The Federal Housing Administration (FHA) has announced new loan limits for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs for 2024, according to a press release by the FHA.
Bank of America has been ordered by the Consumer Financial Protection Bureau (CFPB) to pay a $12 million penalty for submitting false mortgage lending information to the federal government, according to documents released by the CFPB.
The Consumer Financial Protection Bureau (CFPB) has ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct, including withdrawing funds from customers' bank accounts without their permission, making deceptive statements about loans, and canceling loan extensions. According to a document published by the CFPB, Enova paid a $3.2 million penalty in 2019 and was ordered to cease its illegal conduct.
The Consumer Financial Protection Bureau (CFPB) released a report that highlighted medical debt collection protection issues that consumers face. Efforts by states and the bureau are being taken to end the collection of inaccurate medical bills that sometimes consumers do not actually owe.
Governor Christopher J. Waller of the Federal Reserve Board gave a speech at a conference, remembering and teaching on Bennett McCallum, a great American economist.
Sherrod Brown (D-OH) raised concerns about unfair labor practices at Wells Fargo to Acting Comptroller Michael Hsu and Federal Reserve Vice Chair Michael Barr.
Binance, the largest cryptocurrency exchange in the world, announced that it is airdropping funds to users affected by the floods in Libya. Extreme flooding in the eastern city of Derna has left at least 5,000 people dead, while thousands more are still missing.
On August 31, 2023, during a Community Conversations visit to rural western Virginia, Richmond Fed President Tom Barkin, Regional Executive Renee Haltom, and Community Development Manager Jarrod Elwell explored the economic potential of Alleghany County and Highland County, bordering the Allegheny Mountains. They discovered that these counties, with their natural beauty and resources, hold promise for attracting both residents and industry.
The Federal Reserve's 2023 CDFI Survey, conducted between April 24 and June 2, revealed that community development financial institutions have generally been successful in meeting increased demand for financial products over the past year. However, challenges vary among CDFIs, with loan funds citing rising lending capital costs and operational funding limitations, while credit unions face issues related to hiring, borrower qualifications, and technology.
The Consumer Financial Protection Bureau recently initiated a lawsuit against Heights Finance Holding Company, previously known as Southern Management Corporation, along with a number of its affiliated subsidiaries collectively known as Southern.
The Consumer Financial Protection Bureau took action against Freedom Mortgage Corporation for engaging in illegal practices involving real estate brokers and agents, providing them with incentives such as cash payments, subscription services.
The Reserve Bank of India (RBI) made an announcement on Aug. 14, unveiling the commencement of a Pilot Project for a Public Technology Platform designed to facilitate frictionless credit, according to a press release. This initiative began on Aug. 17.
U.S. Small Business Administration Administrator Isabella Casillas Guzman reported the SBA Small Business Investment Company’s (SBIC) Diversification and Growth Final Rule is now in effect.
An upcoming official data release is poised to uncover yet another deceleration in inflation, following a decline in energy prices during July, according to a report. This situation unfolds in the wake of a notable surge in wages, adding to the mounting pressure on the Bank of England.
Ghada Ijam, the chief information officer of the Federal Reserve System, was officially inducted into the CIO Hall of Fame on Aug. 16, according to a press release. The recognition took place during a ceremony held as part of the 2023 CIO 100 Symposium & Awards, which took place in Rancho Palos Verdes, California.
The U.S. Small Business Administration issued new interim guidance for the 8(a) Business Development Program (BFPOB) in response to a ruling by the U.S. District Court, which impacts how social disadvantage is determined in the program.
The Consumer Financial Protection Bureau (CFPB) initiated legal proceedings against Heights Finance Holding Company, previously identified as Southern Management Corporation, a high-cost installment lender, and a number of its subsidiaries (collectively referred to as Southern).
the Federal Reserve Bank of New York’s Center for Microeconomic Data released the July 2023 SCE Labor Market Survey, which indicates a decrease in the share of job seekers compared to last year, improved satisfaction with wage compensation and nonwage benefits, alongside increased anticipated likelihood of future unemployment.
