CFPB: Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores
Cash-out borrowers paid down credit card debt and auto loans Today, the Consumer Financial Protection Bureau (CFPB) published a report about financial outcomes for cash-out refinance mortgage borrowers. Cash-out borrowers had an initial sharp improvement in credit scores, followed by a gradually worsening of their scores. Scores in general, however, stayed above their pre-refinance levels….
CFPB: New Report Finds More Vehicles Eligible for Repossession than Pre-Pandemic
Today, the Consumer Financial Protection Bureau (CFPB) published a report showing that the rate of auto repossessions at the end of 2022 surpassed pre-pandemic levels. Additionally, lenders were increasingly more likely to use third parties, called forwarders, to manage the repossession process. The use of a third party generally increases consumer costs. The CFPB analyzed…
FDIC: Statement from Acting Chairman Travis Hill
On January 20, 2025, Travis Hill became Acting Chairman of the Federal Deposit Insurance Corporation (FDIC). Acting Chairman Hill issued the following statement: “It is my honor and privilege to serve as Acting Chairman of the FDIC. While the FDIC faces a broad range of issues, and as always will fulfill our mandate to promote a…
SBA: New MySBA Digital Experience Outlined to Transform How Business Owners Interact with SBA
New MySBA Experience Builds on SBA’s Efforts to Transform Customers’ Experiences with the Agency via Innovative Digital Tools Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, is celebrating the culmination of the SBA’s efforts to transform customers’ experiences…
HUD: FHA Options Updated to Help Homeowners Keep Their Homes
Revised Federal Housing Administration loss mitigation waterfall includes updates to tools for mortgage servicers helping borrowers who fall behind on their mortgage payments. Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), announced an updated set of permanent options for mortgage servicers to help borrowers with FHA-insured single-family mortgages keep…
SBA: New Report Shows Consequential Impacts of SBA Pandemic Relief
Pandemic Relief Prevented Business Closures, Protected Jobs, and Led to Job Creation Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s more than 34 million small businesses, issued the following statement on a new report highlighting the positive impact of SBA pandemic relief programs – including the Paycheck…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the California Wildfires and Straight-Line Winds
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and…
ABA: Key Policy Priorities Unveiled in Newly Released 2025 Blueprint for Growth
With the pending change in administration and the start of the 119th Congress, the American Bankers Association today released its 2025 Blueprint for Growth outlining ABA’s top policy priorities for 2025. As the voice of the nation’s banking industry, and the only trade association representing banks of all sizes, charters and business models, the Blueprint for Growth…
CFPB: New Study Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans
More than 60 percent of users had simultaneous loans, borrowers held higher balances on other credit lines, and most loans went to consumers with subprime or lower credit scores Today, the Consumer Financial Protection Bureau (CFPB) released a study of Buy Now, Pay Later (BNPL) borrowers, finding that more than one-fifth of consumers with a…
CFPB: New Report Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest U.S. Likely Underinsured Against Flood Risk
Homeowners facing flooding from rivers and creeks more likely to be underinsured than coastal residents Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. According to findings,…