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Posted Date: Friday, May 3, 2024
The Federal Housing Finance Agency released a new final rule codifying the agency’s fair lending oversight requirements for the secondary mortgage market. The rule is the culmination of the government-sponsored enterprises’ progress since 2022 on policies to ensure all borrowers and renters have access to fair, sustainable and equitable housing opportunities. Read on »
Posted Date: Tuesday, April 30, 2024
New bipartisan legislation introduced in the Senate proposes to establish a framework for federal and state oversight of a specific category of digital assets, known as stablecoins. The Lummis-Gillibrand Payment Stablecoin Act outlines guidelines to address consumer protection and financial stability concerns raised by the growing prevalence of stablecoin issuers. Read on »
Posted Date: Tuesday, April 23, 2024
Ginnie Mae President Alanna McCargo announced her intent to resign from public office after more than three years with the Biden-Harris administration and 25 years in housing finance. Her resignation will become effective May 3. Read on »
Posted Date: Friday, April 19, 2024
Community banks are urging Congress to consider specific revisions to the Farm Credit Adjustment Act, which is intended to aid rural credit institutions in providing critical financial support to farmers and producers throughout the country. The financial industry generally supports many of the bill’s provisions but has concerns regarding aspects applying to non-farm financing authorities within the Farm Credit System. Read on »
Posted Date: Tuesday, April 16, 2024
The Federal Deposit Insurance Corp. (FDIC) released a report detailing how the agency would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Act. FDIC Chairman Martin Gruenberg touted the report as “the most comprehensive explanation to date of how the FDIC expects to utilize those authorities.” Read on »
Posted Date: Friday, April 12, 2024
To facilitate information sharing regarding nonbank mortgage companies, the Federal Housing Finance Agency (FHFA) and the Conference of State Bank Supervisors entered into a memorandum of understanding establishing protocols between state financial regulators and the FHFA. Read on »
Posted Date: Tuesday, April 9, 2024
The Securities and Exchange Commission recently charged 17 perpetrators for their roles in a $300 million Ponzi scheme targeting more than 40,000 investors, mostly of Latino heritage, in three countries. The scheme involved a Houston-based crypto firm, which was ordered by a Texas district court in September 2022 to cease and desist its illegal activities. Read on »
Posted Date: Friday, April 5, 2024
Artificial intelligence (AI) has opened up new avenues for professionals to advance their business operations or run afoul of federal laws. Two recent orders by the Securities and Exchange Commission (SEC) describe an example of the latter – “AI washing.”
Accused of making false and misleading statements about their use of AI, two firms recently paid $400,000 in civil money penalties to the SEC. Read on »
Posted Date: Tuesday, April 2, 2024
The Consumer Financial Protection Bureau has made its 2023 Home Mortgage Disclosure Act Loan Application Register data accessible online with loan-level information filed by financial institutions and modified to protect consumer privacy. Read on »
Posted Date: Tuesday, March 26, 2024
Federal banking agencies have extended the implementation period for certain provisions of their modernized Community Reinvestment Act (CRA) rules. Covered entities will have until Jan. 1, 2026, to align their CRA compliance policies and procedures with the revised rules, which had an original applicability date of April 1 of this year. Read on »
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