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Nonbank Financial


Results 1 - 10 of 404

US Chamber files suit against FTC

Posted Date: Friday, August 5, 2022
The United States Chamber of Commerce has filed a lawsuit against the Federal Trade Commission in the U.S. District Court of the District of Columbia. The complaint alleges the current commission has created a “black-box environment” which lacks transparency and accountability.

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OFR reports on CBDC’s potential benefits to banking stability

Posted Date: Friday, August 5, 2022
The Office of Financial Research released a report on the potential effects that a central bank digital currency (CBDC) would have on the stability of the banking system.

The report offers a model designed to capture one of the common concerns raised regarding CBDC policy discussions: the option to hold CBDC can increase the incentive for depositors to run on weak banks.

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Most servicers anticipate more foreclosures next year

Posted Date: Friday, August 5, 2022
Auction.com, a leading distressed real estate online marketplace, released its 2022 Seller Insights report. The report shows that a majority of mortgage services that utilize the platform expect to see an increase in foreclosure volume in the next 12 months.

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Some questioning CFPB’s ending of safe harbors for fintechs

Posted Date: Friday, August 5, 2022
Congressional Republicans and industry professionals are questioning the CFPB’s decision to end its “safe harbor” for two fintech companies.

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TransUnion fights back against CFPB ‘repeat offender’ action

Posted Date: Tuesday, August 2, 2022
TransUnion is fighting back against the Consumer Financial Protection Bureau’s (CFPB) enforcement action alleging violation of a 2017 law enforcement order. The CFPB is calling this an example of the “repeat offenders” it intends to target, while TransUnion is comparing it to the movie Groundhog Day.

The suit comes after TransUnion has already paid nearly $17 million in fines and restitution as part of the 2017 order.

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House holds hearings on housing access, affordability and inequality

Posted Date: Tuesday, August 2, 2022
The U.S. House Committee on Financial Services held hearings on issues of homeownership, access to housing, affordability and inequality.

The first hearing looked at the affect private equity funds have had on the housing market and access to housing supply. The second hearing investigated the long-term impact the “hot” housing market has had on homeownership inequality.

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CFPB, DOJ demand $24M for alleged racial discrimination

Posted Date: Tuesday, August 2, 2022
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have ordered Delaware-based non-bank lender Trident Mortgage Co. to pay more than $24 million for alleged discrimination against minority families.

The settlement is the first to involve a non-bank mortgage lender in the Biden administration’s efforts to combat ‘modern-day redlining.’

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Fourth Circuit requires borrower to return money after rescission of loan

Posted Date: Friday, July 29, 2022
The Fourth Circuit Court of Appeals held that the Truth in Lending Act (TILA) does not allow a borrower to keep the money after filing a notice of rescission, even if the lender failed to meet TILA disclosure requirements.

The circuit court overturned the district court’s decision, which held in favor of the borrower as a matter of law.

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FHFA director: Fannie, Freddie building $300B combined capital reserve

Posted Date: Friday, July 29, 2022
Federal Housing Finance Agency (FHFA) Director Sandra Thompson informed the House Committee on Financial Services that Fannie Mae and Freddie Mac are working to build a combined capital reserve of $300 billion.

She also addressed questions about the FHFA conservatorship over the two government sponsored enterprises and when she thought that might end.

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Mortgage applications reach 22-year low

Posted Date: Friday, July 29, 2022
According to data from the Mortgage Bankers Association, mortgage applications have declined to the lowest levels since February 2000.

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