CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2020
Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more…
OCC: New Report Indicates Mortgage Performance Declined in First Quarter 2021
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
CFPB: Rules Issued to Facilitate Smooth Transition as Federal Foreclosure Protections Expire
Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance. The…
HUD: FHA Introduces More Measures to Help Homeowners Struggling Due to COVID-19
One-month extension of foreclosure and eviction moratoria, expanded initial forbearance request timeframes, and new outreach to struggling homeowners provide expanded recovery help. The Federal Housing Administration (FHA) on Friday announced more measures to help homeowners with FHA-insured mortgages who are struggling financially due to the COVID-19 pandemic. These measures will provide additional, immediate relief while also expanding…
Federal Reserve: Extension of PPP Liquidity Facility for Final Time Announced through July 30, 2021
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to…
FHFA: COVID-19 Foreclosure and REO Eviction Moratoriums Extended until July 31, 2021
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an…
FDIC: “Fintech: A Bridge to Economic Inclusion” Virtual Conference Scheduled for June 29th
June 29th event to address how technology can create greater opportunities The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive banking system. Fintech: A Bridge to Economic Inclusion will feature leading voices in the world of…
OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule
Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. This follows similar action taken…
ABA: New Report Shows Credit Card Rewards Provide Value to Consumers of All Income Levels, Merchants
New study shows why so many consumers choose to participate in rewards programs Credit card rewards are accessible, valuable, and well-understood by consumers across all income levels according to a new report from the American Bankers Association. ABA examined rewards cards and their value to various participants in the credit card market, including merchants and consumers, segmented…
FHFA: First Quarter 2021 Foreclosure Prevention and Refinance Report Released
More than 5.8 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its first quarter 2021 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 224,646 foreclosure prevention actions in the first quarter of 2021, bringing the total number of homeowners who have been…