Consistent with concerns surrounding bias in property valuations, on June 8, 2023, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (the “board”), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued proposed guidance on reconsiderations of value (ROV) for residential real estate valuations.
WASHINGTON, DC – Amid a reported uptick in new financial scams using artificial intelligence (AI) to trick victims, a group of leading U.S. Senators is urging a consumer watchdog to re-double efforts to keep people safe and crack down on offenders.
A Wall Street Journal analysis of Federal Reserve data reveals a concerning financial situation for people ages 30 to 39, which constitute the majority of the millennial generation.
In the report’s discussion of the CFPB’s risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that in 2022, much of its supervision efforts focused on mortgage origination and pricing, small business lending, policies and procedures regarding geographic and other exclusions in underwriting, and the use of automated systems and models.
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments become effective on October 1, 2023.
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