Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation - The Consumer Finance Podcast
On August 2, the OCC, Fed, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury (collectively, the agencies) released an interagency NPRM to establish data standards across these agencies for “certain collections of information...more
August 9, 2024 - The U.S. Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading...more
On July 17 and 18, 2024, federal financial regulators adopted rules and guidance setting forth expectations in the mortgage industry that originators properly oversee use of automated valuation models (AVMs) and entertain...more
On July 9 and 10, GOP congressional committee leaders wrote 40 letters to the heads of executive branch agencies to remind them of how Loper Bright has set limits on an agency’s authority. As previously covered by InfoBytes,...more
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
On July 17, the CFPB, OCC, Fed, FDIC, NCUA and FHFA adopted a final rule titled “Quality Control Standards for Automated Valuation Models.” As previously covered by InfoBytes, this final rule implemented new provisions...more
July 18, 2024- The Consumer Financial Protection Bureau proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, could be consumer loans subject to the...more
On June 20, the CFPB, OCC, Fed, FDIC, NCUA and FHFA (the financial services regulators) issued a final rule implementing new provisions governing the use of automated valuation models (AVMs), which are commonly used by...more
On June 24, the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, and FHFA approved a final rule to implement the quality control standards mandated by the Dodd-Frank Act to address the use of artificial intelligence in...more
On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more
May 22, 2024- The Federal Deposit Insurance Corporation published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry....more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
April 3, 2024- Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the Stanford Business, Government, and Society Forum at Stanford Graduate School of Business, Stanford, California....more
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more
January 17, 2024- U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) led a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of...more
Recently, the CFPB, NCUA, FDIC, FTC, and OCC provided notice in the Federal Register of adjustments to the maximum civil money penalties due to inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of...more
January 8, 2024- Secretary of the Treasury Janet L. Yellen gave remarks at the Financial Crimes Enforcement Network. January 8, 2024- The Federal Reserve Board released the G.19 consumer credit data for November 2023....more
December 21, 2023- The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate...more
November 16, 2023- The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information FAQs to include new questions about the reporting process, reporting companies, beneficial owners,...more
The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral. The...more
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
August 30, 2023- The Federal Reserve Board published a working paper entitled, "FinTech and Banks: Strategic Partnerships That Circumvent State Usury Laws." August 30, 2023- The Federal Reserve Board published a...more
Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings. As part of the Dodd-Frank Wall Street Reform...more