OCC: Bulletin on Final Rule to Rescind and Replace CRA Rule Issued in 2020 Released
On December 14, 2021, the Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the federal banking agencies in 1995, as amended. The final rule aligns the OCC’s CRA…
OCC: Final Rule Issued to Rescind 2020 Community Reinvestment Act Rule
The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. This action is intended to facilitate the ongoing interagency work to modernize the…
CFPB: Final Rule Issued to Facilitate Transition from LIBOR
The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the relevant index…
FDIC: Office of Supervisory Appeals Launched
On December 6, 2021, the FDIC’s new Office of Supervisory Appeals (Office) became fully operational and will begin to consider and decide appeals of material supervisory determinations. The new Office will enhance the independence of the FDIC’s supervisory appeals process and further the FDIC’s goal of ensuring consistency and accountability in the examination process. Highlights:…
Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic
Summary: The Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators (collectively, the agencies) are issuing a joint statement to alert industry that the supervisory flexibilities outlined in the April…
FHFA: Notice of Proposed Rulemaking Issued Introducing Additional Public Disclosure Requirements for 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 introduce additional public disclosure requirements for the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). The proposed rule would implement quarterly quantitative and qualitative disclosure requirements for the Enterprises…
HUD: New Rule Issued Protecting Tenants Facing Eviction for Non-Payment of Rent in HUD-Assisted Properties
The U.S. Department of Housing and Urban Development (HUD) on Wednesday announced that it will publish a rule that prohibits the eviction of tenants facing eviction for nonpayment of rent from HUD-subsidized public housing and certain properties with project-based rental assistance without providing a 30-day notice period that includes information about available federal emergency rental…
FHFA: Notice of Proposed Rulemaking Issued to Amend 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 the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). The proposed amendments would refine the prescribed leverage buffer amount (PLBA) and the capital treatment of credit risk transfers…
OCC: Proposal to Rescind 2020 Community Reinvestment Act Rule Issued
The Office of the Comptroller of the Currency (OCC) is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995, as amended. This action facilitates the ongoing interagency work to modernize the CRA regulatory framework…
CFPB: New Proposed Rule Issued on Small Business Lending Data Collection Under Equal Credit Opportunity Act (Regulation B)
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered…