The Democratic members of the Senate Banking Committee are urging the Office of the Comptroller of Currency to drop a proposal that would pre-empt state predatory lending laws and other consumer protection laws that may interfere with the operation of national banks and their mortgage lending subsidiaries.The OCC is ignoring Supreme Court rulings and Congress in pursuing a pre-emption agenda, according to a letter from 10 Democratic senators to Comptroller John Hawke Jr. "We therefore urge you to defer any further rulemaking on pre-emption of state laws at this time and to vigorously examine claims of predatory lending and other violations of state consumer protection laws by national banks and their operating subsidiaries," the Nov. 24 letter says. Sen. Paul Sarbanes, D-Md., signed the letter, along with the other nine Democrats on the committee.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
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