On July 26, 2023, the CFPB released its Summer 2023 Supervisory Highlights, which focuses on alleged unfair, deceptive, and abusive acts or practices (UDAAP) violations found in recent supervisory examinations. The report also detailed violations caused by insufficient technology controls.
Many older adults value homeownership, with nearly 80 percent owning their home,1 and nine out of ten wanting to remain in their homes for as long as possible. Home equity is often an older adult’s largest asset2, and one that has grown in recent years as home prices soared across the United States.
Consumers in the United States rely less on their primary financial institution (FI) for major credit products than they used to. Many are shopping around for better deals on rates and terms and for a larger variety of products, resulting in increased competition from non-bank and non-credit union financial entities such as FinTechs.
In comments on the Federal Communications Commission’s ongoing proposed rulemakings to stop illegal robocalls, ACA International and joint industry trade groups in banking, mortgages and student loans stress changes that need to be made to ensure legitimate and important calls to consumers are getting through.
The 2023 Risk Review provides a comprehensive summary of key developments and risks in the U.S. banking system, as in prior reports, and includes a new section focused on crypto-asset risk.
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