Sen. Raphael Warnock, D–Ga., introduced legislation Thursday to address what he called “systemic bias” in the home appraisal process. The proposal comes just one week after the Trump administration disbanded a Biden-era task force that had been focused on addressing racial bias in the housing system. The bill, called the Appraisal Modernization Act, would require […]
Appraisal bill introduced to counter HUD’s PAVE repeal Read More »
Adobe Stock Federal regulators have formally begun the process of nullifying their 2023 update to implementing regulations for the Community Reinvestment Act, a Civil Rights-era anti-redlining law that requires banks to invest in the communities they serve. The Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a
Regulators begin process of undoing 2023 CRA rule Read More »
Employees at the Consumer Financial Protection Bureau are bracing for mass layoffs now that Congress has slashed the agency’s budget in half and the Supreme Court gave the Trump administration the go-ahead to gut federal agencies. Acting CFPB Director Russell Vought is expected to issue a reduction in force, or RIF, immediately after an appellate
Budget bill, SCOTUS give ‘clear path’ to CFPB firings Read More »
With the Consumer Financial Protection Bureau scaling back enforcement under the Trump administration, states are emerging as the new frontline in mortgage oversight but the shift is more incremental than dramatic, experts say. As the Consumer Financial Protection Bureau remains in stasis, some mortgage professionals fear a new era of fragmented compliance — “50 state
States lay groundwork for post-CFPB oversight Read More »
The Office of the Comptroller of the Currency is rolling back disparate impact supervision for banks, it announced Monday. As such, the federal agency’s supervisory process for fair lending compliance will no longer include the examination for cases in which neutral policies have an unequal effect on a protected class such as by race or
OCC axes disparate impact oversight Read More »
An Arizona man was sentenced last week for misrepresenting his employment status to obtain Department of Housing and Urban Development housing assistance. Jalil Al-Kinani was sentenced to 18 months of supervised probation and must pay restitution to HUD following his sentencing last week in a Maricopa County court, according to a press release. The case
Arizona man sentenced for HUD housing assistance fraud Read More »
Florida has enacted a new non-compete law that gives employers broad power. The Contracts Honoring Opportunity, Investment, Confidentiality and Economic Growth, or CHOICE Act, passed earlier this month, according to media reports. The bill, lobbied by hedge fund billionaire Citadel CEO Ken Griffin, allows employers to extend non-compete agreements up to four years, among other
Strict new non-compete law in Florida empowers employers Read More »
Recent updates to secondary-market rules for interested party contributions and incentives mean lenders will have to pay more attention to how they use certain strategies that have become popular in the current market. The updates, which generally are in effect now and become mandatory in early September, add additional precision in some cases and more
Fannie, Freddie change rules for contributions, incentives Read More »
Bloomberg News A Texas judge has vacated the Consumer Financial Protection Bureau’s medical debt rule and specifically admonished states that have sought to take medical debt off credit reports in a major win for the Trump administration, banks and two trade groups that sued the agency. On Friday, U.S. District Judge Sean D. Jordan, of
Texas judges repeals CFPB’s medical debt rule Read More »
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.,
Military credit union group urges Congress to fund CDFIs Read More »
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