FHFA: Final Rule for New Enterprise Products and Activities Announced
The Federal Housing Finance Agency (FHFA) today published a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to provide advance notice to FHFA of new activities and obtain prior approval before launching new products. “The final rule clarifies how FHFA will conduct assessments of new activities and products proposed by the Enterprises,”…
CFPB: Agency Kicks Off Personal Financial Data Rights Rulemaking
Proposals under consideration would fuel market competition and strengthen consumer data rights Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options…
CFPB: New Guidance Issued to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts
Agency highlights surprise overdraft and surprise depositor fees Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the…
CFPB: Threshold for Smaller Loan Exemption for Appraisal Requirements for Higher-Priced Mortgage Loans Announced for 2023
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, and is based on the…
CFPB: Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions Announced for 2023
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based on the annual…
FHFA: New Rule Proposed to Help Enterprises Better Serve Colonias
Amendments will remove barriers to Enterprise Duty to Serve activities in high-needs rural regions The Federal Housing Finance Agency (FHFA) today proposed to amend the Agency’s Duty to Serve (DTS) Underserved Markets regulation to facilitate Fannie Mae and Freddie Mac’s (the Enterprises) activities related to serving colonias. “FHFA is committed to promoting affordability, equity, and…
Congress: Congresswoman Waters Introduces Legislation to Strengthen the CRA and End Modern-Day Redlining
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services introduced H.R. 8833, the “Making Communities Stronger Through the Community Reinvestment Act.” This transformative piece of legislation is a part of Chairwoman Waters’ continuing efforts to root out discrimination in our modern-day banking system and close the racial wealth and homeownership gaps by making…
FDIC: Supervisory Guidance Issued on Multiple Re-Presentment NSF Fees
Summary: The FDIC is issuing guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. Additionally, the FDIC is sharing its supervisory approach when a violation of law is identified, as well as expectations for full corrective action. …
CFPB: Agency Takes Action to Protect the Public from Unsafe Data Security Practices
Financial companies may be held liable for unfairly putting customers’ data at risk The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms…