Politics

State distribution of the Treasury funds for distressed homeowners is now reportedly at least two-thirds complete.

Treasury Secretary Janet Yellen didn't directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn't anticipate these mortgages will become a systemic risk.

The Financial Stability Oversight Council is concerned over liquidity of these companies, especially if a warehouse lender was to pull its lines, leading to a failure.

Banks historically have been averse to challenging their regulators in court, but a suit over the recently finalized Community Reinvestment Act implementation rules is a signal that the times have changed.

A look at Home Mortgage Disclosure Act data of similarly situated conforming applicants also finds some lenders' own comments for the rejection doesn't match up with the reason given, the Federal Reserve Bank of Minneapolis said.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency Tuesday issued the first in a series of requests for comment on all aspects of the regulatory apparatus as part of a required decennial review.

There will still be local oversight. Incentives to maintain registered offices will include listing in an online lender search tool and access to certain data.

This legislation, which would be the first of its kind if passed, would apply to sellers who finance the rate buydowns made through the end of 2025.

A clash over pay playing out in contract negotiations between the Consumer Financial Protection Bureau and its employee union occur as the Supreme Court is considering whether the agency must get its funding from Congress.

The Tax Relief for American Families and Workers Act of 2024 includes restoration of a 12.5% increase in the program's 9% limit that expired in 2021.

Connecticut issued a cease and desist order, alleging that Loansnap used unlicensed originators to solicit borrowers and accept loan applications in violation of multiple federal laws.

Lawmakers criticized the Biden administration's Risk Rating 2.0 effort — which was meant to reduce insurance premiums by developing more refined models — as ineffective, arguing that the program has increased rate premiums in vulnerable areas.

The House Ways and Means Committee is marking up the bipartisan legislation that would restore a 12.5% boost to the program's availability.

"Someone somewhere has not taken a victory lap for the work that has been done to rehabilitate the enterprises." Priscilla Almodovar said in a Bloomberg interview.

The interim measure would finance some U.S. agencies — set to run out of money after Friday — through March 1 and others through March 8.

By overturning so-called "Chevron deference," the Supreme Court could compel lawmakers to be less ambiguous in their legislative language, limiting agencies' interpretative power.

If the presumed Republican nominee regains the White House and his party takes control of Congress, investors are betting the conservatorships will finally end.

Ohio Gov. Mike DeWine rolled out the Welcome Home Ohio program, a product of the Ohio legislature's biennium budget bill, House Bill 33.

Federal Reserve Gov. Michelle Bowman, a vocal opponent to the proposed risk capital rules for large banks, said she still sees a path forward for capital reform.

The Federal Reserve governor was one of two to vote against issuing the so-called Basel III endgame proposal. He says work is being done to address issues with the operational risk framework, but that regulators may need to go back to the drawing board for an adequate fix.