The banking agencies set a comment deadline of August 21, 2023 for a proposed to require mortgage originators and secondary market issuers to ensure that "automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
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Banking agencies proposed a rule that would require mortgage originators and secondary market issuers to "adopt policies, practices, procedures, and control systems to ensure that automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
President Trump tweeted that "fines and penalties against Wells Fargo Bank . . . will be pursued and, if anything, substantially increased" in connection with alleged improper mortgage lending practices.
The Office of the Comptroller of the Currency rescinded previously issued guidance concerning deposit advance products.
The Office of the Comptroller of the Currency rescinded previously issued guidance concerning deposit advance products.