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The Consumer Financial Protection Bureau (CFPB) released the anticipated finalized rule for the Dodd-Frank Act section 1071 small-business lending rule. The rule formalized data collection and reporting requirements for lenders that lend to small businesses in the U.S. According to the CFPB, the rule will work in concert with the Community Reinvestment Act, to analyze how financial institutions are meeting the needs of the communities they serve. Read on for more details.

It has recently become public that the Consumer Financial Protection Bureau (CFPB) suffered a data breach earlier this year when a now-former employee of the bureau sent confidential and personal information on more than 250,000 consumers to their own personal email account. The CFPB has referred the matter to the Office of the Inspector General and reported the breach to relevant congressional oversight committees. Read on for more details.

The Federal Housing Finance Agency announced a notice of proposed rulemaking which, if finalized, would formalize many of the agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Read on for more details.

In a speech at the Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy, Federal Reserve Governor Michelle Bowman discussed the topic of a U.S.-produced central bank digital currency (CBDC). Though she acknowledged some benefits to a U.S. CBDC, Bowman expressed skepticism towards the concept. Read on for more details.

A 2020 lawsuit filed by Better alleged a former employee gave its trade secrets to Beeline Loans. The suit is set to go to trial on Jan. 8, 2024. Read on for more details.

The New York Department of Financial Services announced that it has begun charging crypto firms that are subject to the agency’s supervision and examination, putting the crypto industry more in line with banking and insurance firms. Read on for more details.

Department of Housing and Urban Development Secretary Marcia Fudge hosted the department’s first Tribal Intergovernmental Advisory Committee meeting to discuss housing needs and challenges in tribal nations. Read on for more details.

In a recent unanimous decision from the Supreme Court, the court held that entities and individuals facing administrative proceedings from the Federal Trade Commission and the Securities and Exchange Commission have the right to enjoin those proceedings through a suit before a federal district court before the administrative proceeding has concluded. Read on for more details.

On the occasion of the 55th anniversary of the Fair Housing Act’s enactment, Sen. Tim Scott (R-S.C.), ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, announced the framework of the Renewing Opportunity in the American Dream (ROAD) to Housing Act. The legislation seeks to introduce reforms to federal housing policies that will “lift families up.” Read on for more details.

The Securities and Exchange Commission charged crypto trading platform Bittrex, Inc. and its former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. Read on for more details.

New data from the Mortgage Bankers Association indicates a further decline in the number of mortgages in active forbearance. Read on for more details.

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing to consider a slate of nominations from President Joe Biden to fill roles on the Council of Economic Advisers, the Department of Treasury, and the Department of Housing and Urban Development. Read on for more details.

The Securities and Exchange Commission appointed a new inspector general, who will take over the role effective May 7. Read on for more details.

The Small Business Administration announced it is ending a 40-year moratorium on admitting new non-bank lenders to its 7(a) lending program, opening up the agency’s flagship lending vehicle to fintech participants for the first time. The new rule will allow fintechs and other non-depository lenders to apply for a small business lending company license. Read on for more details.

The Federal Trade Commission (FTC) filed a motion in federal court requesting the court issue a temporary restraining order and preliminary injunction to prevent Intercontinental Exchange from going through with its proposed acquisition of rival mortgage technology firm Black Knight, pending the outcome of the FTC’s administrative challenge to the deal. Read on for more details.

The Consumer Financial Protection Bureau released its report and breakdown of consumer complaints it received in 2022. The year saw a substantial increase in complaints regarding credit reporting issues, student loans, and checking and savings account management. The bureau also received over 29,000 complaints regarding mortgage issues. More than half of those issues related to making the monthly payments. Read on for more details.

Home purchase mortgage applications rose for the week ending April 7, according to data from the Mortgage Bankers Association, likely spurred in part by interest rates for 30-year fixed rate mortgages with conforming loan balances declining to their lowest point in over two months. Read on for more details.

BNCCORP, Inc. announced its wholly owned subsidiary, BNC National Bank, entered into a definitive agreement with First Federal Bank under which First Federal will purchase BNC’s mortgage division. Read on for more details.

Chair of the House Financial Services Committee Rep. Patrick McHenry (R-N.C.), and Chair of the Subcommittee on Oversight and Investigations Rep. Bill Huizenga (R-Mich.) sent a letter to Securities and Exchange Commission Chair Gary Gensler demanding further information relating to the charges filed by the agency against FTX founder Sam Bankman-Fried. Read on for more details.

The U.S. Court of Appeals for the Sixth Circuit recently held a plaintiff did have Article III standing to sue for violation of the Fair Debt Collection Practices Act following a single unwanted call from a debt collector. The court referenced the common law claim of “intrusion upon seclusion” as a basis for the decision. Read on for more details.

The International Monetary Fund (IMF) is calling for regulators around the world to impose greater regulations on non-bank financial institutions to protect global financial systems and economic stability. According to IMF data, non-bank financial institutions account for approximately half of the assets of the entire global financial system. Read on for more details.

Vice President Kamala Harris recently announced the Treasury Department would issue $1.7 billion in grants to more than 600 community lenders to support small businesses, entrepreneurs, nonprofits, housing and commercial real estate agencies which are still working to recover from the COVID-19 pandemic. The grants will go to local lending institutions that primarily serve minority communities. Read on for more details.

The Federal Housing Finance Agency will host the Appraisal Subcommittee (ASC) for its next public hearing in coordination with ASC member agencies. Read on for more details.

According to a report from the Mortgage Bankers Association, mortgage credit availability increased in March. Read on for more details.

The Federal Financial Institutions Examination Council named Acting Comptroller of the Currency Michael Hsu as its chair. Read on for more details.

