FINRA stated that marketing materials should reflect the fact that many private placements are either illiquid or speculative in nature, and should "balance claims of these investments' benefits by disclosing these risks."
U.S. Department of Housing and Urban Development Secretary Benjamin S. Carson and Federal Housing Finance Agency Director Mark A. Calabria testified on recent departmental initiatives to support the housing market.
In a new report, the Congressional Research Service described the development of "mortgage servicing rights" since the 2008 financial crisis, and the effect of the COVID-19 pandemic on the value of, and the market for trading in, such rights.
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency introduced a new program to enable the agencies "to share servicing information to protect borrowers during the coronavirus national emergency."
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
The CFPB, Federal Reserve Board, FDIC, National Credit Union Administration and OCC clarified their compliance expectations for mortgage servicers on consumer communication requirements during the pandemic.
In testimony before the House Financial Services Committee, OCC Comptroller Joseph M. Otting defended proposed amendments to the Community Reinvestment Act designed to encourage banks to provide more qualified lending, investment and services.
The OCC and the FDIC proposed amendments to the regulations implementing the Community Reinvestment Act to encourage banks to provide more qualified lending, investment and financial services to underserved communities.