News By Edition

Following the withdrawal of the long-awaited 2023 final rule revising Community Reinvestment Act (CRA) standards, banks will experience no change in effective CRA standards. Meanwhile, some states are working on tightening their own regulations meant to root out discrimination, which could make things interesting for some financial institutions.

The Consumer Financial Protection Bureau added to mounting criticism claiming it is more focused on serving the interests of big business than protecting consumers after the agency withdrew its notice of proposed rulemaking (NPRM), “Protecting Americans from Harmful Data Broker Practices (Regulation V).”

A bipartisan coalition of 40 state attorneys general wrote to Congress opposing legislation that would prevent states from enacting or enforcing laws or regulations on artificial intelligence and automated decision-making systems for 10 years.

Dr. Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors, will counter the existing narratives of housing market distress with the actual data driving consumer behavior at her presentation at the National Settlement Services Summit (NS3).

The mortgage industry has been pleasantly surprised by positive developments in purchase application numbers this spring as many borrowers have taken advantage of dips in mortgage rates driven by economic uncertainty.

Could you spot a fake ID? Many seasoned real estate professionals know skill is useful to more than club bouncers or police officers. Jaime Kosofsky, executive vice president of business development and compliance at Brady and Kosofsky, can attest to this fact, as he noted on a recent episode of the Keys to Real Estate podcast.

Both the Mortgage Bankers Association and the National Association of Realtors celebrated the real estate tax provisions in the Republican-led tax and spending package that was advanced by the House of Representatives via a narrow 215-214 vote.

MISMO, the real estate finance industry’s standards organization, recently published its Unique IDs tool, designed to streamline impact analysis and accelerate implementation efforts, according to a release by the Mortgage Bankers Association.

Land Gorilla, a provider of construction lending software, has embedded new intelligent automation technology into its platform designed to eliminate manual data entry and dramatically reduce costs for construction lenders.

Clarifire, a leader in workflow automation, announced that its cloud-based service CLARIFIRE has successfully obtained Level Two Attestation from the global Cloud Security Alliance’s Security, Trust, Assurance, and Risk program.

The state of New York is suing Capital One Financial Corp., alleging charges similar to those previously brought by the Consumer Financial Protection Bureau in a lawsuit the bureau later dropped. Capital One told Dodd Frank Update it plans to defend itself against the allegations.

The Consumer Financial Protection Bureau withdrew its notice of proposed rulemaking designed to prevent harmful information-sharing practices by data brokers. The bureau’s interim leadership determined the proposal did not align with the agency’s current policy interpretations or objectives.

In an effort to roll back rules some would describe as “unnecessary, unlawful, unduly burdensome and unsound,” the Office of Management and Budget issued a request for information for interested stakeholders. The Mortgage Bankers Association responded with a list of recommended revisions and rescissions for rules spread across various agencies.

The Office of the Comptroller of the Currency took action against the former CEO and board chair of Grand Bank for Savings for allegedly violating conflict of interest requirements, engaging in unsafe or unsound practices, and breaching his fiduciary duty.

As multiple federal agencies announce moves to pull back on certain enforcement activities, some states have indicated they are ramping up efforts to fill the void. Find out about some of these recent developments in this roundup.

The House Financial Services Committee held a hearing to explore how the current regulatory regime governing bank mergers and new (de novo) bank formation impacts the financial sector. Lawmakers and witnesses discussed potential regulatory reforms aimed at fostering competition and ensuring widespread access to financial services.

Acting leadership at the Consumer Financial Protection Bureau (CFPB) announced a list of 39 guidance materials to be rescinded, including several applicable to mortgage originators and servicers issued since the CFPB assumed its functions in 2011.

The Consumer Financial Protection Bureau’s final rules limiting overdraft fees charged by certain financial institutions and another giving the bureau authority to supervise large digital payment providers have been invalidated via resolutions of disapproval signed by President Donald Trump.

President Donald Trump intends to nominate Jonathan McKernan to a position at the Treasury, according to an announcement by Treasury Secretary Scott Bessent. McKernan is awaiting Senate confirmation of Trump’s nomination of him to be director of the Consumer Financial Protection Bureau.

The Federal Reserve announced there will be no change to the federal funds rate following the May meeting of the Federal Open Markets Committee (FOMC). The committee concluded maintaining the target range at 4-1/4 to 4-1/2 percent was the best approach given economic indicators suggesting the risk of higher inflation and unemployment has increased.

Federal banking regulators have taken steps to improve clarity surrounding digital banking activities, including crypto-assets and digitalization. Find out about some of the latest regulatory moves in this respect and more in this roundup.

In an amicus brief filed in the case of NTEU v. CFPB, a coalition of Senate and House Democrats condemned the mass firings at the Consumer Financial Protection Bureau.

Splitero, a fintech company offering debt-free home equity options for homeowners, announced that it has renewed and expanded its strategic partnership with the LA Kings, according to a press release.

The Consumer Financial Protection Bureau moved for dismissal regarding multiple claims cited in a lawsuit challenging the legality of its final rule prohibiting medical debt information from being considered in credit decisions.

In the agency’s latest announcement regarding its enforcement and supervisory priorities, the Consumer Financial Protection Bureau said it will not prioritize oversight of “Buy Now, Pay Later” (BNPL) loan providers. The bureau also is considering further action related to its new policy position on BNPL products.

The Office of the Comptroller of the Currency is seeking comments on a newly adopted interim final rule amending its 2024 final rule related to its procedures for evaluating applications under the Bank Merger Act.

