CFPB: Exams Find Unfair, Deceptive and Abusive Practices Across a Wide Array of Consumer Financial Product Lines at Nonbanks
Supervisory Highlights report also details new examinations on nonbanks Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in…
HUD: Research Grant Opportunity and Event Announced Focused on Office-to-Residential Conversions Announced
The U.S. Department of Housing and Urban Development (HUD) released a notice of funding opportunity (NOFO) to study office-to-residential conversions. Later today, HUD’s Office of Policy Development and Research (PD&R) will host a virtual event featuring developers, researchers, and local officials to discuss the challenges of executing these conversions and how policies can help overcome those challenges. The NOFO…
FHFA: House Price Index Up 0.7 Percent in May 2023; Up 2.8 Percent from Last Year
U.S. house prices rose in May, up 0.7 percent from April, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 2.8 percent from May 2022 to May 2023. The previously reported 0.7 percent increase in April remained unchanged. For the nine census divisions, seasonally adjusted monthly price changes from April…
FEMA: President Biden Approves Major Disaster Declaration for New York
FEMA announced that federal disaster assistance has been made available to the state of New York to supplement recovery efforts in the areas affected by severe storms and flooding from July 9-10, 2023. Public assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing…
FEMA: President Biden Approves Major Disaster Declaration for Oklahoma
FEMA announced that federal disaster assistance has been made available to the state of Oklahoma to supplement recovery efforts in the areas affected by severe storms, straight-line winds and tornadoes from June 14-18, 2023. Public assistance federal funding is available to the state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency…
FEMA: President Biden Approves Major Disaster Declaration for Minnesota
FEMA announced that federal disaster assistance has been made available to the state of Minnesota to supplement recovery efforts in the areas affected by severe storms and flooding from April 11-30, 2023. Public assistance federal funding is available to the state, eligible local and tribal governments and certain private nonprofit organizations on a cost-sharing basis for emergency…
Federal Reserve: FedNow Service, New System for Instant Payments, Now Live
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. “The Federal Reserve built the…
OCC: Acting Comptroller Discusses Delivering Financial Education and Banking Services in Indian Country
Acting Comptroller of the Currency Michael J. Hsu today discussed the role of national banks and federal savings associations in delivering capital and other financial services to support economic development, housing, and other needs in Indian Country in remarks prepared for delivery at the Financial Literacy and Education Commission meeting. In his remarks, Mr. Hsu…
CFPB: New Report Shows Workers Face Risks from Employer-Driven Credit
Report follows launch of public inquiry into the challenges and prevalence of employer-driven debt Today, the Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers. After a review of responses to the CFPB’s public inquiry, the analysis describes the growing prevalence of employer-driven debt and challenges workers and consumers…