CFPB: Violations of Federal Law by Student Loan Services and University-Owned Lenders Found

Blanket withholding of academic transcripts to pressure borrowers to pay cited as unlawful Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had […]

HUD: Disaster Assistance Announced for Puerto Rico

The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance, including a new package of waivers offering regulatory and administrative relief, to supplement Commonwealth and local recovery efforts in areas of Puerto Rico affected by Hurricane Fiona beginning on September 17, 2022, and […]

EDA: $53 Million in American Rescue Plan Funds and CARES Act Recovery Assistance Invested Last Week

Last week, the following grants were made under the American Rescue Plan Funds and CARES Act Recovery Assistance programs: September 28, 2022 – U.S. Department of Commerce Invests $1.2 Million in American Rescue Plan Funds to Boost Tourism by Making Recreational Infrastructure Improvements in Portland, Oregon September 27, 2022 – U.S. Department […]

HUD: FHA Expands Access to Homeownership for First-Time Homebuyers Who Have Positive Rental History

Addition of positive rental payment history in TOTAL Mortgage Scorecard assessment criteria supports greater opportunity for first-time homebuyers to qualify for affordable FHA-insured mortgage financing. The Federal Housing Administration (FHA) is announcing today that it will begin to permit inclusion of a first-time homebuyer’s positive rental payment history as an additional factor […]

CDFI Fund: FY 2022 Small Dollar Loan Program Awards Announced

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded more than $11.4 million in grants to Community Development Financial Institutions (CDFIs) today through the fiscal year (FY) 2022 round of the Small Dollar Loan Program (SDL Program). The awards will help expand consumer access to […]

FHFA: Second Quarter 2022 Foreclosure Prevention and Refinance Report Released

More than 6.5 million troubled homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its second quarter 2022 Foreclosure Prevention and Refinance Report​. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 96,945 foreclosure prevention actions during the quarter, raising the total number of homeowners […]

CFPB: New Effort Launched to Spur New Opportunities for Homeowners in the Mortgage Market

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would […]

CFPB: Annual Report of 2021 Mortgage Market Activity Reveals End to Refinancing Boom and Increase in Home Purchase Loans

Asian, Black, and Hispanic white shares of home purchase loans increased Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends for 2021. The report’s data are submitted by thousands of the nation’s lending institutions under the Home Mortgage Disclosure Act (HMDA). […]

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 […]