The FDIC today clarified its expectations for banks when discontinuing foreclosure proceedings. The agency said that banks must have appropriate policies and practices in place to obtain and assess current information on the market value of the property subject to foreclosure; determine whether liens on the property should be released; notify local authorities of their decision to abandon the foreclosure; and notify the borrowers that the foreclosure has been discontinued.
The CDFI Fund revised its FAQs for CDFI certification applications, revised guidance for its pre-approved target market assessment methodology and announced new early reapplication dates.
The U.S. Department of Transportation launched an inquiry into the four largest U.S. airlines’ rewards programs, with the goal of “protecting rewards customers from potential unfair, deceptive or anticompetitive practices."
ABA joined NFIB and 48 associations in urging the House lawmakers to support legislation to strengthen a federal law requiring agencies to consider the economic effects of proposed regulation on businesses.
Despite record harvests, farmers face mounting financial challenges as commodity prices remain under sustained pressure.
The U.S. economy added 142,000 nonfarm jobs in August, the Labor Department said. Job gains occurred in construction and health care.
While financial services customers are largely optimistic about the ability of artificial intelligence to improve their lives, they are concerned the technology isn’t trustworthy, according to a new survey by J.D. Power.
