Interagency Statement on Community Reinvestment Act Joint Agency Action

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency […]

OCC: Statement on Rescinding the 2020 CRA Rule

The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens […]

Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships

The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds […]

CFPB: Rules Issued to Facilitate Smooth Transition as Federal Foreclosure Protections Expire

Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises […]

OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule

Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. […]

CFPB: Interpretive Rule Issued on Authority to Resume CFPB Examinations Regarding the Military Lending Act

The Consumer Financial Protection Bureau (CFPB) issued aninterpretive rule  today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law […]

HUD: Affirmatively Furthering Fair Housing Requirement Restored

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that HUD published an interim final rule on Thursday to restore the implementation of the Fair Housing Act’s Affirmatively Furthering Fair Housing (AFFH) requirement. The publication provides a robust definition of the duty to affirmatively further fair housing, to […]

Agencies Issue Host State Loan-to-Deposit Ratios

Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing […]

FHFA: RFI Issued on Short-Term Rental Units in Condominium, Cooperative, and Planned Unit Development Projects

The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (the Enterprises) eligibility requirements for mortgages in condominium (condo), cooperative (co-op), and planned unit development (PUD) projects where a large portion of units are offered for short-term rental (30 days or […]