Nonbank Financial

Foreclosure activity in October increased significantly from one year earlier, according to data from ATTOM’s October 2022 U.S. Foreclosure Market Report. Read on for more details. Read on »

The Consumer Financial Protection Bureau announced a new enforcement action against a mortgage servicer for “cheating” homeowners out of CARES Act rights. Read on for more details. Read on »

The Consumer Financial Protection Bureau (CFPB) issued a circular providing guidance on proper practices for investigation by consumer reporting companies. The circular affirms that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The CFPB offers guidance on how federal and state enforcers can bring claims against companies that fail to investigate properly. Read on for more details. Read on »

A recent survey from Zillow found that prospective homebuyers spent more time researching their next vacation or vehicle purchase than researching mortgage lenders. Read on for more details. Read on »

Shareholders of Fannie Mae and Freddie Mac (the GSEs) are preparing for next steps following a D.C. federal judge’s decision to grant a mistrial in their suit against the Federal Housing Finance Agency. This lawsuit is one of several in which shareholders are attempting to achieve some remedy to the 2008 conservatorship of the GSEs which saw them lose the control and compensation shareholders normally maintain. Read on for more details. Read on »

House Committee on Financial Services Chair Rep. Maxine Waters (D-Calif.) and ranking member Rep. Patrick McHenry (R-N.C.) announced plans for a bipartisan hearing into the collapse of FTX. Read on for more details. Read on »

Bahamas-based cryptocurrency exchange FTX was valued at approximately $32 billion at the start of November. On Nov. 11, following a failed effort to be bought by competitor Binance, FTX began bankruptcy proceedings in US federal court. California’s Department of Financial Protection and Innovation announced plans to investigate the failed crypto exchange company immediately after the bankruptcy proceedings were announced. Read on for more details. Read on »

The Consumer Financial Protection Bureau (CFPB) released a new bulletin highlighting complaints the CFPB has received relating to crypto assets. Consumers reported being victimized by fraud, theft, hacking, and scams, as well as issues with executing transactions and transferring assets between exchanges. The CFPB is advising consumers on how to avoid being scammed and what to do when issues arise. Read on for more details. Read on »

The National Credit Union Administration (NCUA) Chair Todd Harper, in his address at NCUA’s 2022 DEI & ACCESS Summit, said federally insured credit unions must be “all in” on diversity, equity, and inclusion. Read on for more details. Read on »

During periods of economic downturn – which most experts agree is what the U.S. will be facing for the next year or two – good marketing strategies become critical to maintaining business. While there are a number of strategies a lender can adopt, it is important to make sure lenders’ marketing efforts remain compliant with all laws and regulations. Read on to learn more about current marketing compliance topics. Read on »