Nonbank Financial

LexisNexis released its 2022 True Cost of Fraud Study which examines current fraud trends in the U.S. and Canadian retail and financial services industries. The study analyzes data from in-depth surveys from over a thousand fraud executives.

The study offered findings on a variety of fraud-related issues and recommendations for addressing potential threats.

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In a release last week, President Joe Biden announced plans designed to ease the burden of housing costs. This will be done by increasing the supply of quality housing in “every community.”

Republicans criticized the plan for perceived failures to promote new construction and for using Fannie Mae and Freddie Mac to promote a political agenda.

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The Mortgage Bankers Association estimated 470,000 homeowners remain in an active forbearance plan bringing the total number of mortgage loans in forbearance below 1 percent.

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The Consumer Financial Protection Bureau (CFPB) has issued its annual report on the bureau’s fair lending activities for 2021. The report highlights enforcement actions, amicus briefs, rulemaking procedures, and outreach and engagement activities.

The CFPB has also issued an advisory opinion on the scope and timeframe in which fair lending laws apply.

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The Federal Housing Administration issued a mortgagee letter which added a 30-day buyer preference for certain home sales. The objective of this addition is to increase supply and access to affordable housing and homeownership for low- and moderate- income homebuyers.

The change also creates a preference for Housing and Urban Development approved nonprofits and governmental entities as part of the post-foreclosure sales period.

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Acting Comptroller of the Currency Michael Hsu stated that the Office of the Comptroller of the Currency (OCC) has joined the Department of Justice (DOJ) and other financial regulators in plans to change bank merger rules.

The DOJ’s Antitrust Division, along with the Federal Trade Commission, began soliciting public comment on the topic earlier this year.

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As the Federal Reserve continues its aggressive rate increases to fight decades-high inflation, concerns of an impending recession also continue to grow.

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Since 1977, the Community Reinvestment Act (CRA) has ensured that banks continue to meet the needs of the communities they are meant to serve by promoting lending in lower-income areas. With only one major update in the mid-1990s, the banking regulators have introduced a proposal to update the CRA to better reflect the changes in the banking and lending industries in the past 30 years.

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The Consumer Financial Protection Bureau (CFPB) has joined the New York Attorney General’s Office in suing MoneyGram for alleged repeated violations of federal law.

CFPB Director Rohit Chopra had previously announced plans to apply stricter focus and scrutiny to perceived “repeat offenders,” of which he classifies MoneyGram.

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The Consumer Financial Protection Bureau (CFPB) has announced its intention to utilize a thus far little used provision of the Dodd-Frank Act which allows for the “supervisory examination” of nonbank financial companies which may pose risks to consumers. The CFPB said it intends to use this authority to apply greater supervision to fintechs.

The CFPB also has issued new procedural rules to make these examinations more transparent.

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