CDFI Fund: Annual Compliance, Certification and Reporting Obligations Reminder
Are you the Authorized Representative of an organization that has received a Community Development Financial Institutions Fund Award (CDFI Fund) Award and/or Allocation? If so, don’t forget that in order to maintain compliance with your Assistance and/or Allocation Agreement(s) you must complete and submit the annual compliance report(s) as specified in your agreement(s). Failure to…
CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans
Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…
CDFI Fund: 2023 Annual Certification & Data Collection Report Guidance Materials and Conference Call Announced
The Community Development Financial Institutions Fund (CDFI Fund) has released updated information for Certified Community Development Financial Institutions (CDFIs) regarding the 2023 reporting round for the Annual Certification and Data Collection Report (ACR). The CDFI Fund has updated the supporting information for the ACR to reflect the changes made for the 2023 reporting round, which…
CFPB: NLRB and CFPB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices
The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that harm workers…
CFPB: New Findings Published on Financial Profiles of Buy Now, Pay Later Borrowers
Report finds consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later borrowers use the product without…
Agencies Issue 2022 Shared National Credit Program Review
The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second half of 2022. Overall, the…
HUD: FHA Annual Mortgage Insurance Premium Deducations To Save Homebuyers an Average of $800 Annually on Mortgage Payments
30 basis point reduction in FHA annual mortgage insurance premium supports Biden-Harris Administration goals to make homeownership more affordable and accessible for working families. Today, the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a 30 basis point reduction to the annual mortgage insurance premiums (annual MIP) charged to homebuyers who…
ABA: New Webpage Launched Highlighting Programs Designed to Improve Access to Capital for Underserved Small Businesses
The American Bankers Association today launched a new webpage providing information on special purpose credit programs (SPCPs) and highlighting the role they can play in meeting the credit needs of economically disadvantaged small businesses. In support of the Office of the Comptroller of the Currency’s Project REACh, ABA is making this online resource available for banks and other…
HUD: FHA Seeks Input to Enhance Financing for Homes in Need of Rehabilitation
Request for Information published today seeks industry input on ways to enhance FHA’s 203(k) Rehabilitation Mortgage Insurance Program to support housing supply and affordability. Today, the Federal Housing Administration (FHA) published a Request for Information in the Federal Register seeking public comments on ways it can enhance its Single Family 203(k) Rehabilitation Mortgage Insurance Program. The 203(k)…
CFPB: New Report Finds One-Third Decline in Collections Items on Consumer Credit Reports
Report underscores ongoing concerns about accuracy of collections data, particularly with respect to medical debt Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261…