American Banker, July 24, 2020–Kate Berry (subscription)The Consumer Financial Protection Bureau plans to propose clearer standards on how fintech firms access consumers’ financial account information, the agency said Friday.https://www.americanbanker.com/news/cfpb-to-propose-rules-for-how-companies-access-customer-data
Category: Top National News
Bank of America Settles Alleged Disability Discrimination Violations
HousingWire, July 24, 2020–Alex RohaBeginning in January 2010 and in violation of the Fair Housing Act, the DOJ alleges that the bank maintained a policy of denying mortgages and home …
What Post-Pandemic Expansion May Look Like for Mortgage Lenders
National Mortgage News, July 24, 2020–Bonnie Sinnock (subscription)As home loans surge and lenders look to expand, they’re doing a cost-benefit analysis on the possibility of opening more commercial locations.https://www.nationalmortgagenews.com/news/what-post-pandemic-expansion-may-look-like-for-mortgage-lenders
Two Mortgage Companies Hit With Over $1M In Fines By CFPB
National Mortgage Professional, July 25, 2020–Keith GriffinThe Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group Inc. and Prime Choice Funding Inc. The bureau found that the companies …
Trump Advisers Still Touting ‘V-Shaped’ Economic Recovery
Wall Street Journal, July 26, 2020–William Mauldin (subscription)President Trump’s top economic advisers say they still expect a rapid economic recovery despite surges in new coronavirus infections that have rattled consumers …
Senate Passes Bill to Prevent Garnishment of CARES Act Payments
American Banker, July 24, 2020–Neil Haggerty (subscription)The Senate passed legislation Thursday that would prevent debt collectors from diverting coronavirus relief payments to pay off a consumer’s outstanding debt.https://www.americanbanker.com/news/senate-passes-bill-to-prevent-debt-garnishment-of-cares-act-payments
Treasurys Take In Mixed Data on Economic Rebound
Wall Street Journal, July 24, 2020–Sebastian Pellejero (subscription)Demand for safe-haven U.S. government bonds remains high, while investors and analysts wonder whether yields have more room to fall.https://www.wsj.com/articles/treasurys-take-in-mixed-data-on-economic-rebound-11595610381?mod=lead_feature_below_a_pos1
Nearly 1 in 3 Homeowners with a Mortgage Could Save $300 a Month Because of Low Rates
Yahoo! Money, July 24, 2020–Dhara Singh“Lenders are navigating a housing market, facing ongoing uncertainty due to the COVID-19 pandemic’s impact on the broader economy,” said Joel Kan, associate vice president …
Mortgage Rates Just Hit Another Record Low, And Here’s How Much Lower They Can Go
CNBC, July 24, 2020–Diana Olickefinance volume has been incredibly strong this year, with applications last week up 122% annually, according to the Mortgage Bankers Association.https://www.cnbc.com/2020/07/24/mortgage-rates-just-hit-another-record-low.html
Wave of Evictions Could Be Coming for Nation’s Renters
The Hill, July 24, 2020–Niv Elis, J. Edward Moreno The federal moratorium on evictions signed into law in March as part of the CARES Act is set to expire Friday …