SBA: Statement on the CFPB Action to Finalize Section 1071 Rule
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, issued the following statement on the Consumer Financial Protection Bureau (CFPB)finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination: “The CFPB’s important work to advance transparency and improve data collection in small business lending enables the…
HUD: “Discriminatory Effects” Rule Restored
Department to rescind 2020 Fair Housing Act rule and restore 2013 policy to eradicate discriminatory practices from housing market Today, the U.S. Department of Housing and Urban Development (HUD) announced that it has submitted to the Federal Register for publication a Final Rule entitled Restoring HUD’s Discriminatory Effects Standard. The Final Rule rescinds the Department’s 2020…
FHFA: Notice of Proposed Rulemaking Issued Modifying Certain Provisions of the Enterprise Regulatory Capital Framework
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a notice of proposed rulemaking that would amend several provisions of the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). “As a safety and soundness regulator, FHFA monitors the housing finance market and evaluates the underlying…
FHFA: Public Comment Period Announced for Federal Home Loan Bank Members’ Community Support Performance
The Federal Housing Finance Agency (FHFA) today announced that the Agency will review all applicable Federal Home Loan Bank (FHLBank) members in 2023 under FHFA’s community support program (CSP) regulation. FHFA is issuing a Federal Register Notice inviting the public to comment on the community support performance of individual members of the FHLBanks. “The FHLBanks’…
FDIC: Update on Supervisory Approach Regarding Changes to HMDA’s Closed-End Mortgage Loan Volume Reporting Threshold
The Federal Deposit Insurance Corporation (FDIC) is issuing this Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC’s supervisory approach for enforcing related requirements. For FDIC-supervised institutions that meet Regulation C’s coverage requirements, the threshold for reporting data…
CFPB: Rule Proposed to Rein in Excessive Credit Card Late Fees
Proposed rule seeks to close loophole exploited by companies to hike fees with inflation Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an…
Federal Reserve: Changes to HMDA Loan Volume Reporting Threshold for Closed-End Mortgage Loans
This letter addresses the impact on financial institutions supervised by the Federal Reserve of recent changes as a result of litigation related to the HMDA reporting threshold for closed-end mortgage loans. Background In May 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation C (Home Mortgage Disclosure) to, among other things,…
HUD: Expanded Support Proposed for Housing Counseling Services Tailored to the Needs of Tribal Communities
Proposed rule seeks to expand Tribal participation in HUD-approved housing counseling by removing unique impediments to counselor certification. The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling is announcing today that it published a proposed rule in the Federal Register outlining housing counselor certification requirements for housing counseling conducted in connection with the Indian Housing…
ABA: CFPB Cautioned to Tread Carefully on Personal Financial Data Rulemaking
In a new comment letter filed today, the American Bankers Association urged the Consumer Financial Protection Bureau to “tread carefully” in its rulemaking under Section 1033 of the Dodd-Frank Act and to “recognize the deep complexities at the heart of personal financial data rights and the need to strike a harmonious balance between consumer interests…
HUD: New “Affirmatively Furthering Fair Housing” Rule Proposed to Root Out Longstanding Inequities in Housing and Foster Inclusive Communities
Rule expands upon HUD’s previous policy, implementing opportunities for transparency and accountability while bolstering economic equity for American families The U.S. Department of Housing and Urban Development (HUD) will imminently publish a Notice of Proposed Rulemaking in the Federal Register to fulfill the promise of the 1968 Fair Housing Act. The proposed rule aims to remedy the…