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  ‘Rent-a-bank’ schemes garner CFPB’s focusMonday, June 27, 2022 In a keynote address to the Consumer Federation of America’s 2022 Consumer Assembly, Consumer Financial Protection Bureau Deputy Director Zixta Martinez indicated the bureau is looking closely at “rent-a-bank” activities. These activities involve lenders claiming partnership with banks as a means of subverting regulations placed on non-bank lenders. Read on for more details. |
 More layoffs hit the mortgage industry as rates hit record highsMonday, June 27, 2022 Mortgage interest rates saw the largest one-week increase in 35 years as they quickly approach 6 percent on 30-year fixed rates. This has led to a decline in mortgage applications and triggered layoffs and reassignments for mortgage workers at some of the nation’s largest lenders. Read on for more details. |
 FDIC finds minorities paid more to refinanceMonday, June 27, 2022 A recent study by the Federal Deposit Insurance Corp. found that minority applicants often have higher costs in the mortgage market. The working paper asked the specific question “Did Minority Applicants Experience Worse Lending Outcomes in the Mortgage Market?” It utilized information from the 2020 Home Mortgage Disclosure Act expanded data. Read on for more details. |
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House passes racial equity and economic justice billMonday, June 27, 2022 The House of Representatives has passed H.R. 2543, The Financial Services Racial Equity, Inclusion, and Economic Justice Act. The bill tasks the Federal Reserve with assessing and finding ways to address socio-economic disparities between racial and ethnic groups.
Read on for more details. |
Closings down in May as inventory grewMonday, June 27, 2022 Recent data from RE/Max found that closings in May 2022 were down from May of 2021 as inventory saw its second consecutive month of growth. Read on for more details.
COVID-19 relief fraud enforcement continuesMonday, June 27, 2022 The Department of Justice has continued its efforts to hold to account individuals and organizations that engaged in fraud relating to COVID-19 relief funds. This includes a man convicted of a $4.1 million fraud scheme, and a real estate developer who was indicted by grand jury in Oregon. Read on for more details.
 FHFA, GSEs release equitable housing finance plansTuesday, June 21, 2022 The Federal Housing Finance Agency (FHFA), along with Fannie Mae and Freddie Mac (the “GSEs”), have released new equitable housing finance plans for 2022-2024. The plans are designed to complement FHFA strategic plan initiatives that promote safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing. Read on for more details.
 Case to watch: SEC v. RippleTuesday, June 21, 2022 In 2012, Ripple Labs developed XRP, a cryptocurrency meant to facilitate international transactions. In December 2020, the Securities and Exchange Commission (SEC) brought suit against Ripple and two of its executives for selling XRP, which the SEC classified as an unregistered security. Since then, a legal battle has been ongoing that many experts see as being a watershed case for crypto regulation. Read on for more details.
 Industry groups oppose CFPB involvement in bank mergersTuesday, June 21, 2022 In a request for information from the Federal Deposit Insurance Corp. (FDIC) regarding updates to the Bank Mergers Act regulations, the FDIC inquired as to the level of involvement the Consumer Financial Protection Bureau should have in assessing future bank mergers. Industry trade groups have responded to this question with a resoundingly negative response. Read on for more details.
CBA warns Congress about excessive overdraft fee restrictionsTuesday, June 21, 2022 The Consumer Bankers Association sent a letter to the House Committee on Financial Services reiterating its longstanding opposition to H.R. 4277, legislation that would require banks to engage in increased disclosure and limitations concerning the utilization of overdraft protection and overdraft fee programs. Read on for more details.
Coinbase lays off 18 percent of workforceTuesday, June 21, 2022 The cryptocurrency exchange platform Coinbase announced it will be laying off approximately 18 percent of its workforce following significant declines in crypto markets in recent months. Read on for more details.
 State bank supervisors press Congress to pass SAFE Banking ActMonday, June 20, 2022 The Conference of State Banking Supervisors (CSBS) is urging Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act as part of the final version of the America COMPETES Act. Passage of the SAFE Banking Act has bipartisan support but it is still unlikely to make it to the final form of the bill in the Senate. Read on for more details.
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