CFPB: Interim Final Rule Issued to Extend Compliance Dates for Small Business Lending Rule Under Section 1071
Interim final rule extends compliance dates pursuant to court orders Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB…
CDFI Fund: Revisions to Capital Magnet Fund Interim Rule Published
Comments due to the CDFI Fund by August 26, 2024 The U.S. Department of the Treasury is issuing a revised Interim Rule for the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). Changes incorporated by the revised Interim Rule include, among other things: This revised Interim Rule also reflects…
FDIC: Final Revised Rule Approved to Strengthen Resolution Planning for Large Banks
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the FDIC issued a final rule that incorporates several changes from the agency’s proposed rule published in September…
OCC: Final Rule on Automated Valuation Models Approved
The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…
CDFI Fund: Submission Deadlines Extended for Revised CDFI Certification Application
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has extended the application deadlines for when currently Certified Community Development Financial Institutions (CDFIs) must reapply for CDFI Certification using the revised version of the CDFI Certification Application. In December 2023, the CDFI Fund released the final revised CDFI Certification Application. Non-certified organizations that wish…
OCC: FFIEC 2024 “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!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…
SBA: Extension of Moratorium Announced on 8(a) Eligibility Requirement for Small Disadvantaged Businesses
Bona Fide Place of Business Moratorium Extension Until Sept. 30, 2025, Will Increase the Opportunity for SDBs to Grow Their Businesses Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that the moratorium on the 8(a) Business Development Program’s Bona…
CFPB: Rule Proposed to Ban Medical Bills from Credit Reports
Rule would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from…
CFPB: Process Launches to Recognize Open Banking Standards
New rule establishes process for recognizing data sharing standards and prevents dominant incumbents from squelching startups Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial…
CFPB: Agency Warns Against Deception in Contract Fine Print
Companies using illegal or unenforceable terms and conditions risk breaking the law The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given…