News By Edition

The Federal Trade Commission and the Consumer Financial Protection Bureau submitted an amicus brief calling for the reversal of a lower court decision in Ingram v. Experian. The decision, according to the two agencies, would allow credit furnishers to decline to investigate when consumers dispute information as inaccurate.

Read on for more details.

In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, the 12 Republican Senators of the Senate Committee on Banking, Housing and Urban Affairs Committee accused the bureau of being a “lawless and unaccountable agency.”

This is the second time Sen. Pat Toomey (R-Pa.), ranking member of the committee, has made this accusation against the CFPB and its director.

Read on for more details.

The Consumer Financial Protection Bureau’s (CFPB) annual report of mortgage market activity was released earlier this week. The data, which is collected as part of the Home Mortgage Disclosure Act (HMDA), showed a shift away from pandemic-era refinancing triggered by low interest rates in 2020 and 2021.

The report also indicated an increase in the share of home purchase loans.

Read on for more details.

In March, President Joe Biden issued a “whole-of-government” executive order calling on all agencies to assess the future of cryptocurrency. This included the role that cryptocurrencies might have on the economy, the potential for a state-backed cryptocurrency and any laws and regulations that might be needed to ensure the usage of cryptocurrencies remains safe and legal.

The Treasury Department, under a six-month deadline, released three reports in response to this executive order.

Read on for more details.

According to data from the CoreLogic Loan Performance Insights report, loan delinquencies are down 34 percent year-over-year.

Read on for more details.

Wells Fargo has agreed to pay $94 million to settle a class-action lawsuit brought by mortgage borrowers who said they were automatically placed in forbearance by the bank without their consent.

Read on for more details.

Following the Treasury Department’s sanctions of crypto mixer Tornado Cash, many U.S. residents and citizens were cut off from crypto assets on the crypto mixer on the Ethereum blockchain. Now, the Treasury has released procedures for these people to reclaim their crypto assets.

Read on for more details.

As the Federal Open Market Committee prepares to decide on another interest rate increase this week, most experts are anticipating an additional 75 basis-point increase. Recent comments from Fed Chair Jerome Powell indicate an intent to remain hawkish in the fight against inflation.

Read on for more details.

The Federal Reserve’s Vice Chair for Supervision Michael Barr said in his first speech since taking office that crypto activities need similar oversight to traditional bank activities. He also addressed stablecoin oversight and discussed how crypto is not yet living up to its full potential.

Read on for more details.

Wells Fargo announced it will commission an external, third-party racial equity audit. The bank said it expects to publish the results of the audit by the end of 2023.

Read on for more details.

Online listing service Realtor.com announced it is laying off an undisclosed number of regular and contract employees throughout the company.

Read on for more details.

The National Association of Mortgage Brokers announced a technology partnership with Floify, a digital mortgage point-of-sale solution company.

Read on for more details.

Securities and Exchange Commission (SEC) Chair Gary Gensler explained why he believed the SEC’s fundamental background and legal authority primed it to be a regulatory of crypto markets. In a recent speech, Gensler called for cooperation between the SEC and crypto companies to ensure greater transparency and investor protections.

Read on for more details.

Dodd Frank Update joined the Community Bankers Association of Ohio for its 48th annual convention and expo in Columbus. The convention featured presentations from former-Pittsburgh Steeler Rocky Bleier, Ohio Secretary of State Frank LaRose, Stifel managing Director Michael Erhardt, and CSI Director of payment Strategy Matt Herren.

Read on for more details.

In a case from the Fifth Circuit Court of Appeals, the three-judge panel held that Article III standing cannot be established for a claim brought under the Fair Debt Collection Practices Act (FDCPA) merely because the defendant violated the FDCPA. The court relied heavily on a 2021 Supreme Court decision which denied standing based on the risk of future harm.

Read on for more details.

Bank of America’s recently announced zero-down payment, zero closing-cost mortgage offering for eligible Black/Hispanic buyers in certain neighborhoods has been met with some criticism.

Read on for more details.

A new “state of borrower experience” report from Snapdocs and STRATMOR Group revealed pain points within the mortgage process. The two companies hope this report will offer insight for lenders to meet borrower expectations and encourage repeat business.

Read on for more details.

The Federal Reserve has updated its timeline on the launch of its instant payments FedNow Service. The updated timeline puts a launch date in mid-2023.

Read on for more details.

Following an enforcement action from the Federal Trade Commission (FTC), Walmart has filed a motion to dismiss the action. The motion challenges the constitutionality of the FTC and its authority to bring the suit.

