Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
The OCC today issued a long-awaited final rule establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party. Under the final rule, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
Under the legislation, when regulators calculate the asset totals of banks and credit unions with less than $15 billion in assets, Paycheck Protection Programs (PPP) loans would not be counted, American Banker reports. This would shield small financial institutions (FIs) from additional regulatory requirements that banks with more than $10 billion have to deal with under the Dodd-Frank Act.
It’s not just big tech that’s getting the antitrust treatment from the Department of Justice. Late Monday afternoon, the Department of Justice tipped its hand that it was investigating Visa’s proposed $5.3 billion acquisition of the venture-backed Plaid, which allows applications to connect with a users’ bank account.
Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
The number of new homes sold in the U.S. in September was lower than the number sold in August, according to a joint report by the U.S. Census Bureau and the Department of Housing and Urban Development. The houses sold were at a seasonally adjusted rate of 959,000, which was 3.5 percent lower than the August rate of 994,000, the report stated. However, the rate is also 32.1 percent above the rate from September 2019 of 726,000.
Consumers are likely to get a new financial watchdog if Joe Biden wins the presidential election next month. The Consumer Financial Protection Bureau has languished during the Trump administration, making it likely that Biden, if elected, would make leadership changes, according to consumer advocates.
WASHINGTON (Reuters) – Sales of new U.S. single-family homes unexpectedly fell in September after four straight monthly increases, but the housing market remains supported by record low mortgage rates and demand for more space as the COVID-19 pandemic drags on.