News By Edition

A widely held perception of Asian American and Pacific Islanders (AAPI) as a homogeneous group with high income and education levels has contributed to the `Model Minority’ myth. However, not all AAPI borrowers fare well in the mortgage market, according to a new Data Points report by the Consumer Financial Protection Bureau.

The nationwide foreclosure moratorium that provided mortgage borrowers with options to temporarily suspend payments during the COVID-19 pandemic is slated to end July 31, 2021. Meanwhile, a new Government Accountability Office report examined the extent to which mortgage forbearance may have contributed to housing stability during the pandemic.

The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. have jointly released an enhanced version of the financial education curriculum, Money Smart for Older Adults.  The enhanced version includes a new section to help people avoid “romance scams.”

The Consumer Financial Protection Bureau has launched a new digital toolkit for stakeholders interested in providing the latest information and resources to renters and mortgage borrowers who continue to struggle financially because of the coronavirus pandemic.

A dispute between Republican senators and President Joe Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB) is heating up. All Republican members of the Senate Banking Committee are asking that Rohit Chopra be disqualified from being confirmed as director for failing to respond to a congressional request seeking information about an alleged purge of civil servants at the CFPB.

The Consumer Financial Protection Bureau has ordered a fintech company to pay a $2.5 million civil penalty for allegedly enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The consent order also requires the company to refund or cancel millions of dollars in loans for customers harmed by its illegal conduct and implement new procedures to prevent future fraudulent loans.

The Consumer Financial Protection Bureau has released a Spanish-language translation of certain model clauses available for use in early intervention written notices issued under the Mortgage Servicing Rules. The rules permit servicers to make required disclosures in a language other than English and translate disclosures into other languages, so long as an English version is available for the borrower upon request.

The Financial Action Task Force, an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism and combat weapons of mass destruction proliferation financing, has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies. The Financial Crimes Enforcement Network announced U.S. financial institutions should consider the FATF’s statements when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions identified by the FATF.

The Department of Justice’s Antitrust Division has filed a notice of withdrawal of consent to a proposed settlement with the National Association of Realtors. Meanwhile, the trade association has responded to the government’s unusual action.

The Federal Housing Finance Agency (FHFA) has issued a policy statement on fair lending. The agency also has issued new orders requiring the government-sponsored enterprises (GSEs) to submit quarterly reports with fair lending information and data to improve the agency’s fair lending supervision and monitoring capabilities.

Department of Housing and Urban Development Secretary Marcia Fudge has clarified the steps the agency is taking to improve access to housing for those with criminal records who are at-risk of homelessness. Fudge stressed returning citizens exiting prisons or jails should be given consideration for the recently awarded 70,000 emergency housing vouchers funded by the American Rescue Plan.

The Department of Housing and Urban Development will publish a notice of proposed rulemaking (NPRM) to rescind the department’s 2020 disparate impact rule and restore the 2013 discriminatory effects rule. The public will have 60 days to file comments on the NPRM, which will be published in the Federal Register.

The Federal Housing Administration (FHA) announced more measures to help homeowners struggling financially due to the COVID-19 pandemic. The new assistance includes a new home retention option called the COVID-19 Advance Loan Modification.

President Joe Biden has announced two key nominations within the Department of Housing and Urban Development (HUD), including the next commissioner of the Federal Housing Administration. In addition, Biden has tapped acting Consumer Financial Protection Bureau Director Dave Uejio to become HUD’s next assistant secretary for Fair Housing and Opportunity.