Due to an annual decrease in consumer prices, financial regulators announced today that the dollar threshold at which higher priced-mortgages become subject to special appraisal requirements will remain unchanged at $25,500 in 2017. Agencies also said today that the threshold under which consumer credit and lease transactions under Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) are exempt will remain at $54,600 in 2017.
Cyber Monday saw record holiday season spending, growing 7.3% year-over-year to $13.3 billion.
The total number of mortgage applications and originations “dropped significantly” in 2023, with both falling by roughly a third from the year before, the CFPB said.
ABA and the Consumer Bankers Association urged a New York City agency to withdraw a proposed rule to expand the procedural requirements for creditors collecting debts in their own name.
The Office of Cybersecurity and Critical Infrastructure Protection has released a consumer advisory on avoiding cyber and online scams during the holiday season, including a warning about suspicious texts or emails claiming to come from financial institutions.
ABA joined associations representing bankers and credit unions in filing a lawsuit challenging the CFPB's effective cap on overdraft fees.
The FCC will discontinue its requirement that banks obtain certain types of Weiss safety ratings to be eligible to provide a letter of credit to telecommunications provider recipients of the Rural Digital Opportunity Fund.
