Consumer lending

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

The nationwide mortgage delinquency rate had its best October in at least two decades, while the foreclosure rate remained at a 20-year for the twelfth straight month, according to CoreLogic.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

In a case highlighting a fraud risk for mortgage companies and other financial institutions, two Garden State residents were sentenced for using fake money orders attempting to fraudulently discharge debts.

The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.

The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.

The city of Philadelphia and Wells Fargo have agreed to resolve a 2017 lawsuit in which the city accused the bank of violating the Fair Housing Act by steering minority borrowers into risky, high-cost loans.

Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting homeownership for low- and moderate-income residents.

The percentage of home loans with late payments is unlikely to fall much further in 2020 when mortgages made to lower credit-score borrowers could rise slightly, according to TransUnion.

Most commercial and multifamily loan delinquency rates remained near record lows in the third quarter extending a long run of declines in the securitized market, according to the Mortgage Bankers Association.