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Posted Date: Tuesday, March 26, 2024
Federal banking agencies have extended the implementation period for certain provisions of their modernized Community Reinvestment Act (CRA) rules. Covered entities will have until Jan. 1, 2026, to align their CRA compliance policies and procedures with the revised rules, which had an original applicability date of April 1 of this year. Read on »
Posted Date: Friday, March 22, 2024
Three companies and certain associated parties received cease-and-desist letters from the Federal Deposit Insurance Corp. (FDIC) for making false and misleading statements about federal deposit insurance. The letters highlight specific examples of violations of the FDIC Act. Read on »
Posted Date: Tuesday, March 19, 2024
The Biden administration has requested $325 million be allocated to the Community Development Financial Institutions (CDFI) Fund in its proposed budget for fiscal year 2025. If approved by Congress, the proposal would represent a $1 million increase in CDFI Fund allocations from last year and a 20 percent increase from the 2021 budget. Read on »
Posted Date: Friday, March 15, 2024
House Republicans celebrated the passage of H.R. 2799, which aims to facilitate capital formation by strengthening public markets, helping small businesses and entrepreneurs and creating new investment opportunities. The bill passed via a 212-205 vote along party lines. Read on »
Posted Date: Tuesday, March 12, 2024
The Consumer Financial Protection Bureau’s blog posts related to its policy initiatives under Director Rohit Chopra have rubbed many financial professionals the wrong way. The bureau’s latest post referred to closing costs as “junk fees” that hinder housing affordability, prompting criticism from the Mortgage Bankers Association. Read on »
Posted Date: Friday, March 8, 2024
The Mortgage Bankers Association (MBA) was generally encouraged by the Biden administration’s announcements regarding the housing market, released just prior to the 2024 State of the Union Address.
MBA President and CEO Bob Broeksmit also noted the organization’s concerns about certain indications from the Consumer Financial Protection Bureau (CFPB) about closing costs and other expenses associated with mortgage transactions. Read on »
Posted Date: Tuesday, March 5, 2024
The
Federal Reserve’s 2024 hypothetical stress test scenarios are the first to incorporate
elements the agency is studying as part of its “exploratory analysis” of the
banking system. The analysis is distinct from the stress test but will
complement it by offering aggregate results tested against different economic
and financial conditions. Read on »
Posted Date: Friday, March 1, 2024
Federal banking regulators released their 2023 Shared National Credit (SNC) report assessing credit quality and risk factors associated with large, syndicated bank loans as “moderate” despite some downward trends attributed to high interest rates. The SNC program assesses risk among the largest and most complex credit facilities shared by regulated financial institutions and nonbank investors. Read on »
Posted Date: Friday, February 23, 2024
The rise of artificial intelligence sophisticated enough to impersonate individuals has led to a surge in complaints about fraud and other consumer harm. In response, the Federal Trade Commission issued a supplemental notice of proposed rulemaking to strengthen anti-fraud measures included in its recently finalized Government and Business Impersonation Rule. Read on »
Posted Date: Tuesday, February 20, 2024
More than seven years after fining Wells Fargo $100 million for illegal sales practices, the Office of the Comptroller of the Currency terminated the consent order it issued against the bank in September 2016. More than 3 million unauthorized customer accounts were discovered by federal investigators, including several uncovered long after the initial order. Read on »
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