CFPB: Mortgage Servicing Changes Proposed to Prevent Wave of COVID-19 Foreclosures

Millions of homeowners expected to exit forbearance in the coming months The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire. Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide […]

Interagency Interim Final Rule Issued Regarding the Emergency Capital Investment Program

On March 22, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published an interim final rule to support and facilitate the timely implementation of the congressionally authorized Emergency Capital Investment […]

FDIC: Emergency Capital Investment Program Available for CDFIs and Minority Depository Institutions

Summary: The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021.  Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. […]

Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and CDFIs

Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. The Treasury Department’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to […]

Interagency CRA Frequently Asked Questions Related to COVID-19 Pandemic Issued

Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today published a new version of frequently asked questions (FAQ) to assist financial institutions and examiners with determining Community Reinvestment Act (CRA) consideration […]

Federal Reserve: Supervisory Guidance Issued to Clarify Definitions for Minority Depository Institutions

The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands […]

CFPB: Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule Proposed

The Consumer Financial Protection Bureau (CFPB) today released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with […]

HUD: Fair Housing Act Will Be Enforced to Prohibit Discrimination on the Basis of Sexual Orientation or Gender Identity

HUD directive begins implementation of the policy set forth in Biden executive order to prevent and combat sexual orientation and gender identity-based discrimination  The U.S. Department of Housing and Urban Development (HUD) today announced that it will administer and enforce the Fair Housing Act to prohibit discrimination on the basis […]

Federal Reserve: Second Extension of Rule to Bolster Effectiveness of SBA’s Paycheck Protection Program Announced

The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their […]