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Posted Date: Tuesday, May 7, 2024
While the real estate industry adapts to the structural changes coming its way, the Consumer Financial Protection Bureau’s Office of Research conducted laboratory experiments to investigate the effects of price complexity on market outcomes.
Results indicated consumers paid more when closing costs were split into sub-prices, and the more complex the pricing structure, the worse the buyers fared. Read on »
Posted Date: Tuesday, May 7, 2024
Federal regulators are constantly researching products, fees and policies to assess whether they align with current laws and regulations. Two agencies recently published reports that could be of interest to secondary market participants and consumers with health savings accounts.
Find out more about these studies, as well as other recent developments from regulatory agencies that may have evaded the major news headlines. Read on »
Posted Date: Friday, May 3, 2024
The Government Accountability Office’s (GAO) opinion on the Consumer Financial Protection Bureau’s financial statements and related internal controls found relevant materials reliable and controls effective.
It also provided an update on the 60 recommendations the GAO has made over the years to improve the bureau’s operations. Read on »
Posted Date: Friday, May 3, 2024
Financial trade organizations have their sights trained on several pressing regulatory issues that were not as widely publicized as others but are still critical to their operations. In this roundup, we examine what some of the largest associations representing banks and credit unions have to say about potential rulemaking activities and pending legislative matters that could affect their members’ businesses. Read on »
Posted Date: Tuesday, April 30, 2024
The mortgage industry expressed concerns about how the Consumer Financial Protection Bureau’s latest supervisory highlights may impact borrowers’ trust in their mortgage service providers. The report highlighted problematic behavior amongst mortgage servicers related to Regulation X, Regulation Z, unfair, deceptive, and abusive acts or practices, and what the bureau deems as “junk fees.” Read on »
Posted Date: Tuesday, April 30, 2024
Federal regulatory agencies frequently seek feedback from industry stakeholders by forming advisory committees and advertising for comments on rulemaking activities. The Federal Deposit Insurance Corp. recently added representatives from multiple institutions to its advisory committee on community banking. Learn about these developments and more in this regulatory roundup. Read on »
Posted Date: Tuesday, April 23, 2024
Federal regulators are constantly addressing issues facing financial institutions of all sizes. In this roundup, learn about recent developments and remarks pertaining to some of the largest banks in the world, as well as smaller, community-based institutions. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices.
Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee's (FSC) S ubcommittee on Financial Institutions and Monetary Policy to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau is aiming to streamline its nonbank designation protocols with a new procedural rule that builds on its previous actions toward implementing a long “dormant” statutory authority. The procedural updates include the reallocation of certain duties to the director that previously fell to specific assistant and associate director roles. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau’s final rule restricting credit card late fees faces a resolution of disapproval which has substantial industry support. The House Financial Services Committee voted 28-22 along party lines to advance the measure to the full House for consideration.
See what various financial trade associations have to say about the resolution, as well as other recent regulatory and legislative developments. Read on »
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