Key insight: The three credit bureaus — Equifax, Experian and TransUnion — say the complaint portal is being abused by third-party credit repair firms and AI bots. What’s at stake: Credit repair firms are using the CFPB’s complaint portal to try to remove accurate but negative information from credit reports. Supporting data: Credit reporting complaints hit […]
CFPB implements new requirements for complaints on its portal Read More »
Key insight: Treasury Secretary Scott Bessent said that the smallest banks should be deregulated, but didn’t endorse any specific policies to do so. Forward look: Chairman French Hill’s, R-Ark., community bank policy package has been overtaken by crypto bills and other priorities on the House floor and the Senate. Expert quote: “Stop being his flunky.”
Bessent offers deregulatory vision, but few specifics Read More »
Key Insight: After calling for a 10% rate cap on credit cards last month, President Donald Trump has grown quiet on the issue. But experts say regulators don’t have a very detailed understanding of how the market works or how pricing decisions are made. What’s at Stake: Billions of dollars worth of travel rewards would
Rate cap debate sidesteps big unknowns in credit card pricing Read More »
Fairway Independent Mortgage Corp. agreed to resolve alleged violations surrounding unlicensed lending activity that occurred at one of its California branches earlier this decade and pay $160,000 in penalties. Processing Content In 2021 and 2022, unlicensed branch employees were alleged to have conducted origination activity that was only permitted to be carried out by licensed
Fairway agrees to financial penalty over unlicensed LOs Read More »
The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were
Supreme Court rejects Emigrant’s reverse redlining appeal Read More »
Key Insight: Former Fed Gov. Kevin Warsh’s selection as the next Federal Reserve chair would put a familiar face atop the central bank, but the hawkish monetary policy stances he has advocated for in the past — contrasted with the accommodative policy the president prefers and that he now supports — muddy the outlook for
What bankers need to know about Fed chair-designate Warsh Read More »
Key Insight: President Trump’s selection of former Fed Gov. Kevin Warsh to a vacating seat on the central bank board will likely garner broad support from Senate Republicans, but promised opposition from Sen. Thom Tillis, R-N.C., could slow the confirmation process. Expert Quote: “I have known Kevin for a long period of time, and
Trump taps ex-investment banker Warsh to be next Fed chair Read More »
Rocket is being sued for allegedly directing clients to its mortgage business and away from cheaper loan options. Processing Content Three plaintiffs filed the suit Monday in the U.S. District Court for the Eastern District of Michigan. They accused Rocket of exploiting the “vulnerability of homebuyers for profit,” by steering prospective borrowers to use their
Rocket accused of steering buyers to its mortgage business Read More »
Key Insight: State bank regulators and examiners say the federal supervision regime has long been in need of streamlining, and supervisory changes announced by the Federal Reserve are seen as a step in the right direction. Expert Quote: “To me it doesn’t sound like a retreat of the Federal Reserve so much as they are
State regulators optimistic about shift in bank supervision Read More »
The Department of Housing and Urban Development is ordering citizenship checks for tenants in HUD-funded housing, part of its work with the Department of Homeland Security. Processing Content Friday’s announcement follows an audit in which the departments found almost 6,000 ineligible non-American tenants in the units, among nearly 200,000 tenants requiring eligibility verification. Another 25,000
HUD orders citizenship checks for tenants in funded housing Read More »