In an exclusive interview with Dodd Frank Update, Tim Burniston, senior advisor for regulatory strategy with Wolters Kluwer Compliance Solutions, offered his initial reactions to the new 1071 small business lending rule released by the Consumer Financial Protection Bureau. The 888-page rule offered clarity on some matters, while leaving questions on others. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) filed suit against two individuals for creating and utilizing revocable trusts to hide assets as a means to avoid paying more than $40 million in restitutions and civil money penalties. The restitutions and civil penalties were part of a 2015 order from the CFPB. Read on for more details.

The Conference of State Bank Supervisors issued a request for public comment on a proposal for uniform state licensing standards for mortgage companies. The proposed standard outlines the eight major components required of a mortgage-specific business in order to receive or maintain a license through the nationwide multistate licensing system. Read on for more details.

loanDepot announced it reached a settlement and cooperation agreement with Anthony Hsieh, its founder, chairman, former CEO, and largest shareholder, over Hsieh’s desire to replace one of the members of the company’s board of directors at its 2023 annual meeting. Read on for more details.

A recent survey commissioned by the Consumer Bankers Association found a majority of Americans believe credit card late fees are legitimate and not “junk fees” as the Consumer Financial Protection Bureau has labeled them. Read on for more details.

The Federal Deposit Insurance Corp., as receiver of the former New York-based Signature Bank and California-based Silicon Valley Bank, retained a financial advisor to help with the liquidation of securities held by the two failed banks. Read on for more details.

President Joe Biden called on regulators to reverse actions taken during the prior administration which he claimed weakened the safeguards and supervision for large regional banks. These regulatory reforms would reinstate aspects of the Dodd-Frank Act which were overturned with the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act. Read on for more details.

The Consumer Financial Protection Bureau released a policy statement explaining the legal prohibition on abusive conduct in consumer financial markets in which it also points to over a decade of precedent to support its position. Under the Consumer Financial Protection Act, the bureau has the authority to regulate and prohibit conduct that is considered unfair, deceptive, or abusive. Read on for more details.

The Federal Housing Finance Agency, Office of the Inspector General released a white paper reviewing the current state of the Federal Home Loans Bank (FHLBank) system as part of preparations for the centennial anniversary of the system. The white paper examines the role of the FHLBank system during recent episodes of financial instability as well as examining forward-looking initiatives. Read on for more details.

U.S. House Rep. Scott Fitzgerald (R-Wis.) introduced legislation aimed at making the Consumer Financial Protection Bureau (CFPB) more accountable to small businesses. Read on for more details.

The Federal Reserve Bank issued a $67.8 million fine against Wells Fargo for alleged inadequacies in its oversight of sanction risks. Read on for more details.

Leadership from both parties on the House Financial Services Committee have urged the Government and Accountability Office to undertake an examination of the causes which led to the closure of Silicon Valley Bank and Signature Bank. Read on for more details.

A group of 17 Republican members of the House Financial Services Committee, led by Chair Patrick McHenry (R-N.C.) and Rep. Andy Barr (R-Ky.), sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra raising concerns of the bureau’s recent credit card late fee rule-change proposal. The letter accuses the CFPB of disregarding precedent and ignoring procedural requirements. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) ordered national debt collector Portfolio Recovery Associates to pay more than $24 million for alleged repeat offenses relating to debt collection practices and consumer reporting violations in conflict with a 2015 CFPB order as well as other violations of the Fair Debt Collection Practices Act. Read on for more details.

The Federal Deposit Insurance Corp. announced the selection of a bank to acquire the deposits and loans of failed Silicon Valley Bank. Read on for more details.

Rocket Co. announced the launch of a Rocket Visa credit card which is designed to assist aspiring homeowners save for a down payment and existing homeowners pay off their mortgage faster. Read on for more details.

The Financial Crimes Enforcement Network issued a financial trend analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021. Read on for more details.

The Consumer Financial Protection Bureau (CFPB) released the anticipated finalized rule for the Dodd-Frank Act section 1071 small-business lending rule. The rule formalized data collection and reporting requirements for lenders that lend to small businesses in the U.S. According to the CFPB, the rule will work in concert with the Community Reinvestment Act, to analyze how financial institutions are meeting the needs of the communities they serve. Read on for more details.

In testimony before the Senate appropriations subcommittee, Treasury Secretary Janet Yellen informed lawmakers the Treasury Department had not considered or discussed “blanket insurance” for all U.S. banking deposits without approval by Congress. This statement came less than two weeks after federal regulators authorized insuring all deposits from Silicon Valley Bank, including those beyond the $250,000 insurance limit. Read on for more details.

The Second Circuit Court of Appeals found the funding structure of the Consumer Financial Protection Bureau to be constitutional, creating a circuit split between it and the Fifth Circuit, which decided last year that the funding structure was a violation of the appropriations clause. The Supreme Court is already set to hear the Fifth Circuit case next term, but this new decision will provide further constitutional analysis for the justices to consider. Read on for more details.

Senate Banking Committee Chair Sherrod Brown (D-Ohio), along with committee members Sens. Catherine Cortez Masto (D-Nev.) and Elizabeth Warren (D-Mass.), asked the American Bankers Association to design a plan to address an increase in “check washing” scams. These scams involve people stealing checks and erasing and rewriting information so they may then make fraudulent withdrawals from the victim’s bank account. Read on for more details.

In a recent webinar hosted by October Research, industry experts discussed some of the ways lenders and title agents can become more competitive in a down market by smoothing out some of the common pain points between partners in the real estate transaction process. Read on for more details.

Guild Mortgage CEO Mary Ann McGarry announced plans to retire after nearly 40 years in the industry. Read on for more details.

Following the Federal Reserve’s March meeting of the Federal Open Market Committee, the central bank announced a 25 basis point increase to the federal funds rate. Read on for more details.