The Office of Thrift Supervision is in the very early stages of a rulemaking process that could lead to the issuance of a regulation that bans certain "unfair and deceptive" lending practices.An OTS spokesman said agency officials are preparing to solicit industry and consumer groups soon for input on certain abusive practices. After reviewing the responses, the OTS plans to issue a notice of proposed rulemaking for public comment. Federal banking regulators are under pressure from Congress to curb irresponsible subprime lending, and the Federal Reserve Board is considering significant changes to its Home Ownership and Equity Protection Act regulations. But the OTS also has the authority to define "unfair and deceptive" lending practices. One thrift industry official welcomed the agency's initiative, saying that the OTS has the experience to develop a rule that provides consumer protections without unnecessarily curbing the availability of credit.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
4h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
9h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
9h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago