Politics

The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.

Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.

After years of discussion among regulators, the Federal Reserve Board has approved changes to its CRA rules that will base compliance exams on where lending occurs rather than branch locations. The updates — set to take effect in January 2026 — also emphasize lending in lower-income areas as well as community development loans and investments.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

Acting Comptroller of the Currency Michael Hsu says the process of determining whether certain lending activities and investments qualify for Community Reinvestment Act credit under regulators' forthcoming final rule "has to be better and it's got to be faster" than the status quo.

Amid the release of Q3 bank earnings, the Chairman of Whalen Global Advisors ponders whether efforts from the government-related entities help or hurt the independent mortgage bankers that are taking up a greater and greater share of 1-4 family lending and servicing.

Rep. Andy Barr, R-Ky., again pressed the Federal Reserve for economic analysis of capital proposals, while Rep. French Hill, R-Ark., reintroduced a bill that would limit the Fed's ability to extend money to the Consumer Financial Protection Bureau.

More than half the amount the Treasury handed down to the states got to recipients even with delays in jurisdictions like Pennsylvania.

The Federal Reserve vice chair for supervision says the failure of Silicon Valley Bank showed the shortcomings of the current stress testing regime.

The Department of Justice alleged that Ameris failed to open a single bank branch or provide home loans in minority neighborhoods in Jacksonville, Florida. Attorney General Merrick Garland said that many similar redlining investigations are currently underway.

At a Senate Banking subcommittee meeting, Republican and Democratic lawmakers both promoted the mission of community development financial institutions and warned of upcoming threats to their funding and proposals to revamp the CDFI certification process.

Not only could warehouse lines of credit be impacted by the U.S. version of international Basel rules, and financing secured by mortgage servicing rights may be, too.

Expected income earned through rental of the units will be considered in underwriting for FHA-backed mortgages and rehabilitation loans.

The Consumer Financial Protection Bureau and the Justice Department warned banks and other lenders that credit applicants cannot be rejected due to their immigration status.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

Consumer Financial Protection Bureau Director Rohit Chopra said the CFPB is enforcing a long-dormant provision of Dodd-Frank in its advisory opinion prohibiting banks from charging fees to obtain basic account information.

The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.

The Federal Reserve's top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.

The expansion of housing-related tax programs could be in peril because of the upheaval.

The Consumer Financial Protection Bureau plans to hire 75 employees in its enforcement division as it boosts investigations against "large market actors," according to an internal email obtained by American Banker.