CFPB: Inquiry Opened into “Buy Now, Pay Later” Credit
Buy Now, Pay Later Expected to Set New Records for Lending this Holiday Season Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna,…
HUD: Nonprofit Bidders Successfully Purchased More Than 800 Mortgage Notes through HUD-Held Vacant Loan Sale
Competitive bid sale provided priority bidding on 50 percent of mortgage notes in multi-loan pools by non-profit organizations and units of state and local government. The U.S. Department of Housing and Urban Development’s Office of Asset Sales announced on Thursday that 23 mission-driven non-profit organizations successfully participated – and 11 were awarded pools – in its…
OCC: Acting Comptroller Kicks Off DC REACh
Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch DC REACh, thereby expanding the OCC’s Project REACh efforts to Washington, D.C. The OCC launched Project REACh, or Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights organizations, business, and…
OCC: Improved Mortgage Performance Reported in Third Quarter 2021
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 third quarter of 2021. The OCC Mortgage Metrics Report, Third Quarter 2021 showed that 95.6 percent of mortgages included in the report were current and performing at the end of the third quarter…
CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2021
Examiners found violations in areas including mortgage servicing, fair lending, payday, and remittances The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public…
CFPB: Final Rule Issued to Facilitate Transition from LIBOR
The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the relevant index…
HUD: FHA Single Family Title II Forward and Home Equity Conversion Mortgage Loan Limits for 2022 Announced
The Federal Housing Administration (FHA) on Tuesday announced new loan limits for calendar year 2022 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage (HECM) insurance programs. Loan limits for most of the country will increase in the coming year resulting from robust house price appreciation, which is factored into the…
FHFA: Conforming Loan Limits for 2022 Announced
Baseline Conforming Loan Limit Will Increase to $647,200 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from…
ABA: Report Shows Credit Card Trends in Second Quarter 2021 Suggest Strong Recovery
Credit conditions in the second quarter point to a strong recovery from last year’s recession as U.S. consumer spending continued to expand, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor released today. Monthly purchase volumes increased sharply from the first quarter, surpassing pre-pandemic numbers, while credit card debt as a share…
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 June 30, 2021. Borrower outcomes reflect NPLs reported through June 30, 2021 and sold through December 31,…