ABA: Comment Letter Issued to CFPB on Request for Information on Fees Charged by Financial Service Providers
In a detailed comment letter filed today, the American Bankers Association and all 51 state bankers associations directly challenge the basic premise behind the Consumer Financial Protection Bureau’s Request for Information on fees charged by financial service providers in the U.S. The letter reads in part: “The CFPB has long pledged to be a ‘data-driven’ agency that…
OCC: New Publication Focuses on Bank Partnerships in Community Reinvestment and Resilience
The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter, “Partners in Recovery: Community Reinvestment and Resilience.” This edition of Community Developments Investments highlights how banks can collaborate with community development financial institutions, minority depository institutions, and other community-based groups to help rebuild communities recovering from the COVID-19 pandemic…
Census Bureau: Small Business Pulse Survey Phase 8 Weekly Data Released
The U.S. Census Bureau today released new data from Phase 8 of the Small Business Pulse Survey (SBPS), which measures the effect of changing business conditions during the coronavirus pandemic and other major events such as hurricanes on our nation’s small businesses. The SBPS complements existing Census Bureau data by providing detailed, near real-time information on the…
SBA: Launch of Inaugural America’s Seed Fund Expo Competition for Small Businesses, Startups, and Inventors Announced
Applications will be accepted until April 22, 2022 Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced the launch of America’s Seed Fund Startup Expo 2022, a new initiative aimed at identifying innovative startups and supporting them with resources to help them scale,…
CFPB: New Proposed Rule Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
Proposed rule will aid survivors seeking to open bank accounts, access credit, and gain employment Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by…
ABA: Credit Market Conditions Expected to Weaken Amid High Inflation
The six-month outlook for consumer and business credit markets softened this quarter, according to the American Bankers Association’s latest Credit Conditions Index released today. Bank economists expect the credit environment to normalize following a period of unusually strong credit availability and quality, which were underpinned by robust consumer savings amid federal stimulus payments and low…
FHFA: Foreclosure Suspension Announced for Borrowers Applying for Relief through the Homeowner Assistance Fund
Servicers with mortgages backed by Fannie Mae and Freddie Mac must delay the foreclosure process for up to 60 days The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that…
CFPB: Research Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
Research suggests deceptive industry practices drive cycles of costly reborrowing A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using…
CDFI Fund: $26 Million in BEA Funds Awarded to Banks that Increased Investments in Severely Distressed Communities
Recipients Collectively Increased Lending and Services to Nation’s Most Distressed Areas by over $1.1 billion The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today $26 million in awards to 158 FDIC-insured banks, through the fiscal year (FY) 2021 round of the Bank Enterprise Award Program (BEA Program), for increasing…
OCC: FFIEC’s 2022 “A Guide to HMDA Reporting: Getting It Right!” Released
The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2022 guide). The 2022 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…