CFPB: Analysis Published on Potential Impacts of Medical Debt Credit Reporting Changes
Removing Paid Collections Will Have Limited Benefit Across Consumer Groups Today, the Consumer Financial Protection Bureau (CFPB) published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – will affect people who have allegedly unpaid medical debt on their credit reports. Nearly half of those…
OCC: Research Solicited on Implications of Financial Technology for Banking
The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…
Federal Reserve: “Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?” FEDS Notes Discussion
Finance and Economics Discussion Series (FEDS) Author: Kenneth P. Brevoort Abstract: Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases has had its intended effect…
FHFA: Office of Financial Technology Announced
Agency issues request for information on the role of technology in housing finance The Federal Housing Finance Agency (FHFA) today announced the establishment of the Office of Financial Technology. This Office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing Agency priorities related to the adoption and deployment…
FHFA: Latest Report on Non-Performing Loan Sales Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2021. Borrower outcomes reflect NPLs sold through June 30, 2021. The sale of NPLs…
HUD: FHA Expands Mortgage Eligiblity for Borrowers Previously Affected by COVID-19
Updated guidance issued today provides new flexibility for lenders when calculating “effective income” for borrowers with previous employment gaps or loss of income due to a COVID-19 economic event. The Federal Housing Administration (FHA) announced on Thursday new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to…
CFPB: Advisory Issued to Protect Privacy When Companies Compile Personal Data
Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new advisory opinion…
CFPB: Special Regulatory Treatment for Payactiv Rescinded
Termination Follows Request by Company in Order to Change its Product The Consumer Financial Protection Bureau (CFPB) issued an order today terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer financial law with respect to…
CFPB: Agency Moves to Reduce Junk Fees Charged by Debt Collectors
Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make…
FHFA: First Quarter 2022 Foreclosure Prevention and Refinance Report Released
Nearly 6.5 million troubled homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its first quarter 2022 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 129,779 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,494,057…