FFIEC: 2020 Data on Mortgage Lending Availability Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
CFPB: Interpretive Rule Issued on Authority to Resume CFPB Examinations Regarding the Military Lending Act
The Consumer Financial Protection Bureau (CFPB) issued aninterpretive rule today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law protecting the finances of our…
ABA: Regulators to Address Bankers Nationwide at ABA’s Virtual Regulatory Compliance Conference on June 22-24
Top staff from the Federal Reserve, CFPB, FDIC and OCC will address America’s banks during the American Bankers Association’s 35th annual Regulatory Compliance Conference June 22-24. The three-day conference will be held virtually for bankers across the country. During the conference, which will bring together the banking industry’s leading compliance professionals, attendees will hear directly from ABA…
CFPB: New Report Finds that Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks and Barriers to Credit
Consumers tend to be rural and lower income, and those who do not own the underlying land have the greatest challenges Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners. Manufactured housing is a small…
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit…
CFPB: Reports Issued Detailing Mortgage Borrowers Continuing COVID-19 Challenges
The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers….
CFPB: FTC and CFPB Put Nation’s Largest Landlords on Notice about Tenants Pandemic Protections
Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. The letters remind these landlords of federal protections in place to keep tenants in their homes and stop…
CFPB: Consumer Complaint Bulletin Examines County-Level Demographic Data
The Consumer Financial Protection Bureau (CFPB) issued a bulletin today analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage of minority…
CFPB: Mandatory Compliance Date for General Qualified Mortgage Final Rule Delayed
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and…
CFPB: Interim Final Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
Bureau Issues Interim Final Rule on Fair Debt Collection Practices Act The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium…