Freddie Mac standardizes down payment assistance programs
These changes come in tandem with Freddie Mac’s new tool, DPA One®, to aggregate and showcase down payment assistance programs on a single platform.
Acting Dept. Comptroller testifies on OCC’s Office of Financial Technology
The testimony focused on the OCC’s supervision and regulation of new and emerging fintech products, including the use of artificial intelligence and algorithms in banking.
House Financial Services Committee questions financial agency representatives on technological implementations
Representatives from the SEC, OCC, FDIC, CFPB, NCUA, and the Federal Reserve fielded an array of questions focused on artificial intelligence, cryptocurrencies, and central bank digital currencies.
DFPI shares trends in consumer crypto complaints
DFPI also shared tips on how consumers can protect themselves against scams, noting that “if it seems too good to be true, it probably is.”
DFPI issues desist and refrain order against investment firm
The California Division of Financial Protection and Innovation alleges the firm made false representations and material omissions to investors.
CFPB report on FDCPA highlights medical debt collection issues
The annual Fair Debt Collection Practices Act report emphasized collectors may violate federal law when they pursue inaccurate medical bills.
FHFA announces increases in 2024 conforming loan limits
According to the FHFA, due to rising home values (up 5.56 percent since 2022), CLLs will be higher for all but five U.S. counties.
VA asks for foreclosure pause, extends Covid-19 Refund Modification program
The Department of Veterans Affairs hopes to delay foreclosures as it readies the launch of the VA Servicing Purchase program.
Mass. settles with rent-to-own company for unfair debt collection practices
The company agreed to pay $8.75 million and cease filing criminal complaints against customers as a debt collection tool.
Nevada Adds Student Loan Servicer License to NMLS Dec. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Maine Adds New Consumer Finance Licenses to NMLS Dec. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
CFPB and Fed release updated thresholds for Regulations Z and M
The dollar thresholds for both regulations were increased from $66,400 to $69,500, an increase of 4.6 percent.
HUD seeks comments on update to HECM policy
According to FHA, the proposal “… will support servicer liquidity and strengthen the HECM market for senior homeowners.”
HUD increases inspection fee limits for single-family homes
HUD requires federal mortgage holders to perform property inspections to determine “occupancy status, ascertain property condition and to maintain property preservation.”
FTC publishes letter to CFPB on its law enforcement and public outreach
The CFPB used the information in its annual report to Congress on the Fair Debt Collection Practices Act (FDCPA).
NYDFS introduces guidelines for virtual currency entities
The guidance adopts new requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities.
Bank of England and FCA seek feedback on stablecoin regulatory proposals
The proposals would regulate stablecoins for future retail use while preventing money laundering and safeguarding financial stability.
CFPB releases report on state community reinvestment acts
The report finds that states play an active role in promoting reinvestment by institutions, but further review is necessary to understand these developments.
FHA updates guidance on sales comparison grid for manufactured homes
The update to the FHA’s rule affects how real estate appraisers will now appraise manufactured homes using the sales comparison approach (SCA) grid.
FSOC approves risk framework, nonbank determinations
FSOC adopted key changes in consideration of public comments on the analytic framework for financial stability risks and interpretive guidance on nonbank designations.