EDA: $800,000 Invested to Capitalize a Revolving Loan Fund and Support Small Businesses in South Dakota
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the Northeast Council of Governments Development Corporation in Aberdeen, South Dakota, to capitalize and administer a Revolving Loan Fund (RLF) serving small businesses in 12 counties in Northeast South Dakota. The RLF will support businesses facing obstacles in obtaining…
CFPB: New Report Highlights Consumer Frustrations with Credit Card Rewards Programs
Consumers report losing benefits to devaluation, limited redemption opportunities, and vague or hidden terms and conditions The Consumer Financial Protection Bureau (CFPB) issued a new report finding consumers encounter numerous problems with credit card rewards programs. Consumers tell the CFPB that rewards are often devalued or denied even after program terms are met. Credit card companies focus…
HUD: Additional Relief Extended to Borrowers in Maui, HI
Federal Housing Administration to extend foreclosure moratorium through August 4, 2024, to help homeowners impacted by 2023 wildfires. Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced it is extending its foreclosure moratorium for borrowers with FHA-insured mortgages in Maui County, HI, through August 4, 2024. FHA is taking…
HUD: Fair Housing Guidance Issued on Applications of Artificial Intelligence
Department recommends best practices to prevent discriminatory uses of artificial intelligence in tenant screening and advertising of housing and housing-related services Today, the U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular…
FHFA: Report Issued on Enterprise Single-Family Guarantee Fees in 2022
he Federal Housing Finance Agency (FHFA) today issued its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). Guarantee fees are intended to cover the expected credit losses, administrative costs, and cost of capital that the Enterprises incur when they acquire single-family loans from lenders. The report analyzes loans…
HUD: New Guidance Issued to Protect Borrowers from Appraisal Bias
Federal Housing Administration’s new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic…
FHFA: Enterprise Reconsideration of Value Policies Announced
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the…
CFPB: New Published Research Finds Higher Price Complexity Leads Consumers to Pay More
As part of junk fee initiative, study suggests that consumers pay more when prices are separated into multiple fees Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of…
FHFA: New Division of Public Interest Examination Announced
The Federal Housing Finance Agency (FHFA) today announced the creation of a new Division of Public Interest Examination (DPIE), which will be responsible for supervisory oversight of the Agency’s regulated entities in the areas of affordable housing, community development, diversity and inclusion, consumer protection, and fair lending. FHFA serves as regulator and conservator of Fannie Mae…
CFPB: Guidance Issued to Combat Junk Fees by Mortgage Servicers
Homeowners forced to pay for “services” that were prohibited or unauthorized The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending…