OCC: New CRA Modernization Resources Released
Summary The Office of the Comptroller of the Currency (OCC) today issued three items required to support the implementation of the Community Reinvestment Act (CRA) rule the agency issued on June 5, 2020 (2020 rule). Note for Community Banks The “Community Reinvestment Act 2020 Rule Small Bank Compliance Guide” and other supporting materials pertain to…
FDIC: Agencies Adopt Final Rule on Certain Real Estate Transactions for Financial Institutions and Consumers Affected by Coronavirus
Summary: The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively, the agencies) adopted as final the interim final rule that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing…
HUD: Section 3 Rule Revision Finalized to Advance Economic Opportunity
New rule will advance economic opportunity through streamlined processes and a more targeted approach The U.S. Department of Housing and Urban Development (HUD) announced today the release of the final rule implementing the “Section 3” statute. Section 3 requires that recipients of certain HUD funds make economic opportunities available for low- and very low-income individuals, especially recipients…
Federal Reserve: ANPR Issued on Approach to Modernize CRA Regulations
The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR…
CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of…
CFPB: Comment Period Extended on Ways to Prevent Credit Discrimintation and Build a More Inclusive Financial System
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit…
CFPB: New Category of Qualified Mortgages Proposed to Encourage Innovation and Access to Affrodable Mortgage Credit
The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the proposal, loans would have to…
FDIC: Final Rule Issued Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses
The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to individuals with certain criminal offenses on their records who seek employment in the banking industry. Section 19 of the Federal Deposit Insurance Act (Section 19) prohibits any person from…
CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, trade associations, financial institutions and…
HUD: Secretary Carson Terminates 2015 Affirmatively Furthering Fair Housing Rule
Removal of rule returns power to localities in effort to advance fair housing nationwide U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the Department will ultimately terminate the Obama Administration’s Affirmatively Furthering Fair Housing (AFFH) regulation issued in 2015, which proved to be complicated, costly, and ineffective— so much so…