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  House tackles ‘tech bro’ culture in fintechsTuesday, July 5, 2022 The House Financial Services Committee, Task Force on Financial Technologies held a hearing to discuss the lack of diversity equity and inclusion (DEI) within the fintech space. Witnesses before the committee testified about how supporting DEI initiatives can help combat the ‘tech bro’ culture that exists in the industry. |
 CFPB prepares to take on relationship banking and customer serviceTuesday, July 5, 2022 The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) relating to “customer service obstacles” in banking. At a public town hall meeting, CFPB Director Rohit Chopra announced the RFI as well as related concerns the bureau hopes to address and objectives it hopes to achieve. |
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SEC investigates TerraUSD collapseTuesday, July 5, 2022 The Securities and Exchange Commission has allegedly begun an investigation into Terraform Labs, the Singapore-based firm that created the stablecoin TerraUSD. The stablecoin was advertised as holding parity with the U.S. dollar prior to its collapse earlier this year. |
‘Rent-a-bank’ schemes garner CFPB’s focusMonday, June 27, 2022 In a keynote address to the Consumer Federation of America’s 2022 Consumer Assembly, Consumer Financial Protection Bureau Deputy Director Zixta Martinez indicated the bureau is looking closely at “rent-a-bank” activities. These activities involve lenders claiming partnership with banks as a means of subverting regulations placed on non-bank lenders. Read on for more details.
 More layoffs hit the mortgage industry as rates hit record highsMonday, June 27, 2022 Mortgage interest rates saw the largest one-week increase in 35 years as they quickly approach 6 percent on 30-year fixed rates. This has led to a decline in mortgage applications and triggered layoffs and reassignments for mortgage workers at some of the nation’s largest lenders. Read on for more details.
 FDIC finds minorities paid more to refinanceMonday, June 27, 2022 A recent study by the Federal Deposit Insurance Corp. found that minority applicants often have higher costs in the mortgage market. The working paper asked the specific question “Did Minority Applicants Experience Worse Lending Outcomes in the Mortgage Market?” It utilized information from the 2020 Home Mortgage Disclosure Act expanded data. Read on for more details.
Closings down in May as inventory grewMonday, June 27, 2022 Recent data from RE/Max found that closings in May 2022 were down from May of 2021 as inventory saw its second consecutive month of growth. Read on for more details.
COVID-19 relief fraud enforcement continuesMonday, June 27, 2022 The Department of Justice has continued its efforts to hold to account individuals and organizations that engaged in fraud relating to COVID-19 relief funds. This includes a man convicted of a $4.1 million fraud scheme, and a real estate developer who was indicted by grand jury in Oregon. Read on for more details.
 FHFA, GSEs release equitable housing finance plansTuesday, June 21, 2022 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. Read on for more details.
 Case to watch: SEC v. RippleTuesday, June 21, 2022 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. Read on for more details.
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