Federal Reserve: “A Guide to HMDA Reporting: Getting It Right!” Revised
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed a revised version of “A Guide to HMDA Reporting: Getting It Right!” (Guide). The updated Guide is for use in connection with Home Mortgage Disclosure Act (HMDA)1 data collected beginning on January 1, 2019 pursuant to the Consumer Financial Protection Bureau’s…
FEMA: 6 More Counties, Santee Sioux Nation Added for Disaster Assistance in Nebraska
Residents and business owners in Boone, Buffalo, Custer, Knox, Richardson and Thurston Counties and the Santee Sioux Nation may now apply for disaster assistance for losses resulting from the severe winter storm, straight-line winds and flooding in March. Additional counties may be added as damage assessments continue. Impacted homeowners and businesses are encouraged to report their damages to local…
FEMA: President Trump Approves Major Disaster Declaration for the Cahuilla Band of Indians
FEMA announced that federal disaster assistance has been made available for the Cahuilla Band of Indians to supplement tribal recovery efforts in the areas affected by severe storms and flooding on Feb. 14, 2019. Federal funding is available to the Cahuilla Band of Indians and certain private nonprofit organizations on a cost-sharing basis for emergency…
CFPB: HMDA Modified Loan Application Registers from 2018 Released
Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Registers (LARs) data were published for approximately 5,400 financial institutions. This is the first year in which additional data reported by certain institutions under the 2015 HMDA rule will be available. The Modified LARs contains loan level information for 2018 on individual HMDA filers, modified…
CFPB: Get Money Smart about Money Smart Week
During Financial Literacy Month in April, the CFPB joins the Chicago Federal Reserve Bank in celebrating Money Smart Week (March 30-April 6). This event is a great opportunity to teach consumers how to be smarter with their money. Various Money Smart Week activities—like free financial education classes and seminars—are offered by local and regional organizations…
CDFI Fund: Update to NMTC Certification, Compliance Monitoring and Evaluation FAQs
The Community Development Financial Institutions Fund (CDFI Fund) has provided an updated Frequently Asked Questions (FAQ) document for New Markets Tax Credit Program (NMTC Program) compliance on its website. This document supersedes the May 2017 publication of the FAQ document by adding, revising, or updating select questions from the earlier edition. Updates include: Information on how allocation…
HUD: Facebook Charged with Housing Discrimination over Company’s Targeted Advertising Practices
The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging Facebook with violating the Fair Housing Act by encouraging, enabling, and causing housing discrimination through the company’s advertising platform. Read HUD’s Charge against Facebook. Today’s action follows HUD’s investigation of a Secretary-initiated complaint filed on August 13, 2018. HUD alleges that Facebook…
FHFA: Index Shows Mortgage Rates Decreased in February 2019
Nationally, interest rates on conventional purchase-money mortgages decreased from January to February, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.46 percent for loans closed in late February, down 14 basis points from 4.60 percent in January. The average…
FDIC: New Members of the Advisory Committee on Community Banking Announced
The Federal Deposit Insurance Corporation (FDIC) has announced the selection of six new members to its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section…
EDA: $4.3 Million Invested to Protect Businesses from Flooding in Arcadia, WI
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.3 million grant to the city of Arcadia, Wisconsin, to prevent flooding in commercial areas by improving storm water management infrastructure. According to grantee estimates, the project is expected to retain 105 jobs and generate $4 million…