Politics

The Consumer Financial Protection Bureau proposed major changes to the Fair Credit Reporting Act, including eliminating all medical debt from credit reports. But banks and financial firms said the plan would upend 50 years of how courts have interpreted the law.

The proposal by a regulator overseeing government-related loan buyers could cut companies with small infractions off from a key source of business, groups say.

Federal Reserve Chair Jerome Powell said today's high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory

Rep. Andy Barr, R-Ky., chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, continued to say that the Basel III rulemaking might have violated the Administrative Procedures Act

The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit.

The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.

Rep. Andy Barr, R-Ky., pressed one witness to say that bank regulators' Basel III endgame proposal, which would raise capital significantly for the largest banks, may have violated the Administrative Procedure Act.

A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.

Any comprehensive overhaul of the Federal Home Loan Bank System will have to navigate a dense thicket of countervailing regulatory and stakeholder priorities.

The head of the Consumer Financial Protection Bureau defended the agency and its mortgage rules in particular on the 15th anniversary of the collapse of Lehman Brothers.

Current affordability challenges appear to have spurred the Department of Housing and Urban Development affiliate to rectify a concern dating back to 1990.

Federal Reserve Chair Jerome Powell said inflation relief from the housing sector is "in the pipeline" but some say strong underlying demand and an inadequate housing supply could disrupt future rate pauses or cuts.

A district court judge ruled that Congress did not give the Consumer Financial Protection Bureau broad authority to look for discrimination, putting a major dent into the bureau's efforts to apply anti-discrimination principles to non-lending products such as advertising.

The settlement resolves allegations dating to 2014 and covers 85 minority employees who alleged they were paid lower wages than their white counterparts and faced retaliation.

Philip Jefferson was the Biden administration's pick for the Fed's number two position following the departure of Lael Brainard earlier this year. Two more Fed nominees are expected to get confirmation votes this week.

Cannabis banking, the Durbin-Marshall credit card bill and executive compensation legislation could be on the agenda this fall, but banking regulators' Basel III endgame proposal has made bipartisan compromise more complicated.

Following the anniversary of the formation of Community Mortgage Lenders of America, its president recounts the successes of the independent mortgage bank advocacy group.

Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.

A former insider wants the Federal Home Loan Bank System's regulator to require its 11 regional banks to balance members' liquidity needs with the system's public mission to fund affordable housing and community development programs.

In his highly anticipated speech in Jackson Hole, the Federal Reserve chair acknowledged the progress made in cooling down inflation, but said the central bank would not hesitate to raise rates further if needed.