CFPB: Advisory Opinion on Coverage of Fair Lending Laws Issued

Equal Credit Opportunity Act continues to protect borrowers after they have applied for and received credit Today, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA)—a landmark federal civil rights law protecting individuals and businesses against discrimination in accessing and […]

ABA: Report Finds Credit Card Market Recovery Continued in Fourth Quarter 2021

In a sign of continuing U.S. consumer strength, monthly credit card purchase volumes rose across risk tiers (prime, subprime, and super-prime) in last year’s fourth quarter, the third consecutive increase, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor released today. The May 2022 Monitor, which reflects credit […]

FHFA: Mandatory Use of the Supplemental Consumer Information Form During Loan Application Process Announced

Data collected will help lenders facilitate communications with borrowers in their preferred language The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will […]

FDIC: 2022 Bank Small Business Lending Survey Launched

Approximately 2,000 Banks Asked to Detail their Lending Practices Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg and U.S. Census Bureau (Census) Director Robert L. Santos today formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and […]

CFPB: Supervisory Report Finds Unlawful Auto Repossessions and Breakdowns in Credit Report Disputes

Agency examiners identify improper practices across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services. “While […]

FHFA: Fannie Mae and Freddie Mac Duty to Serve Underserved Markets Plans for 2022-2024 Announced

The Federal Housing Finance Agency (FHFA) today published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) Program. The DTS Plans demonstrate a strengthened commitment to serving manufactured housing, affordable housing preservation, and rural housing. The targets and strategies in […]

CFPB: Agency Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

Bureau Seeks Comment on Updated Procedures The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between […]

HUD: Disaster Assistance Announced for Massachusetts Disaster Survivors

The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance to supplement Commonwealth, tribal, and local recovery efforts in the areas of Massachusetts affected by the severe winter storm and snowstorm from January 28 to January 29, 2022. On April 18, President Biden issued a […]

HUD: FHA Adds 40-Year Mortage Modification with Partial Claim to Home Retention Options for Struggling Borrowers

Addition to loss mitigation home retention options allows servicers to assist additional FHA forward mortgage borrowers who are behind on mortgage payments due to COVID-19. The Federal Housing Administration (FHA) announced on Monday that it is adding a new, 40-year mortgage modification option for mortgage servicers to use in conjunction with its […]