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 »
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
Supreme Court ruling won’t directly impact CFPB case Read More »
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
Supreme Court lets Trump proceed with broad workforce cuts Read More »
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,
OCC authorizes bank closures in Texas floods Read More »
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
GOP megabill cutting CFPB funding goes to Trump’s desk Read More »
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