Archive

TREASURY REQUEST FOR COMMENT ON DIGITAL ASSETS

Last week, the Department of Treasury invited public input pursuant to Executive Order 14067 of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth. The Executive Order outlines principal U.S. policy objectives with respect to digital […]

FDIC ISSUES CMP FOR DECEPTIVE ADVERTISING

On March 10, the Federal Deposit Insurance Corporation (FDIC) issued a consent order to Magnolia Bank, Magnolia, KY, which included a $425,000 civil monetary penalty for violations of Section 5 of the Federal Trade Commission Act (UDAP). The FDIC found that the bank deceptively advertised “interest rates and fees for residential mortgage loans as the lowest on the market, with a promise of a ‘best rate guarantee,’ comparative shopping for such rates, and lower rates due […]

FHFA, HUD, VA, AND USDA EXTEND EVICTION MORATORIA

The Centers for Disease Control and Prevention’s (CDC) eviction moratorium expired on July 31, 2021.  The Acting Director of the Federal Housing Finance Agency, and the Secretaries of the U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), U.S. Department of Treasury, and U.S. Department of Veterans Affairs (VA) announced the extension of their foreclosure-related eviction moratoria until September 30, 2021. In Mortgagee Letter 2021-19, dated July 30, 2021, HUD advises that the extension of its […]

IS LEP GROWING TEETH?

Over the past few years the Department of Housing and Urban Development (HUD) and other federal regulatory agencies have provided several gentle nudges to encourage lenders to adopt procedures to assure applicants with limited English proficiency (LEP) are provided equal access to services. Now the nudges are less gentle. On May 21, 2021, HUD issued a press release announcing that it had reached a Conciliation/Voluntary Compliance Agreement with California-based Cascade Village Apartments II, LP (Cascade […]