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January 23 – The Consumer Financial Protection Bureau released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. As part of its Know Before You Owe mortgage initiative, the CFPB is releasing “Owning a Home,” an interactive, online toolkit designed to help consumers as they shop for a mortgage. The suite of tools gives consumers the information and confidence they need to get the best deal. Continue reading “Half of Homebuyers Do Not Shop for Mortgages, Says CFPB” »
January 22 – The Consumer Financial Protection Bureau and the Maryland attorney general have taken action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. Continue reading “Wells Fargo, JPMorgan Fined for Kickback Scheme” »
January 6 – The Federal Deposit Insurance Corporation has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2014. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
January 2 – Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that while average fixed mortgage rates move slightly higher this week, the average 30-year fixed-rate mortgage ends the year below 4 percent.
December 11 – The Consumer Financial Protection Bureau released a report that found medical debt has a significant impact on consumer credit, as 43 million Americans have overdue medical debt on their credit reports. The CFPB is concerned that the systems for incurring, collecting, and reporting medical debt can create difficult challenges for consumers. To better address these challenges, the CFPB is announcing that the major consumer reporting agencies will be required to provide regular accuracy reports to the Bureau on how disputes from consumers are being handled.
December 3 – The Federal Reserve Bank of New York announced the formation of the Integrated Policy Analysis Group (IPA), and named Alberto G. Musalem, executive vice president of the Emerging Markets and International Affairs Group (EMIA), as head of the new group.