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Mortgage industry worries how CFPB report on servicing issues will impact borrowersTuesday, April 30, 2024 The mortgage industry expressed concerns about how the Consumer Financial Protection Bureau’s latest supervisory highlights may impact borrowers’ trust in their mortgage service providers. The report highlighted problematic behavior amongst mortgage servicers related to Regulation X, Regulation Z, unfair, deceptive, and abusive acts or practices, and what the bureau deems as “junk fees.” |
FTC sued over rule banning non-compete agreementsTuesday, April 30, 2024 The U.S. Chamber of Commerce filed a lawsuit against the Federal Trade Commission (FTC) over the agency’s newly announced final rule banning non-compete agreements. The lawsuit challenges the FTC’s authority to prohibit companies from limiting their employees’ ability to work for rivals. |
DOJ launches self-report pilot program to aid criminal investigationsTuesday, April 30, 2024 To help investigators gather information on corporate malfeasance, the Department of Justice’s Criminal Division launched a pilot program to incentivize individuals involved in corporate or financial misconduct to voluntarily disclose what they know. The agency will offer these individuals discretionary grants of immunity and non-prosecution agreements in exchange for cooperation. |
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Bipartisan bill outlines regulatory framework for stablecoinsTuesday, April 30, 2024 New bipartisan legislation introduced in the Senate proposes to establish a framework for federal and state oversight of a specific category of digital assets, known as stablecoins. The Lummis-Gillibrand Payment Stablecoin Act outlines guidelines to address consumer protection and financial stability concerns raised by the growing prevalence of stablecoin issuers.
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FCC votes to restore net neutralityTuesday, April 30, 2024 The Federal Communications Commission voted 3-2 along party lines in favor of restoring net neutrality, the principle that broadband internet service providers should treat all online traffic equally. The decision to reclassify broadband service as a Title II telecommunications service comes seven years after it was repealed under the Trump administration despite strong public opposition.
Regulatory Roundup: FDIC adds to community banking advisory committeeTuesday, April 30, 2024 Federal regulatory agencies frequently seek feedback from industry stakeholders by forming advisory committees and advertising for comments on rulemaking activities. The Federal Deposit Insurance Corp. recently added representatives from multiple institutions to its advisory committee on community banking. Learn about these developments and more in this regulatory roundup.
Senate Banking Committee questions FHFA, HUD leaders on regulatory oversightTuesday, April 23, 2024 Asserting the need for more oversight of federal housing regulators, the Senate Banking, Housing and Urban Affairs Committee convened a hearing to address pressing issues in the housing sector and assess the performance of its principal regulatory bodies. The hearing featured testimony from Federal Housing Finance Agency Director Sandra Thompson and Department of Housing and Urban Development Acting Secretary Adrianne Todman.
Fed faces mounting pushback on interchange fee proposalTuesday, April 23, 2024 The Federal Reserve’s proposed changes to regulations on interchange fee caps have received pushback from the financial sector and sparked disagreement among Fed Board governors. The Fed extended the comment period by 90 days, until May 12, in response to industry concerns about needing more time to evaluate the rule’s implications.
FHFA Housing Mission Report highlights developments at Fannie, Freddie, FHLBanksTuesday, April 23, 2024 The Federal Housing Finance Agency recently released its annual Housing Mission Report, with details about actions undertaken by the government-sponsored enterprises and the Federal Home Loan Banks last year to promote access to financing for affordable, sustainable, and equitable housing and targeted economic development.
NCUA seeks comments on records retention regulationsTuesday, April 23, 2024 The National Credit Union Administration unanimously approved an advance notice of proposed rulemaking asking stakeholders to suggest improvements to the agency’s regulations implementing its records preservation program and accompanying guidelines.
House committee audits CFPB financial reporting, transparencyFriday, April 19, 2024 Persistent concerns over the Consumer Financial Protection Bureau’s (CFPB) transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee's Subcommittee on Financial Institutions and Monetary Policy to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.”
Court rules on trade industry’s challenge to FDIC guidance on NSF feesFriday, April 19, 2024 A judge in the U.S. District Court of the District of Minnesota ruled on the Federal Deposit Insurance Co.’s motion to dismiss a complaint brought by the Minnesota Bankers Association and Lake Central Bank, a Minnesota-chartered commercial bank, claiming one of the agency’s financial institutions letters amounted to a legislative rule promulgated improperly under the Administrative Procedures Act.
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