The U.S. Chamber of Commerce has also filed an amicus brief along with the Retail Litigation Center, supporting Walmart’s claims against the FTC.

Read on for more details.

Acting Comptroller Michael Hsu of the Office of the Comptroller of the Currency spoke at The Clearing House and Bank Policy Institute’s annual conference. In his speech, Hsu addressed issues relating to safeguarding trust in banks, particularly in relationship to the digitization of banking and financial services.

Read on for more details.

As the housing market continues to cool, two mortgage lenders have abruptly announced they will be closing their doors for good, while a third has announced a substantial round of layoffs. Another lender has announced the layoff of nearly 1000 employees nationwide.

Read on for more details.

According to the U.S. Foreclosure Market Report released by ATTOM, foreclosures reached pre-pandemic levels in August.

Read on for more details.

A recent study from Redfin found that homes are now selling below asking price. Even with this price decrease, Redfin found that demand continues to decline.

Read on for more details.

Senator Bob Casey (D-Pa.) has urged the Consumer Financial Protection Bureau (CFPB) to increase protections for seniors and older adults who use peer-to-peer payment apps. These apps, such as Venmo, Zelle, CashApp and Paypal, have become common tools for scammers, according to Casey.

Read on for more details.

The Federal Housing Finance Agency (FHFA) announced it will begin a comprehensive review of the federal home loan bank system beginning in the fall. The review process will engage with the public and stakeholders to receive feedback in six specific areas of interest for FHFA.

Read on for more details.

The Consumer Financial Protection Bureau (CFPB) filed a complaint against a payday lender in Texas federal court alleging the lender engaged in unfair, deceptive and abusive acts or practices. The complaint alleges the payday lender failed to inform borrowers of free repayment plans.

The same lender was previously subject to a 2014 consent order.

Read on for more details.

Nate Chastain, a former executive for non-fungible tokens (NFTs) marketplace OpenSea, was charged with insider trading by federal authorities in June. Now Chastain is calling for the charges to be dropped, arguing NFTs are not subject to the securities and commodities laws on which the charges are based.

Read on for more details.

The National Association of Minority Mortgage Bankers of America introduced the first accredited social impact lender (ASIL) certification. This certification allows lenders to demonstrate a commitment to social impact and racial equity in the lending marketplace.

Read on for more details.

Rep. Raja Krishnamoorthi (D-Ill.), chair of the U.S. House Subcommittee on Economic and Consumer Policy, sent a letter to four federal regulators and five crypto-exchange companies to gather information on actions being taken to prevent and address crypto-related fraud and scams.

Read on for more details.

The Federal Housing Finance Agency (FHFA) announced its intent to establish a federal advisory committee on affordable, equitable and sustainable housing. The FHFA said the committee will provide advice and input regarding housing needs and any regulatory or policy changes.

Read on for more details.

The FTC has begun the process of updating the “Dot.Com Disclosures” guide for online advertising. The major focus of these updates address how businesses may use consumer data and privacy protections.

FINRA recently released a regulatory notice reminding firms of their obligation to supervise registered representatives to prevent falsification of digital signatures. FINRA’s guidance comes on the heels of multiple investigations concerning instances when registered representatives forged or falsified client signatures on account transfer documentation or on disclosure forms.

Read on for more details.

The Federal Trade Commission (FTC) has begun a probe into cryptocurrency exchange BitMart over the December 2021 hack which cost consumers $200 million. This probe is the first time the FTC has openly investigated a crypto market.

The investigation was disclosed in an FTC order denying a bid by Bachi.Tech Corp. and Spread Technologies, LLC to block the agency’s efforts to compel them to turn over information.

Read on for more details.

Fannie Mae and Freddie Mac shareholders will be returning to the Supreme Court to challenge the conservatorship of the two enterprises. Previously, in Collins v. Yellen, the conservatorship was challenged on a premise that the Federal Housing Finance Agency, which manages the conservatorship, was unconstitutionally insulated from the president’s removal power.

This time, the shareholders are challenging the constitutionality of the conservatorship based on the Fifth Amendment’s Takings Clause.

Read on for more details.

Three industry groups have sent a letter to the Consumer Financial Protection Bureau disputing the assertions made by the bureau in a request for information about customers’ ability to access high levels of customer service.

Read on for more details.

The Conference of State Bank Supervisors released two new tools designed to help nonbank financial services companies improve their cybersecurity.

Read on for more details.

The Federal Reserve issued a press release designed to provide specific guidance and information to banks engaged in, or considering engaging in, crypto-related activities.

Read on for more details.