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 »
The Consumer Financial Protection Bureau has concluded a 2024 action it took against nonbank mortgage company Fay Servicing under a former director in line with a broader rollback of enforcement under new leadership. “The bureau waives any alleged noncompliance by Fay Servicing with the consent order,” read an order that Russell Vought, the CFPB’s current
CFPB terminates 2024 consent order against Fay Servicing Read More »
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
Pulte urges Congress to investigate Powell Read More »
Adobe Stock The Consumer Financial Protection Bureau has scrapped a $95 million settlement with Navy Federal Credit Union, freeing the nation’s largest credit union from paying a $15 million fine and from refunding $80 million to service members who were illegally overcharged overdraft fees. Acting CFPB Director Russell Vought on Monday terminated the consent order
CFPB drops Navy Federal’s $95 million overdraft settlement Read More »