Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
On August 12, the U.S. Court of Appeals for the Federal Circuit affirmed a lower court’s dismissal of a shareholder suit brought by two stockholders. The two plaintiff stockholders held interests in both Fannie Mae and...more
December 23, 2024- In view of the evolving legal landscape, the Board of Governors of the Federal Reserve System announced it will soon seek public comment on significant changes to improve the transparency of its bank...more
December 19, 2024- The U.S. Department of the Treasury released a report following the issuance of its 2024 Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services,...more
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled “Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of...more
June 24, 2024 - U.S. Secretary of the Treasury Janet L. Yellen gave remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing....more
November 21, 2023- The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has settled with Binance...more
November 7, 2023- The Consumer Financial Protection Bureau is proposing to use its larger participant authority to supervise nonbank companies that offer services like digital wallets and payment apps....more
On October 30, 2023, President Biden issued a wide-ranging Executive Order designed to protect Americans from potential risks associated with artificial intelligence (AI) systems. The Executive Order on the Safe, Secure, and...more
October 16, 2023- The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates announced the finalization of a bilateral Memorandum of Understanding on Cybersecurity Cooperation during a...more
January 13, 2023- U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit. January 13, 2023- The UK-U.S. Financial Regulatory Working Group issued a...more
December 15, 2022- The New York State Department of Financial Services released Guidance to banking organizations regulated by the NYDFS that wish to engage in virtual currency-related activities....more
November 18, 2022- The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned one Russian national, Dmitry Kudryakov, and one Belarusian national, Iryna Litviniuk, for their role in exploiting...more
July 20, 2022- The U.S. House Committee on Financial Services held a hearing entitled, "Housing in America: Oversight of the Federal Housing Finance Agency."...more
Major Developments- DFS Announces New Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins- New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS...more
Congress- U.S. House of Representatives- Committee on Financial Services- Hearing: Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency-...more
What legislative activity can we expect in 2020 in the area of housing finance reform? With the Senate kicking off the New Year with an impeachment trial, it is highly unlikely Congress will make much headway on housing...more
European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more
Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more
Last week, the Federal Housing Finance Agency (FHFA) put Freddie and Fannie to the test, and the results were grim. Dodd-Frank mandated “stress tests,” designed to evaluate a financial institution’s ability to withstand an...more
On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more