The Federal Housing Finance Agency and the Consumer Financial Protection Bureau want financial institutions to provide more outreach to non-English speakers, a move that could foreshadow multilingual disclosure mandates.

Secret test scenarios last year found a loan originator providing fewer options and services on multiple occasions to Black borrowers compared to white customers.

Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.

The Federal Reserve is about to start shrinking its $8.9 trillion balance sheet, deploying a second tool along side higher interest rates to curb inflation, though officials don’t know just how effective it will be.

The system may be good for the banks that own it, but it is not meeting its public mission.

Companies that use artificial intelligence or machine learning in their loan decisions are legally required to provide a specific explanation when applications get denied, the Consumer Financial Protection Bureau said in a policy statement.

Servicers unfamiliar with the registry's requirements of having up-to-date policies and procedures in place are responsible for the increase in findings, MetaSource found.

The bureau’s new office of competition and innovation will promote competition, host events and seek to make it easier for consumers to switch financial providers.

Martin Gruenberg, the agency' acting chair, said it will be watching commercial real estate and other assets as matters of “ongoing supervisory attention.” 

The Federal Housing Finance Agency has indicated that lenders will be required to demonstrate policies addressing the risk on business.

In a 5-4 Supreme Court decision two years ago, the bureau’s rulemakings survived intact. But a pair of pending cases that challenge the agency's funding through the Federal Reserve are again seeking to invalidate every action the CFPB has taken since 2010.

Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.

The central bank has a long history of diluting the effectiveness of the Community Reinvestment Act.

The Federal Reserve will begin shedding as much as $47.5 billion of assets monthly starting June 1 to tamp down on inflation. But doing so could undermine the banking industry’s preferred source of liquidity.

In order to align financial policy with the interests of consumers, the agency should consider why these services have caught on — and remember to keep a lane open for innovation, writes the CEO of Chamber of Progress.

The outspoken regulatory chief of the Consumer Financial Protection Bureau also said proposed Community Reinvestment Act reform isn’t likely to draw banks back to Federal Housing Administration lending.

A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.

A shrinking appetite for high interest rate loans and a diminished ability to offer discount rates are aligning with more stringent requirements for lenders to get ATR/QM points and fees calculations correct, write leaders from Lenderworks.

Truliant Federal Credit Union is one financial institution eager to expand online notarization. For customers, it's more about convenience than social distancing.

Servicers are encouraged to put foreclosures on hold in several circumstances involving the state-distributed housing relief, but they’ll need to request extensions of their normal timelines to do it.