Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI)…
CFPB: Statement of CFPB Director Chopra on the Notice of Proposed Rulemaking Regarding the CRA
Today, the Board of Directors of the Federal Deposit Insurance Corporation is voting to seek public comment on a Notice of Proposed Rulemaking to update the Community Reinvestment Act framework for certain state-chartered banks.1 I am voting in favor of the Notice of Proposed Rulemaking, particularly because of the potential it holds to assist rural…
ABA: Statement on Joint Agency Community Reinvestment Act Proposal
“America’s banks are in the business of investing in the communities they serve and creating economic opportunity. In that spirit, we welcome today’s joint proposal by the FDIC, the Federal Reserve and the OCC to modernize regulations under the Community Reinvestment Act. We particularly appreciate that the agencies are trying to develop a regulatory framework…
ABA: Report Finds Credit Card Market Recovery Continued in Fourth Quarter 2021
In a sign of continuing U.S. consumer strength, monthly credit card purchase volumes rose across risk tiers (prime, subprime, and super-prime) in last year’s fourth quarter, the third consecutive increase, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor released today. The May 2022 Monitor, which reflects credit card data from October to…
HUD: Innovative “Faircloth-to-RAD” Initiative on Track to Create Nearly 1,850 Affordable Housing Units
Rental Assistance Demonstration (RAD) unlocks the creation of deeply affordable housing in support of Administration objectives to increase rental housing supply for some of the nation’s most vulnerable populations This week, the U.S. Department of Housing and Urban Development (HUD) commemorated the first anniversary of the creation of the “Faircloth-to-RAD” initiative, a new pathway that…
FHFA: Mandatory Use of the Supplemental Consumer Information Form During Loan Application Process Announced
Data collected will help lenders facilitate communications with borrowers in their preferred language The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises….
FDIC: 2022 Bank Small Business Lending Survey Launched
Approximately 2,000 Banks Asked to Detail their Lending Practices Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg and U.S. Census Bureau (Census) Director Robert L. Santos today formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and volumes. Sponsored by the FDIC…
EDA: $3 Million in CARES Act Recovery Assistance Invested to Expand High-Speed Internet in Michigan’s Eastern Upper Peninsula
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Merit Network, Inc., Ann Arbor, Michigan, to support construction of a 70-mile, middle-mile fiber optic infrastructure, which will expand access to high-speed internet in the region. The project…