Regulation

Credit Union National Association is calling on the Consumer Financial Protection Bureau to use its new authority over the Electronic Funds Transfer Act to amend requirements that force two separate disclosures on fees to a single, on-screen disclosure.

The plans provide new details on how banks will address foreclosure errors under consent orders signed last year.

The Federal Housing Administration is following through with its pledge to increase upfront and annual insurance premiums on its forward single-family business.

Now that the agency overseeing Fannie Mae and Freddie Mac has revealed the reasoning behind its stubborn opposition to mortgage principal reduction, the problems with its argument are clear.

The Department of Housing and Urban Development alleged Monday that Bank of America imposed "unnecessary and burdensome" requirements on borrowers who relied on disability income to qualify for home loans.

Fannie Mae is offering to sell nearly 2,500 foreclosed properties to investors as part of a new federal initiative to aid the housing market by selling off distressed properties in bulk, the Federal Housing Finance Agency said Monday.

In an unusual step, foreign governments stretching across three continents have written to U.S. regulators calling for significant changes in how rule is implemented.

The Consumer Financial Protection Bureau has decided to shift course before finalizing changes to the good faith estimate form, a project the bureau has been working on diligently since last summer.

Regulators have bombarded mortgage servicers with a flurry of new regulations and government programs in the past year, heaping on tasks and costly reviews. Now they're asking to hear the mortgage companies' complaints.

"Confidence was so shattered that banks were holding vast unlent sums, and businesses did not want to invest in new capital even though interest rates were at abnormally low levels…The general loss in confidence was the main cause of the low demand, and thus the low level of employment."