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Posted Date: Tuesday, April 23, 2024
Ginnie Mae President Alanna McCargo announced her intent to resign from public office after more than three years with the Biden-Harris administration and 25 years in housing finance. Her resignation will become effective May 3. Read on »
Posted Date: Friday, April 19, 2024
Community banks are urging Congress to consider specific revisions to the Farm Credit Adjustment Act, which is intended to aid rural credit institutions in providing critical financial support to farmers and producers throughout the country. The financial industry generally supports many of the bill’s provisions but has concerns regarding aspects applying to non-farm financing authorities within the Farm Credit System. Read on »
Posted Date: Tuesday, April 16, 2024
The Federal Deposit Insurance Corp. (FDIC) released a report detailing how the agency would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Act. FDIC Chairman Martin Gruenberg touted the report as “the most comprehensive explanation to date of how the FDIC expects to utilize those authorities.” Read on »
Posted Date: Friday, April 12, 2024
To facilitate information sharing regarding nonbank mortgage companies, the Federal Housing Finance Agency (FHFA) and the Conference of State Bank Supervisors entered into a memorandum of understanding establishing protocols between state financial regulators and the FHFA. Read on »
Posted Date: Tuesday, April 9, 2024
The Securities and Exchange Commission recently charged 17 perpetrators for their roles in a $300 million Ponzi scheme targeting more than 40,000 investors, mostly of Latino heritage, in three countries. The scheme involved a Houston-based crypto firm, which was ordered by a Texas district court in September 2022 to cease and desist its illegal activities. Read on »
Posted Date: Friday, April 5, 2024
Artificial intelligence (AI) has opened up new avenues for professionals to advance their business operations or run afoul of federal laws. Two recent orders by the Securities and Exchange Commission (SEC) describe an example of the latter – “AI washing.”
Accused of making false and misleading statements about their use of AI, two firms recently paid $400,000 in civil money penalties to the SEC. Read on »
Posted Date: Tuesday, April 2, 2024
The Consumer Financial Protection Bureau has made its 2023 Home Mortgage Disclosure Act Loan Application Register data accessible online with loan-level information filed by financial institutions and modified to protect consumer privacy. Read on »
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 »
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