On October 24, 2023, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law.
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday. The bipartisan legislation—introduced in the House and Senate—would exempt loans to veteran owned business from the member business lending cap.
Following record-breaking unemployment numbers in the early stages of the COVID-19 pandemic, congress passed the CARES Act, which invoked a moratorium on home foreclosures and provided loan forbearance options for federally-backed mortgages. While the relief options offered through the CARES Act applied only to federally-backed mortgages—which comprise about 70% of the total—many private lenders offered similar protections.
The Federal Trade Commission is providing full refunds to consumers who lost money to the NTS IT Care tech support scheme, which tricked consumers into buying expensive and unnecessary tech support services and often claimed to be affiliated with Microsoft, Apple, and other tech companies.
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows total household debt increased by $228 billion (1.3%) in the third quarter of 2023, to $17.29 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.
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