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 financial institutions by providing alternatives…
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 who have been helped to…
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 benefit from refinancing, especially for…
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). The report shows a shift…
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…
OCC: Report Shows Overall Mortgage Performance Improvement
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2022. The OCC Mortgage Metrics Report, Second Quarter 2022 showed that 97 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
CFPB: New Study Details the Rapid Growth of “Buy Now, Pay Later” Lending
Today, the Consumer Financial Protection Bureau (CFPB) published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The five firms surveyed in the report originated 180…
ABA: Foundation Releases New Videos to Raise Awareness on Senior Scams
The American Bankers Association Foundation today released seven new videos designed to raise awareness of the top scams targeting older Americans as a part of its Safe Banking for Seniors campaign. The campaign, led by volunteers at banks nationwide, helps older customers, their families and caregivers understand and mitigate the risks of elder fraud and financial exploitation…
OCC: New Bulletin Sets Expectations for Protecting Non-Public Infomation on Managed Video Teleconferencing Services
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to explain the OCC’s expectations for protecting non-public OCC information, as defined in 12 CFR 4.32(b)(1), shared on video teleconferencing services that are operated or managed by an institution1 or any other party. Video teleconferencing (VTC) services provide collaboration capabilities that allow communication…
ABA: Foundation Infographic Released with Tips for Avoiding Scholarship and Student Loan Scams
New Infographic from ABA Reveals Tips for Avoiding Student Loan and Scholarship Scams As part of its annual Get Smart About Credit campaign, the American Bankers Association Foundation released a new infographic today providing consumers with information on common scholarship and student loan scams and tips on how to avoid falling victim. The infographic is the first…