The Consumer Financial Protection Bureau extended the deadline for lenders with the highest volume of small-business loans to July 18, 2025, and will not assess penalties for reporting errors for a year.
The suggested order would require Freedom Mortgage to pay $3.95 million to settle allegations that it botched its reporting of customer data to the watchdog.
Sen. Elizabeth Warren, D-Mass., an influential progressive member of the Senate Banking Committee, decried reported meetings between Federal Reserve Chairman Jerome Powell and large bank CEOs who want the Basel III endgame proposal weakened.
Consumer Financial Protection Bureau Director Rohit Chopra pushed back against a new argument posed by Senate Republicans that the bureau may only be funded if the Federal Reserve earns a profit.
Fifteen million Americans who owe a combined $49 billion in medical debt would benefit from a proposal by the Consumer Financial Protection Bureau to scrub medical debts from credit reports and ban their use in underwriting decisions.
A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees.
The Consumer Financial Protection Bureau Monday completed its rule establishing a nationwide database for a wide swath of financial companies — including payments companies, debt collectors, auto lenders — that have faced regulatory or legal penalties for consumer-related infractions.
A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry's challenge to a cap on credit card late fees should be moved to Washington, D.C.
Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.
If approved by the Federal Housing Finance Agency, the program will not lead to large amounts of home equity being extracted, nor is it mission creep, wrote Keefe, Bruyette & Woods analyst Bose George.
House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency's workplace culture.
Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.
Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.
Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
The Supreme Court issued an opinion Thursday morning that was unequivocal in its view that Congress is constitutionally empowered to fund agencies with open-ended and indirect funding mechanisms, overruling a 5th Circuit opinion from 2022 that found that executive branches must be subject to direct Congressional appropriations.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg apologized for his management and temper at a House Financial Services Committee hearing that focused on his handling of the agency in the immediate aftermath of a workplace behavior report outlining serious misconduct that prevailed for years.
Rocket Mortgage entered into an agreement with the Department of Housing and Urban Development and will pay the consumers $65,000 to resolve the matter.
Rep. Andy Barr, R-Ky., is asking the Federal Deposit Insurance Corp. to withdraw a corporate governance guidance proposal as FDIC Chair Martin Gruenberg is set to testify in Congress later this week.
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
The lender lost a battle to toss the lawsuit, but convinced a judge to compel the regulator to produce data on its competitors.
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