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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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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.

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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.

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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.

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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.

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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.

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The Senate confirmed two of President Joe Biden’s nominees to serve as commissioners at the Securities and Exchange Commission.

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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.

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At the June Federal Open Market Committee (FOMC) meeting, the Federal Reserve voted to increase interest rates 0.75 percentage points, this is a quarter percentage point higher than the Fed had originally planned.

Another interest rate hike has been confirmed for the next FOMC meeting in late July, although the size of the increase is no longer clear.

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The U.S. Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Housing, Transportation, and Community Development held hearing on the Department of Agriculture’s (USDA) rural housing service (RHS).

Members of the subcommittee questioned the USDA undersecretary of rural development on RHS programs and housing issues facing rural Americans.

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Freddie Mac announced new automated underwriting capabilities designed to allow lenders to verify assets, income and employment using borrower-approved bank account data.

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A complaint filed in Chicago’s federal district court for the Northern District of Illinois alleges Wintrust Bank denied black applicants at a higher rate than white applicants; and, when black applicants were approved, it was at terms more burdensome than those for white applicants.

The lawsuit seeks certification to become a class action suit on behalf of all black applicants who were denied or subject to less favorable terms upon approval.

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The Federal Housing Finance Agency announced the final public disclosure rule for Fannie Mae and Freddie Mac.

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The Consumer Financial Protection Bureau (CFPB) has issued a new Consumer Financial Protection Circular, and accompanying press release, addressing the usage of algorithms in making credit decisions.

The CFPB is attempting to make clear to financial institutions that relevant provisions of the Equal Credit Opportunity Act are still applicable when using such algorithms.

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Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wy.) have introduced the first comprehensive and bipartisan cryptocurrency bill before Congress. The Responsible Financial Innovation Act attempts to address a wide range of issues related to the usage and regulation of cryptocurrencies.

The bill is currently viewed unfavorably by most traditional lenders and banks.

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The House Committee on Financial Services held a hearing to continue the federal government’s discussion on the development of a U.S.-backed central bank digital currency (CBDC).

The notion of the Fed developing and allocating a CBDC has been mostly disfavored by Republicans, as well as industry professionals and community activists.

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Over the past few weeks, several mortgage companies have announced layoffs as mortgage originations continue to decline.

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As interest rates continue to increase, borrowers are becoming less interested in fixed-rate mortgages and more interested in adjustable-rate mortgages.

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Following a rare meeting between President Joe Biden and Federal Reserve Chair Jerome Powell, Biden emphasized the importance of allowing the Fed to act autonomously as it works to reduce inflation and prevent a recession.

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In a case of first impression for the 11th Circuit Court of Appeals, the court heard a case questioning whether a monthly mortgage statement should fall within the definition of “communications in connection with the collection of debt” under the Fair Debt Collection Practices Act.

The opinion from the court gave a narrow holding, but one that may affect the way some mortgage servicers do business.

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The Consumer Financial Protection Bureau (CFPB) has opened a new Office of Competition and Innovation (OCI). The OCI is part of a new approach by the CFPB to help spur innovation in financial services by promoting competition and identifying “stumbling blocks” for new market entrants.

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Federal Reserve Gov. Christopher Waller said he anticipates 0.5 percentage point increases to continue as the Fed works to fight inflation. Waller indicated he would support the Fed going beyond the 2.5 percent “neutral” level; and that it could be done without causing a severe economic downturn.

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Borrowers are bringing class action suits against mortgage servicers over data breaches. The borrowers are claiming the servicers failed to meet their duty to protect personal data of the borrowers.

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A recent study from Freddie Mac found a majority of seniors plan to age in place which may contribute to the current housing-supply shortage.

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Current National Credit Union Administration (NCUA) Chair Todd Harper has been confirmed by the U.S. Senate to serve a full term in the position. Harper had previously been appointed by former President Donald Trump to fill a mid-term vacancy.

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The Consumer Financial Protection Bureau (CFPB) has issued a Consumer Financial Protection Circular directed at other regulators, outlining how it believes the other agencies should be enforcing consumer finance laws.

The circular’s stated objective is to promote consistency among enforcers and fair competition in the markets.

