CFPB: Inquiry Launched into Junk Fees in Mortgage Closing Costs
Rising fees are draining down payments, pushing homeownership out of reach The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB…
FHFA: Enhancements Announced to Flex Modification for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their Flex Modification policies to allow more borrowers facing longer-term hardships to achieve meaningful payment reductions. The updated Flex Modification policies will promote sustainable homeownership and the safety and soundness of the Enterprises. “The Enterprises have completed over half a million modifications through their Flex Modification offerings since…
OCC: Project REACh 2.0 Launched
The Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit. Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal,…
FDIC: Advisory Committee on Economic Inclusion to Meet June 4th
Two New Members also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 4, 2024, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss enhancing deposit insurance awareness, insights from our research about Volunteer Income Tax Assistance…
FDIC: 2024 Risk Review Published
Report highlights risks in banking system including Commercial Real Estate and Consumer Loans The Federal Deposit Insurance Corporation (FDIC) today published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry. The FDIC’s Risk Review is an annual publication and based on year-end banking data from the prior year….
FHFA: Input Requested on FHLBank System Mission
Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on the mission of the Federal Home Loan Bank (FHLBank) System as the Agency considers next steps for related rulemakings. The RFI provides an opportunity for the public to provide feedback on a core recommendation of FHFA’s Federal Home Loan Bank System at…
HUD: Expanded Solutions to Tackle Homelessness with Housing Vouchers Announced
New flexibilities help communities to expedite process to get housing assistance to those experiencing homelessness. Today, the U.S. Department of Housing and Urban Development (HUD) announced a new opportunity for communities to expedite housing assistance for people experiencing homelessness in the Housing Choice Voucher program. Housing agencies can now request to accept self-certification of income…
HUD: Harvard University Wins HUD’s 2024 Innovation in Affordable Housing Student Design and Planning Competition
Student teams shine in affordable housing solutions: UC Berkeley and University of Maryland also recognized in HUD’s design and planning competition. The U.S. Department of Housing and Urban Development (HUD) announced a graduate student team with members from Harvard University as the winners of HUD’s eleventh annual Innovation in Affordable Housing Student Design and Planning Competition….
ABA: New Banker Guide Released to Drive Community Engagement and Advance Inclusive Economic Solutions
The ABA Foundation today released “Community Conversations: Keys to Engaging Communities and Driving Inclusive Economic Solutions,” a new guide designed to help banks deepen their partnerships with community stakeholders and foster new cross-sector strategies to move people along the path to economic mobility and prosperity. The new resource offers a community engagement assessment to help bankers reflect…
ABA: Foundation Accepting Submissions for 12th Annual Community Commitment Awards
Today, the American Bankers Association Foundation announced it is now accepting submissions for its 12th annual Community Commitment Awards. The Foundation is encouraging banks of all sizes to enter their most successful community initiatives for the awards, ABA’s highest honors for extraordinary community engagement. The CCAs recognize innovative, high-impact bank programs that improve the quality of…