News Archives
Pennsylvania Lender To Pay More Than $3M in DOJ Redlining Settlement
Dive Brief: Stroudsburg, Pennsylvania-based ESSA Bank & Trust will pay more than $3 million to settle redlining allegations, the Justice Department announced Wednesday. The bank, between 2017 and 2021, “failed to provide mortgage...
June 9: CFPB Updates This Week
PUBLISHED JUN 08, 2023 Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of...
Ireland’s CUs in Co-Lending Project
DUBLIN, Ireland–Social enterprise funder Community Finance Ireland (CFI) has announced plans to collaborate with this country’s credit unions on a co-lending project to help enhance lending to charities and sporting...
June 2: CFPB Updates This Week
PUBLISHED JUN 01, 2023 CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital...
NASCUS Summary of the OIG NCUA Semiannual Report to Congress
On May 30, 2023, NCUA’s Office of Inspector General issued its semiannual report to Congress covering the six-month period October 2022 through March 2023. The report provided a general recap...
Federal Reserve Releases Supervision and Regulation Report
The Federal Reserve promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system. It is responsible for supervising—monitoring, inspecting, and examining—certain financial institutions...
May 26: CFPB Updates This Week
May 24, 2023 Overdraft/NSF Revenue in Q4 2022 down nearly 50% versus pre-pandemic levels Overdraft/NSF revenue for the fourth quarter of 2022 alone was approximately $1.5 billion lower than in...
NCUA Board Meeting Summary
May 25, 2023 — The NCUA Board had two items on the May agenda, the Share Insurance Fund (SIF) quarterly board briefing and a proposed rule that would amend Part 721 of...
Operational Resilience Preparation a Top Priority for Financial Institutions
In the UK and many other major economies, operational resilience remains a key regulatory focus area. The current and projected economic climate will likely be one in which many financial services firms ...
OPINION: These States Will Be Hit the Hardest If the US Debt Ceiling Standoff Isn’t Resolved
As leaders in Washington fail to make progress on a debt ceiling deal, Moody’s Analytics is warning of disastrous implications for American jobs if the United States defaults on its debt for an extended period.
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may...
May 5: CFPB Updates This Week
Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care...