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Rate of increase of home prices slows in April, according to ICE’s Mortgage Monitor
The June 2024 ICE Mortgage Monitor Report shows that annual home price increases slowed a bit in April. © Shutterstock This marks the second consecutive month of pullbacks, according to the report, which is produced by Intercontinental Exchange. Specifically, The ICE Home Price Index rose 5.1 percent in April, down from 5.7 percent in March […] The post Rate of increase of home prices slows in April, according to ICE’s Mortgage Monitor appeared first on Financial Regulation News.
SEC settles charges against an investment advisor for false, misleading statements
The Securities and Exchange Commission settled charges against investment advisory firm, Mass Ave Global.© Shutterstock The proceedings against Mass Ave Global and its co-founder and CEO Winston M. Feng were for making false and misleading statements to investors in Mass Ave’s flagship opportunity fund. According to the SEC’s orders, from 2020 to 2022, the New […] The post SEC settles charges against an investment advisor for false, misleading statements appeared first on Financial Regulation News.
CFPB files lawsuit against student loan servicer
On Friday, the Consumer Financial Protection Bureau (CFPB) announced it had filed a lawsuit against Pennsylvania Higher Education Assistance Agency (PHEAA) for illegally pursuing borrowers whose loans have been discharged. © Shutterstock The agency said the company, which does business as American Education Services (AES) allegedly illegally collected money for loans that had been discharged […] The post CFPB files lawsuit against student loan servicer appeared first on Financial Regulation News.
Rep. McHenry, Sen. Lummis urge Biden not to veto resolution overturning SAB 121
U.S. Rep. Patrick McHenry and U.S. Sen. Cynthia Lummis (R-WY) are urging President Joe Biden to reconsider his threat to veto the Staff Accounting Bulletin (SAB) 121 resolution, which passed the Senate and House with bipartisan support.© Shutterstock On Feb. 1, McHenry and Lummis, among others, introduced a bipartisan, bicameral resolution to overturn a Securities […] The post Rep. McHenry, Sen. Lummis urge Biden not to veto resolution overturning SAB 121 appeared first on Financial Regulation News.
AI, climate change to transform investing, fraud and insurance, Deloitte report says
On Thursday, a report from Deloitte said Artificial Intelligence (AI) and climate change would have a significant impact on the financial services industry over the next three to five years. © Shutterstock According to the report, “2024 Financial Services Industry Predictions,” AI could transform retail investing, enabling deepfakes and fraud in banking, as well as […] The post AI, climate change to transform investing, fraud and insurance, Deloitte report says appeared first on Financial Regulation News.
IRS to make Direct File permanent based on success of season pilot
The Internal Revenue Service is going to make Direct File a permanent option for filing federal tax returns starting in the 2025 tax season.© Shutterstock Further, the IRS is exploring ways to expand Direct File to make more taxpayers eligible in the 2025 filing season and beyond by expanding its availability across the nation. The […] The post IRS to make Direct File permanent based on success of season pilot appeared first on Financial Regulation News.
CFPB launches inquiry into junk fees in mortgage closing costs
The Consumer Financial Protection Bureau (CFPB) has initiated a public inquiry into junk fees found in mortgage closing costs. © Shutterstock The CFPB is seeking to find out why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. When people purchase a home with a mortgage, they […] The post CFPB launches inquiry into junk fees in mortgage closing costs appeared first on Financial Regulation News.
Banks see huge increase in net income in first quarter
U.S. banks generated net income of $64.2 billion in the first quarter of 2024, up $28.4 billion 79.5 percent from the prior quarter, according to the Federal Deposit Insurance Corporation’s latest Quarterly Banking Profile.© Shutterstock The reason for the massive increase is related to several factors, including higher noninterest income, lower provision expenses, and a […] The post Banks see huge increase in net income in first quarter appeared first on Financial Regulation News.
NYSE teams up with CoinDesk Indices to launch cash-settled index options
The New York Stock Exchange is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX).© Shutterstock NYSE, which is part of the Intercontinental Exchange, intends to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings. The XBX index tracks the spot price of […] The post NYSE teams up with CoinDesk Indices to launch cash-settled index options appeared first on Financial Regulation News.
Treasury Department publishes risk assessment on vulnerabilities of NFTs
The U.S. Department of the Treasury published a risk assessment that examines vulnerabilities associated with Non-fungible Tokens (NFTs) and NFT platforms.© Shutterstock The Treasury’s 2024 Non-fungible Token (NFT) Illicit Finance Risk Assessment explores how these vulnerabilities may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing. The assessment finds that NFTs […] The post Treasury Department publishes risk assessment on vulnerabilities of NFTs appeared first on Financial Regulation News.
