CFPB: Spring 2017 Rulemaking Agenda
An important part of the CFPB’s statutory mandate from the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is to make rules governing consumer finance markets more effective and to create new rules when warranted. Under the Regulatory Flexibility Act, federal agencies must publish regulatory agendas twice a year. As an independent regulatory…
CFPB: How to Respond When a Debt Collector Contacts You in Three Easy Steps
By Courtney-Rose Dantus Receiving a call from a debt collector can be stressful. Your first instinct may be to hide or ignore the situation and hope it goes away. But that can make things worse. We have resources to help you respond to debt collectors. 1. First, know your rights There are laws that…
HUD & Census Bureau: New Residential Sales Report June 2017
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for June 2017. Building Permits: Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent (±1.1 percent) above…
CFPB: How to Help Employees Improve Their Financial Well-Being
Here are eight steps business and HR leaders can take to create a financial wellness program at their workplace. By Dubis Correal Day after day, employees arrive at work carrying the stresses of their lives, and money issues can be part of their stress. Maybe one of your employees has a past-due medical bill…
CFPB: Building Credit at a Local Level
By Sarah Bainton Kahn We recently published a report on ways people without a credit history start building one. In order to bring visibility to this issue and spur action at the local level, we’re releasing credit profiles on states and cities across the country. A person is considered “credit invisible” if they do not…
CFPB: Changes Proposed to HMDA Mortgage Data Rule Reporting Threshold for Community Banks and Credit Unions
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal on reporting requirements for banks and credit unions that issue home-equity lines of credit. Under rules that are scheduled to take effect in January 2018, financial institutions are generally required under the Home Mortgage Disclosure Act (HMDA) to report home-equity lines of…
OCC: Report Shows Improved Mortgage Performance in First Quarter of 2017
WASHINGTON—Performance of first-lien mortgages improved during the first quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, First Quarter 2017, showed 95.6 percent of mortgages included in the report were current and performing at the end…
FHFA: Final Rule Regarding Minority and Women Inclusion Regulations Amended to Require Diversity and Include Strategic Planning
Washington, D.C. — The Federal Housing Finance Agency (FHFA), is publishing a final rule that amends its existing Minority and Women Inclusion regulations to require Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance (the regulated entities), to develop and implement strategic plans to promote diversity and inclusion of minorities,…
CFPB: Buying a Home? Watch out for Mortgage Closing Scams
Summer is a busy homebuying season. If you’re in the market for a new home this year, watch out for email phishing scams. According to reports, the scams target homebuyers who are nearing the closing date on their mortgage loan. The scammers attempt to steal the homebuyer’s closing funds—for example, their down payment and closing…