On April 2, the U.S. District Court for the Northern District of Texas granted defendant Ginnie Mae’s motion for summary judgment in a dispute concerning Ginnie Mae’s Home Equity Conversion Mortgage (HECM) mortgage-backed...more
March 10, 2025 - The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency reported in the 2024 Shared National Credit (SNC) report that credit risk associated with...more
February 26, 2025- The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor...more
January 6, 2025- The Federal Reserve Board announced that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a...more
December 17, 2024- The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the incoming Chairman and current Committee Vice Chair, French Hill (AR-02), sent letters to the outgoing Biden...more
November 25, 2024 - The U.S. Department of the Treasury released a new report summarizing data from the State Small Business Credit Initiative (SSBCI) for the first two years of the program, from the first transaction on...more
November 7, 2024 - The Federal Open Markets Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. November 7, 2024- Securities and Exchange...more
November 4, 2024- The Financial Conduct Authority issued a statement welcoming the first industry-led Project Guardian report on tokenisation in the asset management sector, delivered through Project Guardian’s asset and...more
On October 18, the U.S. District Court for the Northern District of Texas denied a motion for partial summary judgment filed by the plaintiff, a bank, against Ginnie Mae. The dispute centered on Ginnie Mae’s extinguishment of...more
October 8, 2024- Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “The Global Fight Against Inflation,” at the Conference on Monetary Policy 2024: Bridging Science and Practice, European Central...more
September 30, 2024- Federal Reserve Board Chair Jerome H. Powell gave a speech entitled “Economic Outlook,” at the National Association for Business Economics Annual Meeting in Nashville, Tennessee....more
September 13, 2024 - The General Counsel of the CFPB delivered a speech to the Poverty Law Conference addressing the variety of consumer protection laws that protect impoverished individuals and how innovation and financial...more
September 3, 2024- Acting Comptroller of the Currency Michael J. Hsu discussed the evolution of bank supervision during a presentation at the Joint European Banking Authority and European Central Bank International...more
August 5, 2024- The Federal Reserve Board released the results of the July 2024 Senior Loan Officer Opinion Survey on Banking Practices. August 5, 2024- The Federal Reserve Bank of New York published a The Teller...more
July 2, 2024- The EU–U.S. Joint Financial Regulatory Forum took place on June 25-26, 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The...more
On May 31, Ginnie Mae published its APM 24-09: Updates To Digital Collateral Program Guide to clarify, update, remove and expand policies on digital products, such as notes, closing systems, vaults, applicants and registries....more
June 6, 2024- The U.S. Department of the Treasury released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector....more
June 4, 2024- The Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. June 4, 2024- ...more
What Happened? Following the release of the Financial Stability Oversight Council (FSOC) Report on Nonbank Mortgage Servicing, Ginnie Mae announced in APM 24-08 that certain large nonbank Ginnie Mae Issuers will now be...more
On May 20, Ginnie Mae released “APM 24-08: Mandatory Recovery Planning Requirements for Certain Issuers,” which outlined Ginnie Mae’s introduction of recovery planning requirements for issuers whose portfolios exceed $50...more
On May 20, Ginnie Mae released an All Participant Memorandum (APM) titled “APM 24-07: Commingling Digital Collateral with Paper Collateral in Ginnie Mae Pools,” which included opening Ginnie Mae’s Digital Collateral Program...more
May 20, 2024- Federal Deposit Insurance Corporation Chair Martin J. Gruenberg issued a statement announcing he is prepared to step down as Chair once a successor is confirmed. May 20, 2024 - Senator Sherrod Brown...more
Based on a recent report from the Financial Stability Oversight Council (FSOC), nonbank mortgage companies (NMCs) need to prepare for additional regulatory scrutiny from both state and federal regulators. In the report, FSOC...more
May 9, 2024- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Consumer Protection: Examining Fees in Financial Services and Rental Housing.” May 9, 2024 - The Federal Reserve...more
May 8, 2024- U.S. House Committee on Financial Services Chair Patrick McHenry delivered remarks on the House floor in support of H.J.Res. 109, a Congressional Review Act resolution that would overturn accounting guidance...more