Barr: ‘now is the time’ to prepare for AI-driven job losses
Federal Reserve Gov. Michael Barr said artificial intelligence has not yet had a material impact on the labor market, but governments and businesses should be prepared nonetheless.
Fraud
Pulte, FHFA fraud crackdown heightens counterparty vetting risks
The Federal Housing Finance Agency has barred 51 people from working with Fannie Mae and Freddie Mac this year, the most suspensions in any calendar year.
SEC sues three ex-Tricolor executives over bond fraud
The agency says the subprime auto lender pledged the same car loans to several lenders and bond deals at once, leaving investors owed about $945 million.
M&T says Tricolor-related lawsuit could lead to losses
The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.
Bank of America to pay $5M in securities manipulation case
The U.S. Department of Justice declined prosecution after BofA Securities self-reported the violations and fixed major compliance gaps.
More banks take hits from auto lender’s bankruptcy
Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.
Pulte posts new criminal referral as Cook escalates lawsuit
Housing regulator Bill Pulte lodged more fraud allegations against Fed Governor Lisa Cook as she filed a temporary restraining order regarding attempts to remove her.
Underwriting errors push loan defects higher
Lagging tech adoption, issues with credit, and originators' rush to close refinances earlier this year contributed to deterioration, a study found.
Trump calls on Fed’s Cook to quit over mortgage probe
The Federal Open Market Committee member is the third Democrat the Trump administration has accused of committing occupancy fraud.
One-third of Americans say lying on credit applications is acceptable
A FICO survey shows 33% think exaggerating income on credit applications is acceptable. Ironically, many also prioritize strong fraud prevention from banks.
CFPB complaints skyrocket amid efforts to defund, cut staff
Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.
Fannie Mae partners with Palantir to weed out fraud
Bill Pulte and the government-sponsored enterprise's chief executive will be working with a firm that analyzes big data and utilizes artificial intelligence.
Fannie Mae blames multifamily fraudsters in part for setting aside $752M
Fannie Mae set aside $752 million for credit losses in its apartment complex lending business in part because of fraud or suspected fraud, denting profits amid an industrywide scrutiny of borrowers.
Mortgage defect growth points to emerging concern
Critical defects increased for the second consecutive three-month period, with appraisal-related errors nearly doubling, Aces Quality Management said.
Mortgage fraud risk grows 3%
Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.
Loandepot hack leaked almost 17 million customers’ SSNs
The lender had previously revealed that personally identifying information from 16.6M customers had leaked, but hadn't offered these details.
Mortgage fraud risk rose this summer, CoreLogic finds
One in every 123 purchase applications showed indications of fraud in the second quarter, outpacing the first, the report found.
Federal agencies warn of rising deepfake threats
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
Directors of failed Chicago bank plead guilty to conspiracy
The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.
Mortgage servicer sued by borrowers over data breach
Pingora Loan Servicing still hasn’t disclosed the full scope of last fall’s hack impacting at least 169,000 customers across four states.
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