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Politics and policy

Military credit union group urges Congress to fund CDFIs

Military credit union group urges Congress to fund CDFIs

CDFIs, Credit unions, Politics and policy, Regulation and compliance, Treasury Department /

Annabelle Gordon/Bloomberg Advocates for military credit unions Tuesday urged top lawmakers on a senate appropriations subcommittee to restore funding for the Community Development Financial Institutions Fund, after the White House proposed eliminating new funding.  In the letter, addressed to Financial Services and General Government Subcommittee Chair Bill Hagerty, R-Tenn., and Ranking Member Jack Reed, D-R.I., […]

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Supreme Court ruling won’t directly impact CFPB case

Supreme Court ruling won’t directly impact CFPB case

Litigation, Politics and policy, Regulation and compliance, SCOTUS, Trump administration /

Bloomberg News The Supreme Court’s ruling allowing President Trump to proceed with mass firings of federal employees does not directly affect the Consumer Financial Protection Bureau, according to the CFPB’s employee union, which is fighting workforce reductions at the agency in court.  The CFPB’s union has a separate case pending before a panel of the

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Supreme Court lets Trump proceed with broad workforce cuts

Politics and policy, Regulation and compliance /

The US Supreme Court let President Donald Trump move ahead with plans to dramatically reduce the size of the federal government, lifting a court order that had blocked 19 federal departments and agencies from slashing their workforces. Granting a Trump request over one dissent, the justices on Tuesday cleared the administration to implement Trump’s Feb. 11 executive

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Fannie, Freddie add VantageScore, keep tri-merge

Credit scores, Politics and policy, Secondary markets, Underwriting /

The conservator and regulator of two influential government-related mortgage investors has announced a credit score other than FICO’s “classic” metric can be used when submitting loans to them. Effective immediately, Fannie Mae and Freddie Mac will allow lenders to use VantageScore 4.0, Bill Pulte said in an X post referencing one of two advanced credit

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NY Fed report: Return to zero rates a ‘significant’ risk

NY Fed report: Return to zero rates a ‘significant’ risk

Economy, Interest rates, Monetary policy, Politics and policy /

The Federal Reserve Bank of New York building.Bloomberg News The Federal Reserve’s policy rate is a long way from its lowest point, but markets remain concerned about a return to zero interest rates, according to findings from the Federal Reserve Banks of New York and San Francisco. In an economic letter released Monday, reserve bank

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OCC authorizes bank closures in Texas floods

OCC authorizes bank closures in Texas floods

Climate Change, OCC, Politics and policy, Regulation and compliance /

Andrew Harrer/Bloomberg Nationally chartered banks in parts of Texas were authorized to close Monday as needed, due to flooding in the state, according to a proclamation released by the Office of the Comptroller of the Currency. Major flash floods in central and southern Texas, known as the state’s Hill Country, have killed over 80 people,

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GOP megabill cutting CFPB funding goes to Trump’s desk

GOP megabill cutting CFPB funding goes to Trump’s desk

Economy, Politics and policy, Regulation and compliance, Tax /

Bloomberg News WASHINGTON —  The House narrowly passed a massive tax and spending bill, capping months of deliberations and sending President Trump’s signature legislative priorities to his desk, where he is expected to swiftly sign it, symbolically, on July 4.  The bill passed in a 218-214 vote, mostly along party lines. Reps. Thomas Massie of

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Pulte urges Congress to investigate Powell

FHFA, Politics and policy, Regulation and compliance /

U.S. Federal Housing Director Bill Pulte is asking Congress to investigate Federal Reserve Chairman Jerome Powell, in a stark escalation of the official’s campaign against the central bank head.  In a statement posted to X on Wednesday, the chairman of Fannie Mae and Freddie Mac cited Powell’s statements in a recent Senate committee appearance as

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Condo prices drop year over year, led by Florida declines

Condos and HOAs, Originations, Politics and policy /

It’s a tough time to be a condo owner, particularly in Florida, and most especially if you’re trying to sell. That’s the upshot of a new report from Redfin. Condo prices dropped 2.2% year-over-year in May. That’s the second-sharpest decline since the brokerage began tracking condo data in 2012. While the broader housing market has

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NCUA’s one-member board liquidates two failed credit unions

NCUA’s one-member board liquidates two failed credit unions

Credit unions, Failures, Politics and policy, Trump administration /

Frank Gargano Kyle Hauptman, the president of the National Credit Union Administration, voted to liquidate two troubled credit unions, a move that has raised procedural questions since Hauptman alone does not constitute a quorum of the NCUA board.  On Tuesday, the NCUA placed Aldersgate Federal Credit Union — a $10.3-million asset credit union operated by

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