FEDERAL GOVERNMENT RELATIONS
Studies gauge fraud costs for banks, financial services
Every $1 of fraud now costs U.S. financial services firms $5.47, up from $4 in 2021, according to new research by LexisNexis. At the same time, a separate study by PYMNTS.com found that U.S. financial institutions now spend more than $2 to stop every $1 lost to fraud.
OCC finalizes stablecoin rule with narrow payment-of-interest prohibition
The Office of the Comptroller of the Currency finalized a rule to enforce the GENIUS Act with a narrower prohibition on payment-of-interest than the agency originally proposed, although it expects to issue future rulemaking on the subject.
CISA urges organizations to immediately patch vulnerabilities found in many websites
The Cybersecurity and Infrastructure Security Agency is urging organizations to immediately patch two critical vulnerabilities found in a programming language used by many websites.
Banking groups urge Fed to extend comment period for GENIUS Act proposals
The American Bankers Association, Independent Community Bankers of America and other associations urged the Fed in a recent letter that the comment period for two Federal Reserve proposals related to the agency’s implementation of the GENIUS Act need to be extended. The comment periods currently are scheduled to close on Nov. 30. The request would extend the deadline to Jan. 29.
Trump, Treasury move to ease housing burden
President Donald Trump issued an executive order to lower the costs of single-family homeownership and mortgages.
The executive order:
- Directs the Federal Housing Finance Agency to create a pilot program to cancel borrowers’ mortgage insurance premiums proactively once they have satisfied their equity requirements based on the current market value.
- Establishes a Task Force on Manufactured Housing Innovation to increase the quality of and lower the cost of building a home.
- Directs the FHFA to reduce homeowners’ refinancing costs by expanding the title insurance waiver pilot into a permanent program.
- Directs the Agriculture and Veterans Affairs departments to reduce interest rates on single-family home loans.
The Treasury Department separately proposed regulations to implement Section 1001 of the 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing single-family homes.