According to the entry, which noted reflects the authors’ views, and not those of the CFPB, refinance mortgage originations decreased amid 2022’s rapid interest rate hikes, and notably favored cash-out refinances over non-cash-out options.
The updates include new financial reporting requirements for large non-depository sellers/servicers and a revised policy for loans transferred to an LLC, among other things.
The OCC found that there was a 0.1 percent increase in “current and performing” mortgages and a 0.2 percent drop in mortgages that are seriously delinquent from the previous year.
As part of the agreement, the platform is barred from trading securities and commodities in New York or from making its platform available to New York residents.
Adoption of the new rules will not result in any substantive changes for Illinois Collection Agency licensees but will mirror the previous rules governing collection agencies.
The roundtable featured speakers from the president’s council, the CFPB, the Center for Medicare and Medicaid Services, DHHS, the Treasury, and representatives from California, Colorado, and Washington.
The Act specifically prohibits hospitals, health care professionals, and ambulances from reporting medical debt to credit agencies.
With this change, the Department of Financial and Professional Regulation proposes to repeal the existing regulations from the Division of Professional Regulation.
The regulation generally aligns with the CSBS Money Transmitter Model Law, but also includes unique provisions such as an agent of the payee exemption.
In their complaint, the plaintiffs argued that the regulations violated the First Amendment and were preempted by TILA.
The CFPB stressed the importance of regulatory consistency of consumer financial products and services across federal and state law.
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.
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.
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 also shared tips on how consumers can protect themselves against scams, noting that “if it seems too good to be true, it probably is.”
The California Division of Financial Protection and Innovation alleges the firm made false representations and material omissions to investors.
The annual Fair Debt Collection Practices Act report emphasized collectors may violate federal law when they pursue inaccurate medical bills.
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.
The Department of Veterans Affairs hopes to delay foreclosures as it readies the launch of the VA Servicing Purchase program.
The company agreed to pay $8.75 million and cease filing criminal complaints against customers as a debt collection tool.