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Posted Date: Friday, May 17, 2024
October Research, LLC debuted its new “Keys to Real Estate” podcast, hosted by Chief Knowledge Officer Mary Schuster, on May 16. Industry professionals can now hear from some of the most knowledgeable thought leaders on topics impacting the real estate transaction while on the go delivered weekly via various podcast platforms and YouTube. Read on »
Posted Date: Tuesday, May 14, 2024
Nonbank mortgage activity and the use of automated tools in lending decisions are among the main focal points in the Financial Stability Oversight Council’s (FSOC) annual report summarizing key vulnerabilities in the financial system and recommendations for mitigating risks, as well as the council’s activities in 2023. Regulators commented on the need for FSOC to have more tools to help stem emerging financial stability risks. Read on »
Posted Date: Friday, May 10, 2024
The Consumer Financial Protection Bureau fined Chime, a large nonbank financial institution, for failing to provide timely balance refunds to consumers who closed their accounts. The bureau reported many customers endured significant financial stress as a result of the refund delays, some of which spanned several weeks or even months. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau is aiming to streamline its nonbank designation protocols with a new procedural rule that builds on its previous actions toward implementing a long “dormant” statutory authority. The procedural updates include the reallocation of certain duties to the director that previously fell to specific assistant and associate director roles. Read on »
Posted Date: Friday, April 19, 2024
Financial industry advocates are calling for federal policies to address the “skyrocketing” numbers of “pig butchering” scams. The Treasury Department’s Financial Crimes Enforcement Network and the Department of Justice have issued warnings to financial institutions and the broader public about the dangers of these types of crimes, which are often perpetrated through online channels using virtual currencies. Read on »
Posted Date: Friday, April 12, 2024
To facilitate information sharing regarding nonbank mortgage companies, the Federal Housing Finance Agency (FHFA) and the Conference of State Bank Supervisors entered into a memorandum of understanding establishing protocols between state financial regulators and the FHFA. Read on »
Posted Date: Tuesday, March 26, 2024
The Securities and Exchange Commission sought a $21 million civil money penalty from Genesis Global Capital, LLC, to settle claims the company failed to register its retail crypto lending products before offering them to the public. Read on »
Posted Date: Tuesday, March 26, 2024
FNF Family of Companies’ Chuck Cain and Mortgage Connect’s Gabe Minton were featured in October Research, LLC’s “RESPA: Ensuring Fintech Partner Compliance” webinar. The two field experts highlighted what you should consider when entering into and maintaining fintech partnerships. Read on »
Posted Date: Friday, March 22, 2024
The Federal Trade Commission (FTC) secured $59 million in total remediation from two fintechs charged with making false promises to small businesses seeking Covid-19 relief through the federal Paycheck Protection Program. The settlements mark the largest damage total ever obtained by the agency under the FTC Act. Read on »
Posted Date: Tuesday, March 5, 2024
The Consumer Financial Protection Bureau recently invoked its “dormant” Dodd-Frank Act authority when it issued its first supervisory designation order to a nonbank installment lender. The notice outlined activities that the bureau determined could pose a risk to consumers. Read on »
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