FHA: MMI Fund, reverse mortgages improving

Revealing that the agency’s Mutual Mortgage Insurance Fund reached a 12-year high for Fiscal Year 2019, the Federal Housing Administration instilled optimism in the mortgage industry with its Annual Report to Congress. The report also highlights continued improvements in the struggling reverse mortgage marketplace and an increase in the small percentage of mortgages with multiple … Read more

Agencies finalize Volcker Rule revisions

The five federal financial regulatory agencies recently published a final rule intended to simplify implementing regulations of Section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker Rule. The final rule revises numerous provisions of the Volcker Rule, intended to provide clarity and streamline compliance obligations based on trading assets and … Read more

CFPB issues rule on temporary origination authority

For financial institutions that employ loan originators with temporary origination authority, the Consumer Financial Protection Bureau (CFPB) published a new interpretive rule regarding applicable screening and training requirements. The rule is intended to clarify provisions of an amendment to the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, as amended by the Economic Growth, … Read more

Maduro Plans to Give Venezuelan Pensioners Petro as Christmas Bonus

Regional news outlets from Venezuela have revealed that President Nicolás Maduro plans to dole out petro as a ‘Christmas bonus’ for Venezuelan retirees and pensioners. Moreover, despite the fact that many Venezuelans say average citizens don’t use the petro, Maduro also claims there are 27,000 petro affiliated businesses. Also read: Indian Supreme Court Wraps up … Read more

US Think Tank Releases Report on Investigation Into Illicit Transactions on the Dark Web

United States think tank The Rand Corporation has taken a closer look at the dark web, where criminal activities are difficult to discover, monitor, and investigate for law enforcement. On Nov. 20, The Rand Corporation, the Police Executive Research Forum, and the University of Denver on behalf of the National Institute of Justice released a … Read more

UK Jurisdiction Taskforce Issues Statement on Status of Cryptoassets and Smart Contracts

A UK Jurisdiction Taskforce (UKJT) has published a document entitled “Legal Statement on cryptoassets and smart contracts.” The members of this Taskforce include a blend of both public and private entity participants. The UK has established itself as the leading jurisdiction when it comes to Fintech innovation. Beyond a risk-taking, entrepreneurial society, the UK ecosystem … Read more