CFPB: Agency to Examine Colleges’ In-House Lending Practices
CFPB Publishes Oversight Protocols for Institutional Student Lending Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As…
CFPB: New Bulletin Issued to Prevent Unlawful Medical Debt Collection and Credit Reporting
New Law Limits Surprise Medical Bills The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No…
FHFA: Targeted Increases to Enterprise Pricing Framework Announced
Upfront Fee Adjustments for High Balance Loans and Second Home Loans to Take Effect April 1, 2022 Today, the Federal Housing Finance Agency (FHFA) announced targeted increases to Fannie Mae and Freddie Mac’s (the Enterprises) upfront fees for certain high balance loans and second home loans. High balance loans are mortgages originated in certain designated…
CFPB: New Report Released Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus
Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response…
HUD: Disaster Assistance Announced for Colorado Disaster Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for areas in Colorado affected by straight-line winds and wildfires from December 30, 2021, and continuing. On January 1, President Biden issued a major disaster declaration to make Federal funding available to affected individuals in Boulder County, Colorado. Federal funding,…
Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm and Community Development Lending Data
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2020. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The…
FHFA: Report on Enterprise Single-Family Guarantee Fees in 2020 Issued
The 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 credit risk and other costs that the Enterprises incur when they acquire single-family loans from lenders. These costs include projected credit losses from borrower defaults…
FHFA: Third Quarter 2021 Foreclosure Prevention and Refinance Report Released
More than 6.2 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its third quarter 2021 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 180,566 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,210,485…
OCC: Bulletin Issued on Revised Interagency Examination Procedures for HMDA
The Office of the Comptroller of the Currency (OCC) today issued the revised interagency Home Mortgage Disclosure Act (HMDA)1examination procedures for determining compliance with HMDA and its implementing regulations. Rescission This bulletin rescinds OCC Bulletin 2010-8, “Compliance Policy: Revised Home Mortgage Disclosure Act Examination Procedures.” OCC Bulletin 2019-19, “Home Mortgage Disclosure Act: Revised Interagency Examination…
FHFA: Capital Planning Rule for Fannie Mae and Freddie Mac Proposed
Requirements in proposed rule represent another incremental step FHFA is taking to ensure safety and soundness at the Enterprises The Federal Housing Finance Agency (FHFA) today issued a proposed rule that would require Fannie Mae and Freddie Mac (the Enterprises) to develop, maintain, and submit annual capital plans to FHFA. This requirement helps protect taxpayers…