NFIB files lawsuit challenging Corporate Transparency Act
On Tuesday, the National Federation of Independent Businesses (NFIB) filed legal action to challenge legislation regulating beneficial ownership reporting. © Shutterstock The lawsuit argues that the Corporate Transparency Act (CTS) oversteps Congressional authority and creates an undue burden on small business owners. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires […] The post NFIB files lawsuit challenging Corporate Transparency Act appeared first on Financial Regulation News.
House prices rise 6.6 percent in first quarter
U.S. house prices continue to rise, according to the Federal Housing Finance Agency (FHFA) House Price Index.© Shutterstock The latest report showed that prices rose 6.6 percent in the first quarter compared to the first quarter of 2023. House prices were also up 1.1 percent compared to the fourth quarter of 2023. “U.S. house prices […] The post House prices rise 6.6 percent in first quarter appeared first on Financial Regulation News.
Chief economists are cautiously optimistic about global economy
There is cautious optimism among economists about the global economy, according to the latest Chief Economists Outlook released by the World Economic Forum. © Shutterstock The report found that 82 percent of chief economists expect the global economy to either strengthen or remain stable this year. That total is nearly double the proportion in the […] The post Chief economists are cautiously optimistic about global economy appeared first on Financial Regulation News.
Senate Banking Committee Republicans oppose FHFA proposal to purchase, guarantee second mortgages
U.S. Sens. Tim Scott (R-SC) and Bill Hagerty (R-TN) are among a group of lawmakers voicing their opposition to a proposal to purchase and guarantee single-family closed-end second mortgages. © Shutterstock In a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, the Congress members said the proposal will exacerbate inflation, disrupt the home […] The post Senate Banking Committee Republicans oppose FHFA proposal to purchase, guarantee second mortgages appeared first on Financial Regulation News.
Sens. Rounds, Heinrich urge SEC to withdraw conflict of interest rule
U.S. Sens. Mike Rounds (R-SD) and Martin Heinrich (D-NM) expressed their concerns to the U.S. Securities and Exchange Commission (SEC) over a rule dealing with conflicts of interest.© Shutterstock Specifically, the concern is related to a rule about conflicts of interest associated with the use of predictive data analytics by broker dealers and investment advisers. […] The post Sens. Rounds, Heinrich urge SEC to withdraw conflict of interest rule appeared first on Financial Regulation News.
Senators urge bankruptcy watchdog to alert borrows to new student loan discharge guidance
On Thursday, U.S. Sens. Elizabeth Warren (D-MA) and Sheldon Whitehouse (D-RI), urged the U.S. Trustee program (USTP) to education borrowers and other stakeholders about new bankruptcy guidance that makes student loan debt easier to discharge in bankruptcy proceedings. © Shutterstock Warren, the chair of the Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy, […] The post Senators urge bankruptcy watchdog to alert borrows to new student loan discharge guidance appeared first on Financial Regulation News.
J.P. Morgan ordered to pay $200M fine for failing to oversee billions of orders
On Thursday, the Commodity Futures Trading Commission (CFTC) ordered J.P Morgan Securities, LLC, o pay a $200 million penalty over its failure to capture billion of orders in its surveillance systems. © Shutterstock The CFTC said J.P. Morgan admitted to the facts and acknowledged it had violated CFTC regulations, but neither admitted nor denied the […] The post J.P. Morgan ordered to pay $200M fine for failing to oversee billions of orders appeared first on Financial Regulation News.
New ICE white paper analyzes expenses eroding mortgage lenders’ profits
Intercontinental Exchange (ICE) issued a white paper that examines expenses, known as fee cures, that are eroding mortgage lender profits.© Shutterstock The TILA-RESPA Integrated Disclosure (TRID) rule, also known as “know before you owe,” requires mortgage lenders to provide borrowers with a detailed accounting of costs and fees associated with purchasing or refinancing a home. […] The post New ICE white paper analyzes expenses eroding mortgage lenders’ profits appeared first on Financial Regulation News.
House passes bill blocking Federal Reserve from issuing CBDC
Last week, the U.S. House of Representatives passed a bill that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).© Shutterstock Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a central government and transacts on a digital ledger that […] The post House passes bill blocking Federal Reserve from issuing CBDC appeared first on Financial Regulation News.
Senate small business committee reports out four bills
The U.S. Senate Committee on Small Business and Entrepreneurship introduced four bills that deal with various issues, including improvements to the State Trade Expansion Program (STEP) and enhanced access to federal contracting opportunities for small businesses.© Shutterstock One of the bill’s reported out of committee include the STEP Modernization Act of 2024, which updates STEP […] The post Senate small business committee reports out four bills appeared first on Financial Regulation News.
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