FEDERAL GOVERNMENT RELATIONS
Illinois to appeal interchange ruling
The Illinois Attorney General’s Office plans to appeal a court injunction preventing the state from enforcing the Illinois Fee Prohibition Act against certain financial institutions, according to a court filing.
FHA formalizes use of alternative credit scoring models
The Federal Housing Administration published a mortgagee letter to formalize the use of VantageScore 4.0 and FICO Score 10T alongside Classic FICO to assess the creditworthiness of single-family mortgages, with the new policy taking effect at the start of the coming year.
Crypto exchange agrees to shut down ‘crypto ATMs’ as part of settlement
The cryptocurrency exchange Coinme has agreed to close down its virtual currency kiosk operations in multiple states as part of a settlement with 34 state financial regulatory authorities over alleged Bank Secrecy Act and anti-money laundering violations, according to the Conference of State Bank Supervisors.
GAO finds new trigger leads restrictions could have longer-term benefits
New federal restrictions to curb abusive trigger leads should reduce the volume of unwanted solicitations homebuyers receive, with research showing that the marketing practice does little to save consumers money, the Government Accountability Office said in a new report.