The transaction threshold determining which nonbanks come under the bureau’s supervision has been drastically increased, to 50 million annual transactions from 5 million proposed.
If the overdraft rule is adopted as proposed, banks would materially reduce the amount of liquidity they are able to offer consumers, according to the Consumer Bankers Association.
A four-year partnership committed to expanding financial inclusion in low and moderate income, diverse and underserved neighborhoods will begin in January.
The National Consumer Law Center is urging states to restrict the annual percentage rate at 36% for loans with balances of up to $1,000 and lower limits for larger loans.
An Arizona district court determined that Sun West Mortgage Company and its foreclosure counsel didn’t violate the Truth in Lending Act or the Fair Debt Collection Practices Act in a foreclosure lawsuit.
Digitization will speed up the lending process and can lead to lower interest rates for borrowers, according to Anne Canfield, partner at The Majority Group.
While major rulemakings will pause until a new presidential administration takes over, work will continue on proposed rules, according to regulatory agency leaders.
Although existing home sales rose in October, the housing market is on track for its worst year in over a decade, according to Molly Boesel, principal economist at CoreLogic.