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 for activities undertaken in response…
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 the challenges inherent in providing…
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 the financial impacts of the…
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 of sexual orientation and gender…
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 banks for PPP loans for…
OCC: Fair Access Rule Put on Hold
The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services. The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of individual customers,…
SBA: One Year 8(a) Program Extension Provided to Participants Due to COVID-19
Public Comments Due by March 15, 2021 The U.S. Small Business Administration published an interim final rule effective January 13, 2021 allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges of COVID-19. Eligible 8(a) firms must meet the following qualifications: Any firm that participated in the 8(a) Program…
HUD: Proposed Rule Issued for Implementation of National Standards for the Physical Inspection of Real Estate (NSPIRE)
Today the U.S. Department of Housing and Urban Development (HUD) issued a proposed rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE). This new approach incorporates extensive stakeholder input to redesign the methods HUD uses to ensure properties are in a safe, decent, and sanitary condition. Since taking office, Secretary Carson…
HUD: Final Rule Published to Expand Availability of Affordable Manufactured Housing
Key step finalized today updates Manufactured Housing Construction and Safety Standards to eliminate decades-old regulatory barriers while protecting safety The U.S. Department of Housing and Urban Development published a final rule on January 12, 2021 in the Federal Register which revises the federal Manufactured Home Construction and Safety Standards Act of 1974. The final rule represents the…