SBA: New Development and Improvements on Loan Program Modernization Announced to Expand Access to Capital for Small Businesses
Program Improvements will expand access to capital for small businesses, especially small-dollar loans, and increase protection against fraud as part of rulemaking finalized in April Today, following the recent finalization of two new rules aimed at closing gaps in capital access for America’s small business owners, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the…
FHFA: Rescission of Enterprise Upfront Fees Based on Debt-to-Income (DTI) Ratio Announced
Agency to also issue Request for Input on the Enterprise single-family pricing framework The Federal Housing Finance Agency (FHFA) today announced that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). FHFA announced in March it would delay implementation in order to engage with…
CFPB: New Report Highlights Costly Credit Cards and Loans Provided to Medical Patients
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care….
CFPB: New Consumer Protections Proposed for Homeowners Seeking Clean Energy Financing
Proposed rule would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a…
CFPB: Rule Issued to Facilitate the Orderly Wind Down of LIBOR
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the Federal Reserve Board System. This…
CFPB: Guidance Issued to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
It is illegal for debt collectors to sue or threaten to sue to collect debts past the statute of limitations Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The advisory opinion…
Interagency Statement on Completing the LIBOR Transition Issued
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end…
CFPB: Artificial Intelligence, Automated Systems and Advanced Technology Have the Potential to Result in Unlawful Discrimination
CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily…
FHFA: Notice of Proposed Rulemaking on Fair Lending Oversight Issued
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a proposed rule that would formalize many of the Agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities. Specifically, the proposed rule would codify in regulation: FHFA’s fair lending oversight requirements for Fannie Mae…
OCC: Acting Comptroller Discusses Open Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s (OCC) approach to open banking in remarks at FDX Global Summit Spring 2023 in Raleigh, N.C. In his remarks, the Acting Comptroller highlighted the evolution of open banking and its potential impact on the OCC’s supervision in…