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 LexisNexis looks at the true cost of fraud in mortgage originationMonday, May 23, 2022 LexisNexis released its 2022 True Cost of Fraud Study which examines current fraud trends in the U.S. and Canadian retail and financial services industries. The study analyzes data from in-depth surveys from over a thousand fraud executives. The study offered findings on a variety of fraud-related issues and recommendations for addressing potential threats. Read on for more details. |
 White House announces plan to ease housing costsMonday, May 23, 2022 In a release last week, President Joe Biden announced plans designed to ease the burden of housing costs. This will be done by increasing the supply of quality housing in “every community.” Republicans criticized the plan for perceived failures to promote new construction and for using Fannie Mae and Freddie Mac to promote a political agenda. Read on for more details. |
 SEC’s Gensler prepared to police crypto tradingMonday, May 23, 2022 In remarks at FINRA’s annual conference, Securities and Exchange Commission chair Gary Gensler spoke on the agency’s work collaborating with commodities regulators to rein in cryptocurrency trading. His remarks amplified earlier calls to regulate crypto-trading following a significant drop in the market which cost crypto-investors billions. Read on for more details. |
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Senate confirms new FHA commissionerMonday, May 23, 2022 In a 51-50 partisan split, the Senate voted to confirm Julia Gordon as assistant secretary of housing, federal housing commissioner.
Read on for more details.
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Forbearance falls below 1 percentMonday, May 23, 2022 The Mortgage Bankers Association estimated 470,000 homeowners remain in an active forbearance plan bringing the total number of mortgage loans in forbearance below 1 percent. Read on for more details.
 Yellen testifies at Senate FSOC hearingWednesday, May 18, 2022 Treasury Secretary Janet Yellen provided testimony to the Senate Committee on Banking, Housing, and Urban Affairs regarding the Financial Stability Oversight Committee (FSOC). She spoke about cryptocurrency, Russian sanctions, access to healthcare, the post-pandemic economy and cybersecurity. Republicans on the committee were critical of what they considered the FSOC’s pursuit of a political agenda instead of focusing on “real risks” to the economy. Read on for more details.
 Fed issues semi-annual financial stability reportWednesday, May 18, 2022 The Federal Reserve issued its semi-annual Financial Stability Report which is designed to provide a report on the Fed’s current assessment of the resilience of the U.S. financial system. The report looks at valuation pressures, household and business borrowing, leverage within the financial sector and funding risks as the broad categories for this assessment. The current report expresses growing uncertainty in U.S. and global financial systems as pandemic outlooks remain uncertain and the Russian invasion of Ukraine continues. Read on for more details.
Are stablecoins really stable?Wednesday, May 18, 2022 Stablecoins, a variety of cryptocurrency anchored to or backed by a real-world asset to maintain its value, are believed to be a significant part of the long-term future of cryptocurrency usage. However, one stablecoin, TerraUSD, which was anchored to the value of the U.S. dollar, recently saw a near-total loss in value which has put the longevity and legitimacy of stablecoins into question. Read on for more details.
Powell confirmed for second term as Fed chairWednesday, May 18, 2022 The Senate voted to confirm Jerome Powell for a second term as chair of the Federal Reserve. Powell, who was first nominated by President Donald Trump in 2018, has been Fed’s acting chair since his first term expired in February. Read on for more details.
 CFPB issues report, advisory opinion on fair lending lawsMonday, May 16, 2022 The Consumer Financial Protection Bureau (CFPB) has issued its annual report on the bureau’s fair lending activities for 2021. The report highlights enforcement actions, amicus briefs, rulemaking procedures, and outreach and engagement activities. The CFPB has also issued an advisory opinion on the scope and timeframe in which fair lending laws apply. Read on for more details.
 FHA makes changes for post-foreclosure salesMonday, May 16, 2022 The Federal Housing Administration issued a mortgagee letter which added a 30-day buyer preference for certain home sales. The objective of this addition is to increase supply and access to affordable housing and homeownership for low- and moderate- income homebuyers. The change also creates a preference for Housing and Urban Development approved nonprofits and governmental entities as part of the post-foreclosure sales period. Read on for more details.
 OCC joining potential bank merger reformsMonday, May 16, 2022 Acting Comptroller of the Currency Michael Hsu stated that the Office of the Comptroller of the Currency (OCC) has joined the Department of Justice (DOJ) and other financial regulators in plans to change bank merger rules. The DOJ’s Antitrust Division, along with the Federal Trade Commission, began soliciting public comment on the topic earlier this year. Read on for more details.

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