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According to a recent survey from the Federal Reserve Bank of New York, consumers have lost confidence in their ability to find affordable housing.

This decline in consumer confidence comes as the median home mortgage purchase application payments index has continued to increase.

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Federal Reserve Bank of Atlanta President Raphael Bostic has suggested the Fed may consider a rake hike pause in September following the planned half-of-a-percentage point rate hikes in June and July.

Bostic thought the pause may be necessary to achieve the “soft landing” which is the Fed’s goal.

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After almost two years, the Federal Reserve has finalized its rule for its FedNow Service, a new interbank 24/7/365 real-time gross settlement service. FedNow is expected to be available in 2023.

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JPMorgan economists lowered their U.S. economic forecasts for 2022 and 2023. The decrease was prompted by high mortgage rates, among other things.

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In a guidance letter to regulated entities, the National Credit Union Administration has provided information and recommendations on the use of distributed ledger technology, more commonly referred to as blockchain.

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In a decision which seeks to restrict decades of Supreme Court precedent, the Fifth Circuit Court of Appeals has deemed the function of Securities and Exchange Commission Administrative Law Judges and their quasi-judicial authority to be unconstitutional.

This decision, if affirmed by the Supreme Court, could have wide-ranging ramifications for a considerable number of federal agencies.

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The CEO of a mortgage fulfillment company, a Florida attorney and a data and analytics specialist were recognized by October Research, LLC with its annual awards for leadership, innovation, and philanthropy.

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Attendees at October Research, LLC’s National Settlement Services Summit (NS3) in Orlando took time to build Comfort Kits for the families staying at the Ronald McDonald House Charities of Central Florida properties.

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The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule which describes states’ authority to engage in enforcement of consumer financial protection laws.

The interpretive rule clarifies what the CFPB sees as the role of states’ attorneys general and state regulators in enforcing the Consumer Financial Protection Act and related CFPB rules.

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A bill has been introduced in the House of Representatives to ban credit reporting agencies from sending “trigger leads” following consumer inquiries regarding home mortgage loans.

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In another narrow Senate vote, Sandra Thompson was confirmed as the Federal Housing Finance Agency director. Thompson has been serving as the acting director for nearly a year while awaiting Senate confirmation.

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A distinguished group of speakers will take the stage over the next three days at the 17th annual National Settlement Services Summit (NS3) at the Omni Orlando Resort at ChampionsGate in Florida.

Read on for details about the program that is At The Center of the real estate transaction today.

The Federal Deposit Insurance Corp. (FDIC) released a final rule prohibiting any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo.

In conjunction with this rule, the Consumer Financial Protection Bureau released an enforcement memorandum providing guidance relating to such misuses or misrepresentations.

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The Consumer Bankers Association (CBA) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra praising the bureau’s decision to use its “dormant authority” to apply greater supervision over fintechs.

The letter encourages Chopra and the CFPB to take steps beyond this “dormant authority” and expand its supervision to other markets in which fintechs hold a significant share.

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The Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data was collected from 16 larger servicers from May 2021 through December 2021.

The report indicated homeowners are continuing to face significant risks and challenges related to working with their mortgage servicers.

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The Ninth Circuit Court of Appeals has reversed a lower court’s summary judgment ruling in favor of a defendant sued for violation of the Fair Credit Reporting Act (FCRA).

The appellate court determined the “reasonable investigation” conducted by the defendant when the plaintiff disputed the information needed to be left up to a jury to decide.

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The Federal Reserve and the Office of the Comptroller of the Currency (OCC) announced a joint public meeting on the proposal by Bank of Montreal and BMO Harris Bank national Association to acquire BancWest Holing and Bank of the West.

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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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In remarks at FINRA’s annual conference, Securities and Exchange Commission chair Gary Gensler spoke on the agency’s work collaborating with commodities regulators to rein in cryptocurrency trading.

His remarks amplified earlier calls to regulate crypto-trading following a significant drop in the market which cost crypto-investors billions.

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Guild Mortgage has introduced a new program which helps homebuyers compete with all-cash offers.

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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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In a 51-50 partisan split, the Senate voted to confirm Julia Gordon as assistant secretary of housing, federal housing commissioner.

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