but also are creating new risks for consumers and the market. Read on for more details.

Foreclosure activity in October increased significantly from one year earlier, according to data from ATTOM’s October 2022 U.S. Foreclosure Market Report. Read on for more details.

According to a Zillow report, home prices plateaued in October, signaling a likely end to the rapid rise in housing costs that were triggered by low interest rates during the pandemic. Read on for more details.

The Consumer Financial Protection Bureau announced a new enforcement action against a mortgage servicer for “cheating” homeowners out of CARES Act rights. Read on for more details.

A research paper from Ubiquity looked at the benefits to banks when they work to meet the expectations of Gen Z – those born roughly between 1997 and 2010. A vast majority of these expectations derive from the consumer experience in interacting with the bank and the convenience banks and other financial institutions offer through technology and innovations. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) issued a circular providing guidance on proper practices for investigation by consumer reporting companies. The circular affirms that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The CFPB offers guidance on how federal and state enforcers can bring claims against companies that fail to investigate properly. Read on for more details.

A recent survey from Zillow found that prospective homebuyers spent more time researching their next vacation or vehicle purchase than researching mortgage lenders. Read on for more details.

In a monthly survey by Fannie Mae, a substantial majority of consumers stated that they did not think it was a good time to buy a home. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) and Populus Financial Group agreed to stay the bureau’s enforcement action currently being heard in a Texas federal district court until the Fifth Circuit issues a mandate in Community Financial Services Association of America v. CFPB. Read on for more details.

President Joe Biden announced his intent to nominate a chair and member of the board of directors of the Federal Deposit Insurance Corp. Read on for more details.