Links in “Agencies”

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the June edition of the Obama Administration's Housing Scorecard Thursday.  The most recent data show progress with regards to key factors including growing equity and a rebound in the sale of new and existing homes. Although the scorecard indicates progress, officials warn that much more needs to be done to fully recover from the Great Recession. [7/11/14]

The Partnership to Strengthen Homeownership Act was proposed on Thursday. This act would wind down Fannie Mae and Freddie Mac over a five-year period, replacing them with an insurance program from Ginnie Mae which would then be its own entity, no longer under the jurisdiction of the HUD. [7/11/14]

The OCC announced a rule that results in raising the assessments on banks and federal savings associations with total assets over $40 billion. The marginal assessment rate for these institutions is expected to increase by 14.5%. [7/10/14]

Julián Castro was voted in and confirmed Wednesday as the new secretary of the US Department of Housing and Urban Development (HUD). It is still unclear what approach he will take concerning issues like Fannie Mae and Freddie Mac. [7/10/14]

Changing gears, NCUA announces that it will provide audio recordings of its listening sessions. Although any topic may be discussed, the sessions to date have been dominated by questions and comments on the proposed risk-based capital rule. The transcripts will be available on the NCUA website within a few weeks of each upcoming session. [7/9/14]

The CFPB is reportedly taking a hard look at regulations to govern the use of Bitcoin and other crypto-currencies.  Despite increasing concerns for the risk to consumers, industry experts, however, say that the agency’s authority to regulate digital currency is not clear. [7/9/14]

Recently, Director Cordray issued a memo to staff clarifying that, to the extent permitted by federal law, it is our policy to recognize all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated. [7/9/14]

Today, the Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. [7/9/14]

The Federal Reserve, the United States' official bank, has been a touchy subject amongst politicians who question its ubiquity. Most recently, Republicans Bill Huizenga and Scott Garrett have sponsored a hearing to discuss potentially reforming this financial giant. [7/8/14]

The Department of the Treasury released an amendment to the Government Securities Act of 1986, which substitutes the previous credit rating requirements with alternative requirements. Specifically, it provides a standard of creditworthiness other than credit ratings for use in the liquid capital rule, among other changes. [7/8/14]