ABA: Consumer, Banking Groups Applaud Bill to Exempt Economic Impact Payments from Garnishment
Consumer groups and banking industry organizations joined together today to support bipartisan legislation that would prevent Economic Impact Payments from being subject to garnishment. The following statement was issued today by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, The Clearing House, National Consumer Law Center (on behalf of its low income clients),…
FEMA: President Trump Approves Major Disaster Declaration for Alabama due to Severe Storms and Flooding
FEMA announced that federal disaster assistance has been made available to the state of Alabama to supplement state, tribal and local recovery efforts in the areas affected by severe storms and flooding from Feb. 5 to March 6, 2020. Federal funding also is available to state, tribal and eligible local governments and certain private nonprofit…
OCC: Comptroller Otting Stepping Down on May 29th; Brian Brooks Named Acting Comptroller of the Currency
Comptroller of the Currency Joseph M. Otting today announced he will step down from office on May 29, 2020, and pursuant to 12 USC 4 as designated by Secretary of the Treasury Steven T. Mnuchin, First Deputy and Chief Operating Officer Brian P. Brooks will become Acting Comptroller of the Currency. “It has been my…
CFPB: Consumer Complaint Bulletin Issued for Complaints Received during COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today issued a report analyzing the complaints received during the COVID-19 pandemic. The bulletin shows that mortgage and credit card complaints top the list of complaints the Bureau has received that mention coronavirus or related terms. In April and May, the Bureau received historically higher complaints, however, complaints mentioning COVID-related…
FDIC: Statement by Chairman McWilliams on CRA Joint Proposed Rulemaking
Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today released the following statement regarding the agency’s joint proposed rulemaking with the Office of the Comptroller of the Currency (OCC) to modernize the Community Reinvestment Act (CRA). “The CRA proposal the OCC and the FDIC issued last December was a culmination of a multi-year effort by…
Census Bureau: Household Pulse Survey Results Released with Real-Time Data on COVID-19 Impacts
The Census Bureau today released the first results from the experimental Household Pulse Survey. The results represent data collected between April 23 and May 12, 2020. The data are available through the Household Pulse Survey Interactive Tool, and in tables on the website. The initial release includes national-level estimates in the tables and national and state-level estimates…
FHFA: Re-Proposed Capital Rule for Fannie Mae and Freddie Mac Released
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comments on a notice of proposed rulemaking that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The proposed rule is a re-proposal of the notice of proposed rulemaking published in July 2018. Comments will be due 60…
EDA: $2.5 Million Invested to Provide Critical Infrastructre to Serve Tribal Businesses in Oklahoma Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.5 million grant to the Citizen Potawatomi Nation, Shawnee, Oklahoma, to make critical infrastructure improvements needed to support diversified business growth at the Iron Horse Industrial Park. The EDA grant, to be located in a Tax Cuts and…
Federal Agencies Share Joint Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered…
OCC: Final Rule Issued to Strengthen and Modernize CRA Regulations
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access…