If you have ever wondered how artificial intelligence stuff works, you are not alone. Listen and learn as author and futurist Brian Carter discusses one of the biggest tech revolutions in decades on the Keys to Real Estate podcast and why he believes it is more than just hype. Be sure to catch his presentation at the 2025 National Settlement Services Summit in Pittsburgh.

Frontier Credit Union took a step toward expanding its operations into new territory with an agreement to acquire a community bank based in Montana. The news drew the attention of community banking advocates concerned about the ongoing trend of bank purchases by tax-exempt credit unions.

The Senate voted along party lines to approve a resolution overturning a final rule updating the process banking regulators use when reviewing proposed bank mergers and acquisitions.

As part of the ongoing budget reconciliation process in Congress, the House Financial Services Committee voted along party lines to approve a resolution to greatly reduce funding for the Consumer Financial Protection Bureau and to no longer allow the bureau to retain unspent funds in its civil penalty fund from year-to-year.

The Consumer Financial Protection Bureau announced it will not prioritize enforcement or supervisory actions with respect to its small business lending rule. The bureau framed the move as a measure of fairness toward companies not covered by a court-imposed stay on the rule’s compliance deadlines.

Amid a variety of bills introduced this year aimed at improving affordable housing availability, the mortgage industry has signaled its support for one proposing to do something that has not been done in more than 20 years – increasing the Federal Housing Administration loan limit.

The Federal Reserve has withdrawn various supervisory guidance materials outlining policies regarding cryptocurrencies and other digital tokens. The agency characterized the moves as necessary to ensure industry expectations align with evolving risks and further support innovation in the banking system.

As financial technology and digital assets remain ever-growing factors in the financial services industry, trade organizations continue to increase efforts to advocate for new policies to help their members remain competitive. Read about some of the latest developments with respect to this topic and more in this roundup.

A coalition of Democratic senators shared their concerns about the impact tariffs are having on housing costs in a letter asking President Donald Trump to “refocus your attention on policies that will address our nation’s housing crisis — not exacerbate it.”

The D.C. Circuit Court of Appeals directed the Consumer Financial Protection Bureau on April 28 to continue to hold off implementation of a sweeping reduction in force (RIF) order, pending a ruling on the Trump administration’s appeal of a preliminary injunction resulting from a lawsuit filed by the National Treasury Employees Union in March over the RIF.

Most revolutionary innovations in human history have followed a similar pattern. There is an immediate surge of astronomical expectations followed by a proverbial trough of disillusionment. The latter is where Keith Fulton, chief data officer at Jack Henry, believes artificial intelligence (AI) currently resides. But, soon enough, he predicts it will revolutionize industry in much the same way “iron horses,” also known as “trains,” did in the 1800s.

A new set of predatory lending allegations have been brought against Vanderbilt Mortgage & Finance, Inc., months after the Consumer Financial Protection Bureau dropped similar charges against the Berkshire Hathaway subsidiary.

The nation’s largest mortgage trade group offered its most recent take on how economic conditions are impacting home purchases while community bankers and credit unions are focused intently on the budget reconciliation process in Congress.

As part of the government-sponsored enterprise’s ongoing effort to reduce its retained mortgage portfolio, Fannie Mae announced plans for its latest sale of non-performing loans.

Several members of the Senate Banking Committee pressed Federal Deposit Insurance Corp. acting director Travis Hill about the potential impact of cuts to the banking regulator’s staff on financial stability, as well as the agency’s decision to allow the Department of Government Efficiency access to sensitive consumer information.

SitusAMC, the provider of strategic outsourcing, advisory, talent, and technology solutions to the real estate finance industry, has published a new white paper titled “Mortgage Servicing Rights in 2025: Navigating Market Volatility.”

The Consumer Financial Protection Bureau dropped its appeal in a case in which PayPal Holdings, Inc., challenged a 2019 rule extending fee disclosure requirements for prepaid card products to digital wallets as well.

The Federal Deposit Insurance Corp. ordered Discover Bank of Greenwood, Del., to distribute at least $1.225 billion to merchants adversely affected by the bank’s misclassification of millions of consumer credit cards as commercial. The bank’s parent holding company, Discover Financial Services, was fined $100 million in a concurrent order.

The Consumer Financial Protection Bureau announced the latest in a string of dropped court cases under the Trump administration with its decision to voluntarily dismiss a lawsuit against the holding company for Horizon Card Services and its CEO, alleging deceptive marketing strategies targeting low-income Americans.

Recruiting and retaining top talent is critical to the success of any business. The title industry is particularly unique in ways that make for some interesting challenges and opportunities. In our third episode of Season 2 of the Keys to Real Estate podcast, October Research Chief Knowledge Officer Mary Schuster spoke with two industry veterans with plenty of insight on the topic - Mary Anne Harris, founder of Real Estate Closing Path, and Donna Anderson, vice president and agency development manager at CATIC.

A pair of credit unions with a long history serving the aviation industry are planning a merger to improve service, sustainability and growth potential. The combining of Ent Credit Union of Colorado and Wings Credit Union of Minnesota will result in one institution with approximately $19.6 billion in total assets serving nearly one million members.

Federal Reserve Gov. Michelle Bowman, the Trump administration’s nominee to be the agency’s new vice chair for supervision, was praised by Republicans but faced heavy scrutiny from Democrats during her Senate confirmation hearing.

A new book by prominent mortgage industry strategic trainer Ron Vaimberg was written with the intent to help mortgage loan originators build stronger referral relationships in a changing and challenging market.