Articles
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017.
OCC Finalizes ‘True Lender’ Rule
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.
A new US House of Representatives bill would exempt PPP loans from small banks’ asset totals
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.
The DOJ is investigating Visa’s $5.3 billion bid for Plaid on antitrust grounds
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
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements.
FTC Releases FY 2020 National Do Not Call Registry Data Book
The Federal Trade Commission today issued the National Do Not Call Registry Data Book for Fiscal Year 2020. The FTC’s National Do Not Call (DNC) Registry lets consumers choose not to receive most legal telemarketing calls. The data show that the number of active registrations on the DNC Registry increased by two million over the past year, while the total number of consumer complaints decreased for the third year in a row.
US New Home Sales Drop 3.5 Pct In September From Previous Month
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.
Here’s who Biden would likely pick as the top financial watchdog for consumers
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.
How reverse mortgages could backfire for many retirees
Carl Abrams has owned his Minneapolis home since 1989. Now 78, about four years ago, he took out a reverse mortgage — that’s a loan for people 62 and older that turn a home into cash before they move or die. “I’m getting old, didn’t have a job, so didn’t have any savings, so I had to do something,” he says. With a reverse mortgage, the homeowner remains responsible for paying property taxes, homeowner’s insurance and maintenance costs. If those payments aren’t made in a timely fashion, the home can go into foreclosure.
U.S. new home sales drop; record low mortgage rates underpinning demand
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.