HUD: Agency Announces Efforts to Reduce Risk from Cash-Out Refinance Lending
FHA and Ginnie Mae seek to preserve homeowner equity and, boost investor confidence The U.S. Department of Housing and Urban Development (HUD) today announced joint policy actions designed to reduce risk associated with cash-out refinance lending. The changes preserve homeowners’ ability to convert home equity to cash via a government-sponsored mortgage but also improves the…
ABA: Report Shows Credit Card Market Moderated in First Quarter 2019
Credit card use moderated in the first quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, seasonally adjusted purchase volumes declined across risk tiers. Compared to year-ago levels, purchase volumes rose among super-prime (+5.2 percent) and subprime (+4.3 percent) accounts and were essentially unchanged…
FDIC: Annual Publication Examines Potential Credit and Market Risks
The Federal Deposit Insurance Corporation (FDIC) today published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures in the banking system. The publication will be of particular interest to financial institutions, policymakers, analysts, and regulators. “The FDIC is committed to transparency and accountability, and the publication of our 2019 Risk Review provides an opportunity for…
CFPB: Advanced Notice of Proposed Rulemaking on Qualified Mortgages Released
The Consumer Financial Protection Bureau (Bureau) today issued an Advance Notice of Proposed Rulemaking (ANPR) seeking information relating to the expiration of the temporary qualified mortgage provision applicable to certain mortgage loans eligible for purchase or guarantee by the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, in the Bureau’s Ability to Repay/Qualified Mortgage…
SBA: Interim Rule Issued to Adjust Size Standards to Expand Lending & Contracting Opportunities
Deadline to comment on interim final rule is Sept. 16, 2019 The U.S. Small Business Administration recently issued an interim final rule that will adjust monetary-based small business size standards for inflation to allow more small businesses to become eligible for the SBA’s loan and contracting programs. The interim final rule was published in the Federal Register on July…
CFPB: FTC, CFPB and States Announce Settlement with Equifax Over 2017 Data Breach
The Consumer Financial Protection Bureau (Bureau), the Federal Trade Commission (FTC), and 48 states, the District of Columbia and Puerto Rico announced a global settlement today with Equifax that would provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal district court in the Northern…
CFPB: Report on Third-Party Debt Collections Released
The Consumer Financial Protection Bureau (Bureau) released a report today that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors. Today’s report, which covers 2004 to 2018, is drawn from the Bureau’s Consumer Credit Panel (CCP), a nationally representative sample of approximately 5…
FHFA: Index Shows Mortgage Rates Decreased on April 2019
FHFA has determined that due to dwindling participation, the Monthly Interest Rate Survey will be discontinued. This is the final monthly release. Nationally, interest rates on conventional purchase-money mortgages decreased from March to April, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes…
Interagency Guidance: Host State Loan-to-Deposit Ratios Issued
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the…
FDIC: Agency Resolves Payday Lender Lawsuit
The Federal Deposit Insurance Corporation (FDIC) has resolved a lawsuit with Advance America, Cash Advance Centers, Inc.; Check Into Cash, Inc.; and Northstate Check Exchange. Advance America et al. v. Federal Deposit Insurance Corporation et al. (D.D.C.). The lawsuit had alleged terminations of payday lender bank accounts. In exchange for the plaintiffs’ agreement to dismiss the lawsuit,…