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Regulation and compliance

Fed’s Bowman: Banks, regulators must embrace emerging tech

Federal Reserve, Politics and policy, Regulation and compliance, Technology /

The Federal Reserve’s top banking regulator is promoting a pro-technology approach, urging a shift away from what she called “an overly cautious mindset” toward banks adopting innovative tools such as blockchain and artificial intelligence. In a speech Tuesday, Federal Reserve Vice Chair for Supervision Michelle Bowman said regulators must understand new products and services used […]

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Caliber Home Loans fined for overcharging clients

Regulation and compliance, Servicing /

A California regulator is fining the defunct Caliber Home Loans $1.8 million for overcharging borrowers, an issue stemming from an examination almost a decade ago.  The former lender, which was purchased by Newrez in 2021, has also refunded over $550,000 to impacted California borrowers, according to a press release Monday. The California Department of Financial

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Consumer groups urge FHFA not to mix crypto with mortgages

Consumer groups urge FHFA not to mix crypto with mortgages

Cryptocurrency, GSEs, Politics and policy, Regulation and compliance /

Andrew Harrer/Bloomberg Two consumer groups are urging Federal Housing Finance Agency Director William J. Pulte to abandon his directive that Fannie Mae and Freddie Mac explore counting cryptocurrency holdings as reserves in single-family mortgage underwriting. In a letter sent Thursday, the Consumer Federation of America and the National Consumer Law Center said the move, which

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Mortgage lenders stick with Biden-era reappraisal guidance

Mortgage lenders stick with Biden-era reappraisal guidance

Appraisals, Consumer banking, Home Prices, Politics and policy, Regulation and compliance /

Bloomberg News (Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated. It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier

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CFPB calls GAO funding probe ‘political’ and ‘weaponized’

CFPB calls GAO funding probe ‘political’ and ‘weaponized’

Politics and policy, Regulation and compliance, Trump administration /

Bloomberg News The Consumer Financial Protection Bureau is ramping up its attacks on the Government Accountability Office, claiming the independent congressional watchdog was “politicized” for questioning acting Director Russell Vought’s decision to reject funding for the CFPB this year.  Mark Paoletta, the CFPB’s chief legal officer, sent a letter Thursday criticizing GAO for questioning Vought’s

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HUD ordered to resume fair housing funds distribution

Affordable housing, Housing markets, Law and legal issues, Regulation and compliance /

The Department of Housing and Urban Development has been ordered by a federal judge in Washington to resume distribution of Fair Housing Initiatives Program funds. Judge Sparkle Sooknanan issued a temporary restraining order Monday in the case brought by the National Fair Housing Alliance and the Tennessee Fair Housing Council. The suit was filed in

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Judge rejects DOJ’s bid to end bank’s redlining settlement

Law and legal issues, Redlining, Regulation and compliance /

A federal judge handed another blow to the Trump administration’s attempts to prematurely end redlining settlement obligations for mortgage lenders.  Pennsylvania-based ESSA Bank must follow the terms of its 2023 agreement for three more years, a federal judge ruled this week. The Department of Justice in recent months argued the lender had met the fair

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FHFA set to end equitable housing finance plans for GSEs

Fair Housing Act, Housing markets, Politics and policy, Regulation and compliance, Secondary markets /

The Federal Housing Finance Agency is proposing to repeal its fair lending, fair housing and equitable housing finance rule, stating it is looking to comply with Pres. Trump’s executive orders. Furthermore, the rule is duplicative, with the laws behind each portion administered by other agencies. But Jannell Byrd-Chichester, general counsel for the National Fair Housing

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GSEs could exit conservatorship fast, experts say

Politics and policy, Regulation and compliance, Secondary markets /

The government-sponsored enterprises’ exit from conservatorship could be unexpected and quick, the senior vice president of mortgage finance policy at the Independent Community Bankers of America said. While a methodical process may take place, he wouldn’t be surprised if the opposite happens, Ron Haynie said, speaking during an online presentation from Lenders One and the

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